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Microvast Reports 2022 Financial Results

35% year over year increase in revenue

121% year over year increase in gross profit

>3.5x year over year increase in backlog to $410.5 million

Microvast Holdings, Inc. (NASDAQ:MVST) (“Microvast” or the “Company”), a technology innovator that designs, develops and manufactures lithium-ion battery solutions, announced today its consolidated financial results for the fourth quarter and full fiscal year ended December 31, 2022 (“Q4 2022” and “FY 2022,” respectively).

“I am proud of our accomplishments in 2022,” said Yang Wu, Microvast’s Founder, Chairman, President and Chief Executive Officer. “We reached a number of key milestones, including the launch of our new lithium-ion battery cells and next generation battery pack products, the launch of the Microvast Energy division, followed by an award of a 1.2GWh utility scale ESS contract and a $200 million grant from the U.S. Department of Energy for the construction of a new separator manufacturing facility. We are excited for the year ahead as we bring our new battery technologies to serial production and already have significant demand across our commercial vehicle and energy storage systems customers.”

"We are pleased to report another quarter of stable growth, and we closed 2022 with a record backlog of $410.5 million, which puts us in a great position to execute our high growth plans for the years ahead,” said Craig Webster, Mircovast’s Chief Financial Officer. “As we bring additional capacity online this year, we will add approximately $1 billion of new revenue potential annually for our new 53.5Ah cell, which already accounts for over 80% of our backlog. We believe that the strong demand we are seeing along with the anticipated benefits of IRA puts us on a path to achieve profitability within the next two to three years.”

Full Year 2022 Highlights

  • Revenue of $204.5 million, compared to $152.0 million in 2021, an increase of 35%
  • Gross profit increased by 121% to $9.1 million from gross loss of $42.7 million in 2021; Non-GAAP adjusted gross profit of $16.8 million, compared to non-GAAP adjusted gross loss of $38.5 million in 2021; Non-GAAP adjusted gross margin increased to 8.2%, up from negative 25.3% in 2021
  • Operating expenses of $170.7 million, compared to $157.4 million in 2021; Adjusted operating expenses of $96.5 million, compared to $97.6 million in 2021
  • Net loss of $158.2 million, compared to net loss of $206.5 million in 2021; Non-GAAP adjusted net loss of $77.3 million, compared to non-GAAP adjusted net loss of $135.0 million in 2021
  • Adjusted EBITDA of negative $56.7 million, compared to Adjusted EBITDA of negative $109.3 million in 2021
  • Backlog as of December 31, 2022 was $410.5 million, representing growth of 258.5% compared to $114.5 million in backlog as of December 31, 2021 and sequential growth of 192.0% compared to $140.6 million in backlog at September 30, 2022.
  • Capital expenditures of $150.9 million, compared to $87.9 million in 2021, driven by investments in manufacturing capacity expansions in Huzhou, China and Clarksville, Tennessee
  • Cash, cash equivalents, restricted cash and short-term investment of $327.7 million as of December 31, 2022

Fourth Quarter 2022 Highlights

  • Revenue of $64.8 million, compared to $66.8 million in the fourth quarter of 2021, a decrease of 3.0%
  • Gross profit increased to $2.2 million from $1.2 million in 2021; Non-GAAP adjusted gross profit of $4.2 million, compared to non-GAAP adjusted gross profit of $3.1 million in Q4 2021; Non-GAAP adjusted gross margin increased to 6.4% from 4.7% in Q4 2021
  • Operating expenses of $37.3 million, compared to $52.2 million in Q4 2021; Adjusted operating expenses of $21.4 million compared to $39.6 million in Q4 2021
  • Net loss was $33.7 million, compared to $46.6 million in Q4 2021; Non-GAAP adjusted net loss of $15.9 million, compared to non-GAAP adjusted net loss of $33.4 million in Q4 2021
  • Adjusted EBITDA of negative $11.8 million, compared to Adjusted EBITDA of negative $27.3 million in Q4 2021

2023 Outlook

  • Full year 2023 revenue in the range of $336 million and $358 million, reflecting year over year growth of 65% - 75% and underpinned by record backlog of $410.5 million
  • Deliveries of new 53.5Ah cell starting in second quarter from new cell and module line in Huzhou, China and in fourth quarter from Tennessee, US
  • Revenue for the first quarter ending March 31, 2023 between $38 million and $40 million, representing growth of approximately 3.5% - 9% compared to $36.7 million for the first quarter ended March 31, 2022
  • Capital expenditures for the full year in the range of $180 to $210 million.

Webcast Information

Microvast management will host a conference call and webcast on March 16, 2023, at 4:00 p.m. Central Time, to discuss the Company's financial results. The live webcast and accompanying slide presentation will be accessible from the Events & Presentations section of Microvast’s investor relations website (https://ir.microvast.com/events-presentations/events). A replay will be available following the conclusion of the event. Investment community professionals interested in participating in the Q&A session may join the call by dialing +1 (631) 891-4304.

About Microvast

Founded in Houston, Texas in 2006 as a research and technology driven company, Microvast has evolved into a global leader in the design, development and manufacture of battery solutions for mobile and stationary applications. Microvast provides a broad portfolio of fast-charging lithium-ion battery solutions, with different chemistries, performance characteristics and price points to meet the diverse requirements of its customer base. Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs.

Since placing its first battery systems into operation in electric buses more than a decade ago, Microvast has expanded its business to serve a broad range of commercial, passenger and specialty vehicles, including mining, material handling, and power vehicles and equipment, as well as grid-scale energy storage applications.

For more information, please visit www.microvast.com or follow us on LinkedIn or Twitter (@microvast).

Microvast is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a breadth of market applications, including electric vehicles, energy storage and battery components. Microvast was founded in 2006 and is headquartered near Houston, Texas. For more information, please visit www.microvast.com or follow us on LinkedIn or Twitter (@microvast).

Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, Microvast has disclosed in this earnings release non-GAAP financial measures, including non-GAAP adjusted gross profit (loss), non-GAAP adjusted EBITDA and non-GAAP adjusted net loss, which are non-GAAP financial measures as defined under the rules of the SEC. These are intended as supplemental measures of our financial performance that are not required by, or presented in accordance with U.S. generally accepted accounting principles (“GAAP”).

Reconciliations to the most comparable GAAP measures, gross profit (loss) and net income (loss), are contained in tabular form in the unaudited financial statements below. Non-GAAP adjusted gross profit (loss) is GAAP gross profit as adjusted for non-cash stock-based compensation expense included in cost of revenues. Non-GAAP adjusted net loss is GAAP net loss as adjusted for non-cash stock-based compensation expense and change in valuation of warrant liabilities and convertible notes. Non-GAAP adjusted EBITDA is defined as net loss excluding depreciation and amortization, non-cash settled share-based compensation expense, interest expense, interest income, changes in fair value of our warrant liability and convertible notes and income tax expense or benefit.

We use non-GAAP adjusted gross profit (loss), non-GAAP adjusted EBITDA and non-GAAP adjusted net loss for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We consider them to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We believe that these non-GAAP financial measures, when taken together with their most directly comparable GAAP measures, gross profit (loss) and net income (loss), provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results.

We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors.

Non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for, financial information prepared in accordance with GAAP. For example, our calculation of non-GAAP adjusted EBITDA may differ from similarly titled non-GAAP measures, if any, reported by our peer companies, or our peer companies may use other measures to calculate their financial performance, and therefore our use of non-GAAP adjusted EBITDA may not be directly comparable to similarly titled measures of other companies. The principal limitation of non-GAAP adjusted EBITDA is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. In addition, it is subject to inherent limitations as it reflects the exercise of judgments by management about which expense and income are excluded or included in determining this non-GAAP financial measure. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. In addition, such financial information is unaudited and does not conform to SEC Regulation S-X and, as a result, such information may be presented differently in our future filings with the SEC. For example, with respect to the warrant liability resulting from the merger, we now exclude changes in fair value from net loss in our non-GAAP adjusted EBITDA and non-GAAP adjusted net loss calculation, which had not been done in prior periods.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “plan,” “project,” “predict,” “outlook” “should,” “will,” “would,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. These forward-looking statements include, but are not limited to, statements regarding our industry and market sizes, and future opportunities for us. Such forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

Many factors could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements, including, among others: (1) changes in the highly competitive market in which we compete, including with respect to our competitive landscape, technology evolution or regulatory changes; (2) risk that we may not be able to execute our growth strategies or achieve profitability; (3) risks of operations in China; (4) the impact of inflation; (5) changes in availability and price of raw materials; (6) changes in the markets that we target; (7) heightened awareness of environmental issues and concern about global warming and climate change; (8) risk that we are unable to secure or protect our intellectual property; (9) risk that our customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (10) risk that our customers will adjust, cancel or suspend their orders for our products; (11) risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; (12) risk of product liability or regulatory lawsuits or proceedings relating to our products or services; (13) economic, financial and other impacts of the coronavirus (“COVID-19”) pandemic, including global supply chain disruptions; and (14) the conflict between Russia and Ukraine and any restrictive actions that have been or may be taken by the U.S. and/or other countries in response thereto, such as sanctions or export controls. Microvast’s annual, quarterly and other filings with the U.S. Securities and Exchange Commission identify, address and discuss these and other factors in the sections entitled “Risk Factors.”

Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as forward-looking statements are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date hereof except as may be required under applicable securities laws. Forecasts and estimates regarding our industry and end markets are based on sources we believe to be reliable, however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part.

MICROVAST HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)

 

 

December 31,

2021

 

December 31,

2022

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

480,931

 

$

231,420

Restricted cash, current

 

55,178

 

 

70,732

Short-term investments

 

 

 

25,070

Accounts receivable (net of allowance for doubtful accounts of $5,005 and $4,407 as of December 31, 2021 and 2022, respectively)

 

88,717

 

 

119,304

Notes receivable

 

11,144

 

 

2,196

Inventories, net

 

53,424

 

 

84,252

Prepaid expenses and other current assets

 

17,127

 

 

12,093

Amounts due from related parties

 

85

 

 

Total Current Assets

 

706,606

 

 

545,067

Restricted cash, non-current

 

 

 

465

Property, plant and equipment, net

 

253,057

 

 

335,140

Land use rights, net

 

14,008

 

 

12,639

Acquired intangible assets, net

 

1,882

 

 

1,636

Operating lease right-of-use assets

 

 

 

16,368

Other non-current assets

 

19,738

 

 

73,642

Total Assets

$

995,291

 

$

984,957

 

 

 

 

Liabilities

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

40,408

 

$

44,985

Advance from customers

 

1,526

 

 

54,207

Accrued expenses and other current liabilities

 

58,740

 

 

66,720

Income tax payables

 

666

 

 

658

Short-term bank borrowings

 

13,301

 

 

17,398

Notes payable

 

60,953

 

 

68,441

Total Current Liabilities

 

175,594

 

 

252,409

Long-term bank borrowings

 

 

 

28,997

Long-term bonds payable

 

73,147

 

 

43,888

Warrant liability

 

1,105

 

 

126

Share-based compensation liability

 

18,925

 

 

131

Operating lease liabilities

 

 

 

14,347

Other non-current liabilities

 

39,822

 

 

32,082

Total Liabilities

$

308,593

 

$

371,980

 

 

 

 

Total Shareholders’ Equity

 

686,698

 

 

612,977

Total Liabilities and Shareholders’ Equity

$

995,291

 

$

984,957

MICROVAST HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)

 

 

Year Ended

December 31,

 

 

2021

 

 

 

2022

 

Revenues

$

151,976

 

 

$

204,495

 

Cost of revenues

 

(194,719

)

 

 

(195,422

)

Gross (loss)/profit

 

(42,743

)

 

 

9,073

 

Operating expenses:

 

 

 

General and administrative expenses

 

(101,632

)

 

 

(104,572

)

Research and development expenses

 

(34,385

)

 

 

(43,508

)

Selling and marketing expenses

 

(21,431

)

 

 

(22,611

)

Total operating expenses

 

(157,448

)

 

 

(170,691

)

Subsidy income

 

6,127

 

 

 

1,672

 

Loss from operations

 

(194,064

)

 

 

(159,946

)

Other income and expenses:

 

 

 

Interest income

 

446

 

 

 

3,179

 

Interest expense

 

(5,411

)

 

 

(3,323

)

Loss on changes in fair value of Bridge Notes

 

(9,861

)

 

 

 

Gain on changes in fair value of warrant liability

 

2,469

 

 

 

979

 

Other (expense) income, net

 

(62

)

 

 

944

 

Loss before provision for income tax

 

(206,483

)

 

 

(158,167

)

Income tax expense

 

 

 

 

(33

)

Net loss

$

(206,483

)

 

$

(158,200

)

Less: Accretion of Series C1 Preferred

 

2,257

 

 

 

 

Less: Accretion of Series C2 Preferred

 

5,132

 

 

 

 

Less: Accretion of Series D1 Preferred

 

10,708

 

 

 

 

Less: Accretion for noncontrolling interests

 

9,523

 

 

 

 

Net loss attributable to common stock shareholders of Microvast Holdings, Inc.

$

(234,103

)

 

$

(158,200

)

Net loss per share attributable to Common Stock shareholders of Microvast Holdings, Inc.

 

 

 

Basic and diluted

$

(1.26

)

 

$

(0.52

)

Weighted average shares used in calculating net loss per share of common stock:

 

 

 

Basic and diluted

 

185,896,482

 

 

 

303,279,188

 

MICROVAST HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands of U.S. dollars, except share and per share data, or as otherwise noted)

 

 

Three Months Ended

December 31,

 

 

2021

 

 

 

2022

 

Revenues

$

66,772

 

 

$

64,797

 

Cost of revenues

 

(65,619

)

 

 

(62,571

)

Gross profit

 

1,153

 

 

 

2,226

 

Operating expenses:

 

 

 

General and administrative expenses

 

(33,822

)

 

 

(21,551

)

Research and development expenses

 

(11,186

)

 

 

(10,498

)

Selling and marketing expenses

 

(7,189

)

 

 

(5,242

)

Total operating expenses

 

(52,197

)

 

 

(37,291

)

Subsidy income

 

3,451

 

 

 

439

 

Loss from operations

 

(47,593

)

 

 

(34,626

)

Other income and expenses:

 

 

 

Interest income

 

142

 

 

 

1,575

 

Interest expense

 

(781

)

 

 

(858

)

Other (expense) income, net

 

(87

)

 

 

186

 

Gain on changes in fair value of warrant liability

 

1,356

 

 

 

58

 

Loss before provision for income tax

 

(46,963

)

 

 

(33,665

)

Income tax benefit (expense)

 

324

 

 

 

(33

)

Net loss

$

(46,639

)

 

$

(33,698

)

MICROVAST HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)

 

 

Year Ended

December 31,

 

 

2021

 

 

 

2022

 

Cash flows from operating activities

 

 

 

Net loss

$

(206,483

)

 

$

(158,200

)

Adjustments to reconcile net loss to net cash generated from/(used in) operating activities:

 

 

 

Loss /(Gain) on disposal of property, plant and equipment

 

13

 

 

 

(14

)

Depreciation of property, plant and equipment

 

19,975

 

 

 

19,811

 

Amortization of land use rights and intangible assets

 

738

 

 

 

554

 

Noncash lease expenses

 

 

 

 

2,214

 

Share-based compensation

 

82,894

 

 

 

90,808

 

Changes in fair value of warrant liability

 

(2,469

)

 

 

(979

)

Changes in fair value of Bridge Notes

 

9,861

 

 

 

 

Allowance of doubtful accounts

 

721

 

 

 

1,640

 

Provision for obsolete inventories

 

18,295

 

 

 

4,789

 

Impairment loss from property, plant and equipment

 

2,443

 

 

 

1,798

 

Product warranty

 

52,932

 

 

 

14,097

 

Changes in operating assets and liabilities:

 

 

 

Notes receivable

 

10,016

 

 

 

3,187

 

Accounts receivable

 

(11,844

)

 

 

(38,924

)

Inventories

 

(25,892

)

 

 

(43,694

)

Prepaid expenses and other current assets

 

(10,980

)

 

 

3,628

 

Amounts due from/to related parties

 

(84

)

 

 

85

 

Operating lease right-of-use assets

 

 

 

 

(19,375

)

Other non-current assets

 

(2,135

)

 

 

(282

)

Notes payable

 

24,159

 

 

 

13,490

 

Accounts payable

 

(2,499

)

 

 

7,146

 

Advance from customers

 

(971

)

 

 

53,022

 

Accrued expenses and other liabilities

 

(5,947

)

 

 

(24,674

)

Operating lease liabilities

 

 

 

 

14,999

 

Other non-current liabilities

 

2,218

 

 

 

946

 

Income tax payables

 

 

 

 

 

Net cash used in operating activities

 

(45,039

)

 

 

(53,928

)

 

 

 

 

Cash flows from investing activities

 

 

 

Purchases of property, plant and equipment

 

(87,862

)

 

 

(150,880

)

Proceeds on disposal of property, plant and equipment

 

 

 

 

5

 

Purchase of short-term investments

 

 

 

 

(25,070

)

Net cash used in investing activities

 

(87,862

)

 

 

(175,945

)

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from bank borrowings

 

38,926

 

 

 

58,708

 

Repayment of bonds payable

 

 

 

 

(29,259

)

Repayment of bank borrowings

 

(37,568

)

 

 

(24,482

)

Loans borrowing from related parties

 

8,426

 

 

 

 

Repayment of related party loans

 

(8,426

)

 

 

 

Cash received from the trust account upon Merger, net of transaction costs

 

222,629

 

 

 

 

Cash received from Private Investment in Public Equity (“PIPE”) investors upon Merger

 

482,500

 

 

 

 

Payment to exited noncontrolling interests

 

(139,038

)

 

 

 

Issuance of Bridge Notes

 

57,500

 

 

 

 

Net cash generated from financing activities

 

624,949

 

 

 

4,967

 

Effect of exchange rate changes

 

2,865

 

 

 

(8,586

)

Increase (Decrease) in cash, cash equivalents and restricted cash

 

494,913

 

 

 

(233,492

)

Cash, cash equivalents and restricted cash at beginning of the year

 

41,196

 

 

 

536,109

 

Cash, cash equivalents and restricted cash at end of the year

$

536,109

 

 

$

302,617

 

MICROVAST HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS - continued

(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)

 

 

Year Ended

December 31,

 

2021

 

2022

Reconciliation to amounts on consolidated balance sheets

 

 

 

Cash and cash equivalents

$

480,931

 

$

231,420

Restricted cash

 

55,178

 

 

71,197

Total cash, cash equivalents and restricted cash

$

536,109

 

$

302,617

MICROVAST HOLDINGS, INC.

RECONCILIATION OF GROSS PROFIT (LOSS) TO ADJUSTED GROSS PROFIT (LOSS)

(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

Revenues

$

66,772

 

 

$

64,797

 

 

$

151,976

 

 

$

204,495

 

Cost of revenues

 

(65,619

)

 

 

(62,571

)

 

 

(194,719

)

 

 

(195,422

)

Gross profit/(loss) (GAAP)

$

1,153

 

 

$

2,226

 

 

$

(42,743

)

 

$

9,073

 

Gross margin

 

1.7

%

 

 

3.4

%

 

 

(28.1

)%

 

 

4.4

%

 

 

 

 

 

 

 

 

Non-cash settled share-based compensation (included in cost of revenues)

 

1,978

 

 

 

1,932

 

 

 

4,262

 

 

 

7,677

 

Adjusted gross profit/(loss) (non-GAAP)

$

3,131

 

 

$

4,158

 

 

$

(38,481

)

 

$

16,750

 

Adjusted gross margin (non-GAAP)

 

4.7

%

 

 

6.4

%

 

 

(25.3

)%

 

 

8.2

%

MICROVAST HOLDINGS, INC.

RECONCILIATION OF NET LOSS TO ADJUSTED NET LOSS

(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

Net loss (GAAP)

$

(46,639

)

 

$

(33,698

)

 

$

(206,483

)

 

$

(158,200

)

Loss on changes in fair value of convertible notes

 

 

 

 

 

 

 

9,861

 

 

 

 

Gain on changes in fair value of warrant liability

 

(1,356

)

 

 

(58

)

 

 

(2,469

)

 

 

(979

)

Non-cash settled share-based compensation

 

14,581

 

 

 

17,867

 

 

 

64,086

 

 

 

81,906

 

Adjusted Net Loss (non-GAAP)

$

(33,414

)

 

$

(15,889

)

 

$

(135,005

)

 

$

(77,273

)

MICROVAST HOLDINGS, INC.

RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA

(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

Net loss (GAAP)

$

(46,639

)

 

$

(33,698

)

 

$

(206,483

)

 

$

(158,200

)

Interest expense, net

 

639

 

 

 

(717

)

 

 

4,965

 

 

 

144

 

Income tax expense

 

(324

)

 

 

33

 

 

 

 

 

 

33

 

Depreciation and amortization

 

5,816

 

 

 

4,784

 

 

 

20,713

 

 

 

20,365

 

EBITDA (non-GAAP)

$

(40,508

)

 

$

(29,598

)

 

$

(180,805

)

 

$

(137,658

)

Loss on changes in fair value of convertible notes

 

 

 

 

 

 

 

9,861

 

 

 

 

Gain on changes in fair value of warrant liability

 

(1,356

)

 

 

(58

)

 

 

(2,469

)

 

 

(979

)

Non-cash settled share-based compensation

 

14,581

 

 

 

17,867

 

 

 

64,086

 

 

 

81,906

 

Adjusted EBITDA (non-GAAP)

$

(27,283

)

 

$

(11,789

)

 

$

(109,327

)

 

$

(56,731

)

 

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