Microvast Holdings, Inc. (NASDAQ:MVST) Q1 2024 Earnings Conference Call May 9, 2024 5:00 PM ET
Company Participants
Yang Wu - Founder, Chairman and CEO
Nancy Smith - Interim Chief Financial Officer
Conference Call Participants
Unidentified Company Representative
Thank you, Operator, and thank you everyone for joining us today. With me on today’s call are Mr. Yang Wu, Founder, Chairman and CEO; and Ms. Nancy Smith, Interim CFO. Mr. Wu will start off with a high level overview of the quarter before providing some operational updates. Ms. Smith will then discuss our financials in more detail before handing it back to Mr. Wu to wrap up with our second quarter 2024 outlook.
Ahead of this call, Microvast issued its first quarter earnings press release, which can be found on the Investor Relations section of the company’s website, ir.microvast.com. In addition, we have posted a slide presentation of the company website to go along with management’s prepared remarks.
As a reminder, please note that statements made during this call are forward-looking and based on current expectations and assumptions. They should not be relied upon as representative of views for subsequent dates and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements due to new information or future events.
Actual results may differ materially from expectations due to a variety of risks and uncertainties. For more information on material risks and other important factors that could affect our financial results, please refer to our filings with the SEC.
We may also discuss non-GAAP financial measures during this call. These 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 metrics in the tables included at the end of our press release.
After the conclusion of this call, a webcast replay will be available on the Investor Relations section of the Microvast website.
And now, I will turn the call over to Mr. Wu for opening remarks.
Yang Wu
Thank you and thank you everyone for joining today’s call. Please turn to Slide 3 as I cover a few highlights from the first quarter. The business posted record first quarter revenue with 73% growth year-over-year in Q1 2024. Delivering revenue of $81.4 million. We achieved this growth while maintaining a growth margin of 21.2%, a 10.9%-point improvement year-over-year. This incredible growth comes largely from sales increases in our APAC and EMEA businesses year-over-year. We saw triple-digit