Microvast Holdings Inc Stock Price, News & Analysis

Microvast Holdings (NASDAQ: MVST) has launched its new energy division, Microvast Energy, focused on Battery Energy Storage Systems (BESS) co-located with solar solutions. Headquartered in Northern Colorado, the division will be led by industry veteran Zach Ward. The Clarksville, Tennessee facility, covering 650,000 sq. feet, aims to create 300 jobs and enhance the domestic lithium-ion battery supply chain. Microvast's BESS solutions utilize proven battery technology and aim to capitalize on the growing energy storage market, especially under the Inflation Reduction Act.

Microvast Holdings announced the successful results of its extreme fast charge (XFC) project, partially funded by the US Department of Energy. The project developed a lithium-ion automotive pouch cell that exceeds 500 cycles while charging in under 10 minutes, achieving > 180 Wh/kg after charging. Testing revealed the cell delivered over 1,700 cycles, exceeding the project’s goal by 3.4 times. Microvast's CTO expressed commitment to advancing battery technology for the automotive industry. The findings will inform production at their facility in Clarksville, Tennessee.

Microvast has announced its new Battery Management System (BMS) 5.0, set for release in late 2023. This advanced system enhances battery lifetime and meets pivotal automotive safety standards, ISO 26262 and ISO 21434. The BMS 5.0 is fully configurable for various battery chemistries and features predictive maintenance technology. Key advantages include improved state of charge and health estimation and an innovative safety management system that actively prevents battery failures.

Microvast introduces new battery packs, MV-B, MV-C Gen 4, and MV-I, enhancing energy density and charging capabilities. These offerings aim to serve the commercial vehicle market, boasting up to 20% more energy and power. The packs will be showcased at IAA Transportation 2022 in Hannover, Germany. The upgraded packs feature improved thermal management and safety controls, aligned with cross-regional standards. Microvast anticipates these innovations will significantly boost revenue, with mass production starting in Q1 2023.

Microvast Holdings reported Q2 2022 revenues of $64.4 million, a 93.0% increase from Q2 2021's $33.4 million. For YTD 2022, revenue soared 109.2% to $101.1 million. Gross profit also improved, reaching $4.8 million versus a loss of $6.8 million in Q2 2021, driven by increased sales volume despite rising raw material costs. However, operating expenses rose significantly to $50.4 million due to share-based compensation. Microvast maintains a revenue growth outlook of 35% to 45% for FY 2022, with a backlog of $105.3 million.

Microvast Holdings, Inc. (NASDAQ: MVST) has updated the dial-in number for its second quarter earnings call scheduled for August 11, 2022, at 5:00 p.m. CT. Interested parties can now join the session by dialing +1 201 493 6784. This change follows a previous announcement regarding a vendor update, but the date and time remain unchanged. The earnings call will also be available via a live webcast on Microvast's investor relations website, with a replay accessible post-event.

Microvast Holdings (NASDAQ:MVST) will release its consolidated financial results for Q2 2022 on August 11, 2022, after market close. Following the release, management will conduct a webcast and earnings conference call at 5:00 PM CT to discuss results and outlook. Shareholders can access the webcast via the company's investor relations website and submit questions for the Q&A session. Microvast is recognized for its advanced lithium-ion battery solutions, supporting applications including electric vehicles and energy storage.

Microvast Holdings, Inc. (NASDAQ: MVST) has appointed Yeelong Tan Balladon to its Board of Directors effective July 1, 2022. As a Class III director, she will serve until the 2024 annual meeting of shareholders. Balladon will also be a member of the nominating and corporate governance and audit committees, and chair the compensation committee. The company expects her expertise to enhance shareholder value and contribute to its growth strategy in the lithium-ion battery sector.

Microvast Holdings, Inc. (NASDAQ: MVST) has been included in the Russell 3000® Index during its annual reconstitution for 2022. This inclusion marks a significant milestone for the company, enhancing its visibility among institutional investors and potentially attracting a new category of investors. The Russell 3000® Index represents a substantial portion of the U.S. market, with approximately $12 trillion in assets benchmarked against it. Microvast specializes in lithium-ion battery solutions and aims to leverage this inclusion to drive shareholder value.