Microvast Holdings Inc - MVST STOCK NEWS

Microvast Holdings is partnering with TÜV SÜD to implement a sustainability assessment program aimed at enhancing battery production operations. This initiative aligns with global sustainability standards and the EU Battery Directive. The pilot project includes an evaluation of Microvast's facilities to establish a baseline for future improvements. TÜV SÜD’s assessment tool is designed to ensure transparency and meet the United Nations sustainability goals. The project will advance to a second stage with recommendations for more sustainable practices.

Microvast Holdings, Inc. (NASDAQ:MVST) will announce its Q1 2022 financial results on May 16, 2022, after market close. Following this, the management will host a webcast and earnings call at 5:00 p.m. CT to discuss the results and future outlook. Investors can participate in the Q&A session by calling +1 (631) 891-4304. Shareholders can submit questions via Microvast's investor relations page until May 11, 2022. The company focuses on lithium-ion battery solutions for various market applications, including electric vehicles.

Microvast Holdings announced the appointment of Craig Webster as the new Chief Financial Officer effective April 14, 2022. He replaces Yanzhuan Zheng, who transitions to a senior advisory role after serving as CFO since 2010. Sascha Kelterborn, previously Chief Revenue Officer, is named President, focusing on daily operations. Chairman Yang Wu praised Zheng's contributions and highlighted Webster's extensive industry knowledge. The company aims to leverage its leadership changes for future growth in the lithium-ion battery market.

Microvast Holdings, Inc. (NASDAQ: MVST) announced on April 12, 2022, that it has been provisionally listed as a “Commission-Identified Issuer” by the SEC due to its auditor not being subject to PCAOB inspection under the Holding Foreign Companies Accountable Act (HFCAA). This could lead to the delisting of the Company’s common stock and warrants from Nasdaq in early 2024 unless certain conditions are met. The Company is actively exploring compliance options, including engaging an independent public accounting firm that meets PCAOB standards.

Microvast Holdings, Inc. (NASDAQ: MVST) reported significant financial results for FY 2021, with a revenue increase of 41% year-over-year, totaling $152.0 million. Despite this growth, the company faced a gross loss of $(42.7) million, attributed to rising costs and product disposals. Operating expenses surged to $157.4 million, driven by share-based compensation and R&D efforts. The net loss also expanded to $(206.5) million. For FY 2022, Microvast anticipates revenue growth of 35%-45% and expects Q1 revenues of $32-$34 million.

Microvast Holdings, Inc. (NASDAQ: MVST) announced the launch of two new lithium-ion battery cells, the 48Ah and 53.5Ah NMC, tailored for commercial vehicles. These cells maintain the same dimensions as previous models, offering clients flexibility to optimize vehicle performance without redesigning powertrains. The new Gen 4 battery packs, which are available for sample orders, promise up to 20% more energy and improved safety features. High-volume production is slated for 2023, potentially driving revenue growth. Energy densities for the new cells are 205 Wh/kg and 235 Wh/kg, with cycle lives of ≥7,000 and ≥5,000 cycles, respectively.

Microvast Holdings, Inc. (NASDAQ: MVST) announced its revenue for the fiscal year ending December 31, 2021, will fall between $145-$155 million, reflecting a 42% increase from $108 million in 2020. The company expressed satisfaction with this performance, along with a positive backlog leading into 2022. Microvast plans to release its full financial results on March 29, 2022, followed by a conference call to discuss the results and upcoming products. The company is known for its lithium-ion battery technology and has been actively pursuing growth in the electrification sector.

Microvast Holdings (NASDAQ: MVST) and FPT Industrial, part of Iveco Group, will supply the complete battery system for the new Crossway Low Entry electric bus. This partnership stems from a 2019 cooperation agreement, focusing on high-voltage battery packs for commercial vehicles. The battery pack offers between 400 to 466 kWh of energy density and is designed for up to ten years of battery life. Deliveries are expected to start mid-2023. This collaboration reinforces Microvast's position in the electrification of commercial vehicles.

Microvast Holdings, Inc. (Nasdaq: MVST) has issued a statement regarding its Form 8-K filed on December 10, 2021, which addresses a non-reliance on historical financial statements of Tuscan Holdings Corp. prior to their business combination on July 23, 2021. This matter is attributed to an accounting error concerning Class A common stock. Microvast emphasizes that this 'material weakness' does not affect its current operations, and the historical financial statements will be restated for the three years ended December 31, 2020.