Microvast Holdings (MVST) Q3 2022 Earnings Call Transcript

For the period ending September, 2022

November 10, 2022 6:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for standing by. This is your conference operator. Welcome to the Microvast Third Quarter 2022 Earnings Call. [Operator Instructions].

I would now like to turn the conference over to Monica Gould, Investor Relations for Microvast. Please go ahead.

Monica Gould

Thank you, , and thank you to the audience for joining us today. Sascha Kelterborn, President and Chief Revenue Officer; and Craig Webster, Chief Financial Officer, will host today's call.

Ahead of this call, Microvast issued its third quarter 2022 earnings press release, which can be found on the Investor Relations section of our website at ir.microvast.com. In addition, we have posted a slide presentation to our website to accompany management's prepared remarks.

As a reminder, please note that we will be making forward-looking statements on this call. These statements are based on current expectations and assumptions and reflect our views only as of today. It should not be relied upon as representative about views as of any subsequent date and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our annual report on Form 10-K filed on March 29, 2022, and the 10-Q filed earlier today.

In addition, during today's call, we may discuss non-GAAP financial measures, including adjusted gross profit, adjusted net loss and adjusted EBITDA, which we believe are useful as supplemental measures of Microvast's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. These non-GAAP measures have been reconciled to their most comparable GAAP metric in the tables included at the end of our press release.

A webcast replay of this call will also be available on the Investor Relations section of our company website.

And with that, I'll turn the call over to Sascha for some opening remarks.

Sascha Kelterborn

Thank you, Monica. Thank you all for joining us. Everyone, please turn to Slide 4 as I cover a few highlights from the third quarter. We posted a 4.7% revenue growth during the quarter, delivering $38.6 million in Q3 2022, despite continuing difficult market conditions in Europe, customer supply chain challenges and currency headwinds. We ended the third quarter with a strong backlog of $140.6 million, driven by a healthy order intake of $81.9 million, led by a strong demand in China.