Press Release: Microvast Reports 2023 Financial Results

Reconciliation to amounts on consolidated balance 
 sheets 
   Cash and cash equivalents                       $231,420  $44,541 
   Restricted cash                                   71,197   43,648 
                                                    -------   ------ 
   Total cash, cash equivalents and restricted 
    cash                                           $302,617  $88,189 
                                                    =======   ====== 
 
 
 
                       MICROVAST HOLDINGS, INC. 
           RECONCILIATION OF GROSS PROFIT (LOSS) TO ADJUSTED 
                          GROSS PROFIT (LOSS) 
          (In thousands of U.S. dollars, except share and per 
                   share data, or as otherwise noted) 
 
                   Three Months Ended          Twelve Months Ended 
                      December 31,                 December 31, 
               -------------------------- 
                 2022          2023           2022           2023 
                              -------       --------       -------- 
Revenues       $ 64,797      $104,575      $ 204,495      $ 306,617 
Cost of 
 revenues       (62,571)      (81,551)      (195,422)      (249,390) 
                -------       -------       --------       -------- 
Gross profit 
 (GAAP)        $  2,226      $ 23,024      $   9,073      $  57,227 
                =======       =======       ========       ======== 
Gross margin        3.4%         22.0%           4.4%          18.7% 
 
Non-cash 
 settled 
 share-based 
 compensation 
 (included in 
 cost of 
 revenues)        1,932         1,532          7,677          6,091 
                -------       -------       --------       -------- 
Adjusted 
 gross profit 
 (non-GAAP)    $  4,158      $ 24,556      $  16,750      $  63,318 
                =======       =======       ========       ======== 
Adjusted 
 gross margin 
 (non-GAAP)         6.4%         23.5%           8.2%          20.7% 
 
 
 
                   MICROVAST HOLDINGS, INC. 
        RECONCILIATION OF NET LOSS TO ADJUSTED NET LOSS 
      (In thousands of U.S. dollars, except share and per 
              share data, or as otherwise noted) 
 
                 Three Months Ended     Twelve Months Ended 
                    December 31,            December 31, 
                --------------------  ------------------------ 
                  2022       2023        2022        2023 
                            -------                -------- 
Net loss 
 (GAAP)         $(33,698)  $(24,591)  $(158,200)  $(106,412) 
Gain on 
 changes in 
 fair value of 
 warrant 
 liability*          (58)       (84)       (979)        (59) 
Non-cash 
 settled 
 share-based 
 compensation*    17,867     13,318      81,906      64,920 
                 -------    -------    --------    -------- 
Adjusted Net 
 Loss 
 (non-GAAP)     $(15,889)  $(11,357)  $ (77,273)  $ (41,551) 
                 =======    =======    ========    ======== 
 

(*The tax effect of the adjustments was nil.)

 
                Three Months Ended       Twelve Months Ended 
                    December 31,             December 31, 
               ---------------------  -------------------------- 
                    2022      2023         2022         2023 
                             ------                    ------ 
Net loss per 
 common 
 share-Basic 
 and diluted 
 (GAAP)         $   (0.11)  $ (0.08)   $   (0.52)     $ (0.34) 
Gain on 
changes in 
fair value of 
warranty 
liability per 
common share           --        --           --           -- 
Non-cash 
 settled 
 share-based 
 compensation 
 per common 
 share               0.06      0.04         0.27         0.21 
                   ------    ------       ------       ------ 
Adjusted net 
 loss per 
 common 
 share-Basic 
 and diluted 
 (non-GAAP)     $   (0.05)  $ (0.04)   $   (0.25)     $ (0.13) 
 
 
 
                  MICROVAST HOLDINGS, INC. 
      RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED 
                            EBITDA 
     (In thousands of U.S. dollars, except share and per 
              share data, or as otherwise noted) 
 
                Three Months Ended     Twelve Months Ended 
                   December 31,            December 31, 
               --------------------  ------------------------ 
                 2022       2023        2022        2023 
                           -------                -------- 
Net loss 
 (GAAP)        $(33,698)  $(24,591)  $(158,200)  $(106,412) 
Interest 
 expense, 
 net               (717)     1,063         144        (981) 
Income tax 
 expense             33         10          33          10 
Depreciation 
 and 
 amortization     4,784      7,692      20,365      22,928 
                -------    -------    --------    -------- 
EBITDA 
 (non-GAAP)    $(29,598)  $(15,826)  $(137,658)  $ (84,455) 
Gain on 
 changes in 
 fair value 
 of warrant 
 liability          (58)       (84)       (979)        (59) 
Non-cash 
 settled 
 share-based 
 compensation    17,867     13,318      81,906      64,920 
                -------    -------    --------    -------- 
Adjusted 
 EBITDA 
 (non-GAAP)    $(11,789)  $ (2,592)  $ (56,731)  $ (19,594) 
                =======    =======    ========    ======== 
 

(END) Dow Jones Newswires

April 01, 2024 17:00 ET (21:00 GMT)