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) our ability to remain a going concern; (2) risk that we may not be able to execute our growth strategies or achieve profitability; (3) risk that we will be unable to raise additional capital to execute our business plan or pay our debts as they come due, which may not be available on acceptable terms or at all; (4) potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; (5) risks relating to delays, disruptions and quality control problems in our manufacturing operations; (6) restrictions in our existing and any future credit facilities; (7) risks of operations in China; (8) the effects of mechanics liens filed by contractors that we do not have sufficient funds to pay; (9) the effects of existing and future litigation; (10) changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; (11) changes in the highly competitive market in which we compete, including with respect to our competitive landscape, technology evolution or regulatory changes; (12) changes in availability and price of raw materials; (13) labor relations, including the ability to attract, hire and retain key employees and contract personnel; (14) heightened awareness of environmental issues and concern about global warming and climate change; (15) risk that we are unable to secure or protect our intellectual property; (16) risk that our customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (17) risks related to possible future reductions in pricing or order volume or loss of one or more of our significant customers; (18) risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; (19) risk that our customers will adjust, cancel or suspend their orders for our products; (20) risk of product liability or regulatory lawsuits or proceedings relating to our products or services; (21) our ability to maintain and enhance our reputation and brand recognition; (22) the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyberattacks; (23) changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; (24) the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; (25) risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings does not develop or takes longer to develop than we anticipate; (26) economic, financial and other impacts such as a pandemic, including global supply chain disruptions; (27) the impacts of geopolitical events, including the ongoing conflicts between Russia and Ukraine and in the Middle East; and (28) Tariffs imposed on products of the PRC into the United States may lead to increased costs and impact our business.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands of U.S.dollars, except share and per share data, or as otherwise noted) Three Months Ended March 31, 2025 2024 Cash flows from operating activities Net profit/(loss)$61,790 $(24,825)Adjustments to reconcile net profit/(loss) to net cash used in operating activities: Loss/(gain) on disposal of property, plant and equipment 95 (34)Gain on debt restructuring (389) — Depreciation of property, plant and equipment 7,985 7,470 Amortization of land use right and intangible assets 192 194 Noncash lease expenses 666 664 Share-based compensation 703 11,865 Changes in fair value of warrant and convertible loan (43,160) (42)Allowance of credit losses 1,358 578 Product warranty 4,825 3,269 Changes in operating assets and liabilities: Notes receivable (5,263) 10,577 Accounts receivable (14,108) 12,011 Inventories 15,783 16,341 Prepaid expenses and other current assets (2,402) 4,305 Amounts due to related parties (5) — Operating lease right-of-use assets (654) (323)Other non-current assets (1,388) (275)Notes payable (4,150) 1,042 Accounts payable (8,547) (27,843)Advance from customers 462 (1,694)Accrued expenses and other liabilities (6,812) (10,623)Operating lease liabilities (340) (500)Other non-current liabilities 528 (126)Net cash generated from operating activities 7,169 2,031 Cash flows from investing activities Purchases of property, plant and equipment (2,346) (10,241)Proceeds on disposal of property, plant and equipment 14 152 Proceeds from maturity of short-term investments — 5,564 Net cash used in investing activities (2,332) (4,525) MICROVAST HOLDINGS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands of U.S.dollars, except share and per share data, or as otherwise noted) March 31,2025 December 31,2024Assets Current assets: Cash and cash equivalents$90,898 $73,007 Restricted cash, current 32,096 36,572 Accounts receivable (net of allowance for credit losses of $6,523 and $5,090 as of March 31, 2025 and December 31, 2024, respectively) 135,654 120,626 Notes receivable 10,362 7,579 Inventories, net 129,059 143,327 Prepaid expenses and other current assets 30,027 27,019 Assets held for sale 19,896 19,896 Total Current Assets 447,992 428,026 Restricted cash, non-current — 22 Property, plant and equipment, net 485,157 478,189 Land use rights, net 11,366 11,371 Acquired intangible assets, net 2,496 2,607 Operating lease right-of-use assets 18,205 17,628 Other non-current assets 17,716 14,024 Total Assets$982,932 $951,867 Liabilities Current liabilities: Accounts payable$56,771 $64,940 Advance from customers 44,204 43,678 Accrued expenses and other current liabilities 104,136 98,456 Amounts due to related parties — 5 Income tax payables 653 652 Short-term bank borrowings 86,241 70,666 Notes payable 47,901 51,756 Total Current Liabilities 339,906 330,153 Long-term bonds payable 41,693 43,157 Long-term bank borrowings 41,302 41,062 Warrant liability 64 290 Share-based compensation liability 98 98 Operating lease liabilities 14,793 14,596 Convertible loan measured at fair value 60,996 104,613 Other non-current liabilities 29,845 30,003 Total Liabilities$528,697 $563,972 Stockholders’ Equity Common Stock (par value of US$0.0001 per share, 750,000,000 and 750,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 325,216,389 and 324,831,634 shares issued, and 323,528,889 and 323,144,134 shares outstanding as of March 31, 2025 and December 31, 2024)$33 $33 Additional paid-in capital 1,513,685 1,512,982 Statutory reserves 6,032 6,032 Accumulated deficit (1,031,168) (1,092,958)Accumulated other comprehensive loss (34,347) (38,194)Total Equity$454,235 $387,895 Total Liabilities and Equity$982,932 $951,867 MICROVAST HOLDINGS, INC.
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