Microvast reports Q3 adjusted EPS (3c), two estimates (6c)

Reports Q3 revenue $80.1M, consensus $76.24M. “In the third quarter, we achieved excellent year over year revenue growth, led by increased deliveries of our 53.5Ah cell from our new Huzhou 3.1 line to our OEM customers,” said Yang Wu, Microvast’s Founder, Chairman, and Chief Executive Officer. “Operations at our expanded facility in Huzhou, China have exceeded target yields on high levels of utilization, and our target is to have over 90% utilization by the end of the fourth quarter. Completion of the Phase 1A line in Clarksville, Tennessee is a key operational focus with an accelerated ramp up plan allowing for delivery of qualified products from early Q2 next year.”