Microvast reports Q2 EPS (2c), consensus (9c)

Reports Q2 revenue $75.0M, consensus $64.35M. The company said, “In the second quarter, we delivered strong year-over-year revenue growth, led by the continued production ramp up of our commercial vehicle customers in Europe and Asia Pacific. We are incredibly pleased to have begun shipping qualified 53.5Ah cells from our 2GWh Huzhou, China facility during the second quarter. With Huzhou now in ramp-up phase, our execution focus for the remainder of the year is to bring Clarksville into trial production in Q4. The stand-out performance from the quarter is the improving gross margin and backlog setting a new record of $675.9 million. We anticipate further upticks in our backlog through the rest of the year supported by new energy storage and commercial vehicle projects, which would lead to very high utilization rates on our new capacity expansions.”