Record First-Quarter Revenue
Microvast posted record first-quarter revenue with 43% growth year-over-year, delivering $116.5 million.
Significant Gross Margin Improvement
The company achieved a gross margin of 36.9%, a 15.7 point improvement year-over-year.
Triple-Digit Growth in EMEA
EMEA sales saw a year-over-year growth of 108%, contributing significantly to revenue.
Achieved Profitability
Microvast achieved profitability this quarter, booking a net profit of $61.8 million and an adjusted net profit of $19.3 million.
Strong Performance in Commercial Vehicle Sector
Reported significant traction in the commercial vehicle sector, particularly within EMEA, with over 100% growth year-over-year.
Advancements in Battery Technologies
Significant strides made in proprietary 3D-printing capabilities for all solid-state batteries, and promising early results from bipolar stock cell architecture.