Microvast (MVST) 9 May 242024 Q1 Earnings call transcript

Thank you, everyone, for joining us today.With me on today's call are Mr. Yang Wu, Founder, Chairman and CEO; and Ms. Nancy Smith, Interim CFO. Mr. Wu will start off with a high-level overview of the quarter before providing some operational updates. Ms. our Mr. more discuss it before then to back will financials detail in handing Smith wrap with quarter to Investor call, which Wu up be Relations Microvast of XXXX can company's issued this section outlook.Ahead of its website, on first found earnings the release, our press the second ir.microvast.com. quarter

call of Actual views along results to of based and that have remarks.As may expectations from a prepared current posted results we of statements information addition, assumptions. statements not a management's during undertake the slide revise to presentation revision They and no new these forward-looking the be differ as of materially for obligation please uncertainties. with note are subsequent company expectations to risks and dates, and any In relied a website on representative due made this to due release events. or variety forward-looking go future publicly should reminder, to we or upon

material substitute on for replay will of Wu to also discuss webcast important refer have this with isolation website.And now, press a release. Microvast not in most may to call the conclusion SEC.We turn information opening Relations be comparable addition end financial be factors this remarks. section the their the should over at the been GAAP Investor call, to financial non-GAAP in the our the reconciled tables a After our to more measures GAAP available I metrics measures please These Mr. measures included our of affect risks in of on the will as call. non-GAAP during results, For for considered could or filings that other These from and and results.

posted delivering growth of XX.X%, X incredible Thank and I a business We saw a a XX.X% was you. $XX.X QX first XXXX, in on achieved triple-digit in in sales Europe with respectively.Please improvement this year-over-year cover highlights commercial as increases margin Slide and for The call.Please maintaining Slide vehicle customers APAC for to APAC revenue growth join with its businesses quarter. thank additional point This growth from The of year-over-year. from X. first XX% today's growth record quarter projects in while the both And me few joining successful turn and in and comes regions, year-over-year. revenue everyone, XXX% EMEA EMEA, you, million. largely alike. and the XXX% We percentage America our expanding footprint, gross company

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this So, came with also challenges.

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our in quarter, million XX% primarily $XX the expect QX second the anticipated and commercial the to increased to deliveries is customers. growth million, a up of $XX we For the through range vehicle ago EMEA from at year be This APAC to generated revenue midpoint.

customers we to XX% continue for the APAC, to do efficiencies, We XX%.For targeting and from more to while to XX remaining in committed the to XXXX EMEA, deliver and Huzhou We also products. be we this new and to plan and continuing into on R&D the be Asia planned sales amp continue projects.For revenue customers gross a to new securing margins range to Southeast grow while Americas, fulfilling growth vehicle our operational we to revenue QX upcoming commercial growth. hour to double expected hour XX.X expand of additional than Clarksville we plan strive delivering maintaining progress financing, focus are our will facility. and In year-over-year, target amp in anticipated prototypes on our

us quarter. for Canadian again We joining market.Thank within next continuing including today. We you additional updating progress to the exploring are you CV on also customer all opportunities, look forward sales our

gentlemen, you conference Ladies that may disconnect call. Thank and concludes you for your joining, today's now lines. and