Microvast Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 10, 2023 at 12:36 am IST
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Microvast Holdings, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 80.12 million compared to USD 38.62 million a year ago. Net loss was USD 26.13 million compared to USD 36.54 million a year ago. Basic loss per share from continuing operations was USD 0.08 compared to USD 0.12 a year ago.
For the nine months, sales was USD 202.04 million compared to USD 139.7 million a year ago. Net loss was USD 81.8 million compared to USD 124.5 million a year ago. Basic loss per share from continuing operations was USD 0.26 compared to USD 0.41 a year ago.
Microvast Holdings, Inc. is an advanced battery technology company. It designs, develops and manufactures battery components and systems for electric commercial vehicles and utility-scale energy storage systems (ESS). It has developed proprietary technologies spanning the entire battery system, from basic cell materials (cathode, anode, electrolyte, separator) to cooling systems and software controls. It develops and commercializes a range of cell chemistries, including lithium titanate oxide (LTO), lithium iron phosphate (LFP), nickel manganese cobalt version 1 (NMC-1) and nickel manganese cobalt version 2 (NMC-2). It designs, develops and manufactures battery solutions for electric commercial vehicles, such as light, medium and heavy-duty trucks, buses, trains, mining trucks, marine and port vehicles, automated guided and specialty vehicles. Its products are marketed and sold through three regions: Europe, Middle East and Africa; North and South America, and Asia & Pacific.