Microvast Holdings (MVST) reported Q1 EPS of ($0.15), $0.15 worse than the analyst estimate of $0.00. Revenue for the quarter came in at $36.7 million versus the consensus estimate of $66.77 million.
Microvast continues to expect revenue for the year ending December 31, 2022 (“FY 2022”) to grow 35% to 45% compared to the year ended December 31, 2021 (“FY 2021”); however, achievement of the Company’s revenue guidance could be impacted if the macro backdrop of increasing inflation, supply chain disruptions, conflict in Ukraine and COVID restrictions in China deteriorates further.
The Company’s backlog at the end of Q1 2022 was $120.8 million, an increase of 85.6% compared to $65.1 million at the end of Q1 2021. We are very optimistic about incoming orders during the remainder of 2022.
Capital expenditures during Q1 2022 were $41.1 million compared to $25.4 million in Q1 2021. The Company continues to expect total capital expenditures in FY 2022 to be in the range of $300.0 to $350.0 million, which will be primarily used in connection with the Company’s ongoing manufacturing capacity expansions in Huzhou, China and Clarksville, Tennessee, which are expected to begin ramping up in Q4 2022 and Q3 2023, respectively. Once completed, these expansions will add an additional 4 Gigawatt hours (“GWh”) of capacity per year in total and be primarily dedicated to our recently announced larger format battery cells.
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