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microvast Microvast Reports Fiscal 2021 Second Quarter Results August 16 , 2021 HOUSTON , Texas - August 16 , 2021 - Microvast Holdings , Inc. ( NASDAQ : MVST ) , a technology innovator that designs , develops and manufactures lithium - ion battery solutions , today announced the consolidated financial results for Microvast , Inc. ( " Microvast " ) , its wholly owned subsidiary , for the quarter ended June 30 , 2021 ( " Q2 2021 " ) . These business results were achieved prior to the completion of the business combination with Tuscan Holdings Corp. ( " Tuscan " ) on July 23 , 2021 . Business Results Q2 2021 revenue was $ 33.4 million , an increase of 53.8 % from $ 21.7 million for the quarter ended June 30 , 2020 ( " Q2 2020 " ) . Gross loss in Q2 2021 was $ 6.8 million , compared to gross profit of $ 3.6 million in Q2 2020 , and was negatively impacted by : 1 ) inventory write - downs for certain legacy products , 2 ) higher proportion of sales generated in China with lower average selling price compared to regions outside of China in the prior period , 3 ) a lower volume of orders placed for a specific manufacturing line as a result of the industry - wide semiconductor shortage , which resulted in a higher manufacturing cost per unit , and 4 ) increased raw material prices compared to Q2 2020. Net loss for Q2 2021 was $ 27.1 million , compared to net loss in Q2 2020 of $ 7.9 million . " Microvast posted solid revenue growth in Q2 2021 and we are excited to see continued growth in demand for our products , " said Yang Wu , Microvast's Chief Executive Officer . " The closing of our recent business combination with Tuscan provided us with more than $ 700 million in net proceeds to execute our business plan and capitalize on the global shift to electrification . We remain focused on implementing our capacity expansion plans , winning new customers with multi - year contract awards and hiring key talent . While we have faced unanticipated challenges during the first half of this year , including global disruptions caused by material shortages , international freight delays , rising commodity prices and the continued impact of the COVID - 19 pandemic , we view these as temporary challenges . We continue to expand our core customer base of leading OEMs producing a wide range of commercial vehicles and look forward to reaching new milestones . " " Our plans to add a total of 4 GWh of high - volume manufacturing capacity in our Clarksville , Tennessee and Huzhou , China facilities are moving forward , " said Shane Smith , Microvast's Chief Operating Officer . " As a result of the delay in the closing of our business combination with Tuscan , we expect the new capacity to be online in early 2023. This timeline aligns with the updated production schedules and forecast requirements from our key customers as they also work to overcome industry - wide supply chain and logistics challenges . The demand for vehicle electrification and energy storage remains high as our customers and governments around the globe continue to emphasize the importance of clean energy . We are excited about our future opportunities . " Business Outlook Based on current business conditions , trends and other factors , Microvast is introducing a revenue guidance range for the fiscal year ending December 31 , 2021 of $ 145.0 million to $ 155.0 million , which would represent year - over - year growth of 34.9 % to 44.2 % compared to $ 107.5 million for the fiscal year ended December 31 , 2020 . In addition , Microvast expects capital expenditures to be approximately $ 170 million for the fiscal year ending December 31 , 2021 , compared to $ 18.6 million for the fiscal year ended December 31 , 2020. Capital expenditures will primarily be related to expanding manufacturing capacity and research and development capabilities . Microvast recently announced key strategic customer wins and will continue to collaborate with additional leading OEMs in the commercial vehicle sector on their electrification strategies . Microvast continues to believe its battery technologies are well positioned to see strong demand from OEMs of electric and fuel cell logistics and transport vehicles . Explanatory Note On July 23 , 2021 , Microvast completed its previously announced business combination with Tuscan and the resulting company was renamed Microvast Holdings , Inc. The business combination and related PIPE financing provided $ 708.4 million in net proceeds to support Microvast's growth initiatives . The business results presented in this press release are for Microvast , Inc. , a wholly owned subsidiary of Microvast Holdings , Inc. , for the quarter ended June 30 , 2021 ( prior to the completion of the business combination with Tuscan ) . The quarterly financial results for Microvast , Inc. for the period ended June 30 , 2021 were filed with the Securities and Exchange Commission ( the " SEC " ) on Form 8 - K / A on Monday , August 16 , 2021. The quarterly financial results for Microvast Holdings , Inc. ( formerly known as Tuscan Holdings Corp. ) for the period ended June 30 , 2021 were filed with the SEC on Form 10 - Q on August 16 , 2021 . About Microvast Microvast , Inc. 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 battery packs . By integrating the process from raw material to system assembly , Microvast has developed a family of products covering a breadth of market applications . Microvast was founded in 2006 and is headquartered in Houston , Texas . More information can be found on the corporate website : www.microvast.com .