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microvast Microvast Reports Third Quarter 2021 Results November 15 , 2021 - Revenue Growth of 20 % over Q3 2020 - - Reaffirms 2021 Revenue Outlook - - Completed Public Listing in July 2021 , Raised $ 708 million in Net Proceeds - STAFFORD , Texas -- ( BUSINESS WIRE ) -- Nov . 15 , 2021-- Microvast Holdings , Inc. ( NASDAQ : MVST ) ( " Microvast " or the " Company " ) , a technology innovator that designs , develops and manufactures lithium - ion battery solutions , today announced consolidated financial results for the third quarter ended September 30 , 2021 ( " Q3 2021 " ) . During Q3 2021 , Microvast successfully completed a business combination with Tuscan Holdings Corp. ( the " business combination " ) on July 23 , 2021 . " As an established battery technology company with proven products and a robust pipeline of new technologies , we are excited by the industry demand and validation of our battery solutions . I am pleased to report that we have won several new multi - year contracts with leading OEMs , driving substantial growth in forecasted contracted revenue since the business combination was announced in February 2021. Furthermore , as part of our continuing mission to develop disruptive battery technology and advance a greener , more electric future , we expect to announce two new products in the first quarter of 2022. These products will complement our existing portfolio of battery solutions with industry leading charging times , extended life cycles , and enhanced safety performance , " said Yang Wu , Microvast's President and Chief Executive Officer . " The successful business combination was an important milestone , accelerating our ability to develop and commercialize disruptive battery technologies that we believe will revolutionize transportation . Localized production near our current and prospective customers across Europe and North America will be crucial to our success and our capacity expansion plans remain on track following the business combination . While we have continued to face multiple challenges on macroeconomic and industry levels , we remain excited by the overall industry outlook and the opportunities for our battery solutions , " Mr. Wu added . Results for Q3 2021 Revenue was $ 36.9 million for Q3 2021 , compared to $ 30.8 million for the quarter ended September 30 , 2020 ( " Q3 2020 " ) , an increase of 20 % , driven by the increase in sales of battery products to new and existing customers . Gross loss was $ 35.9 million in Q3 2021 , compared to gross profit of $ 3.7 million in Q3 2020. The change was largely due to a $ 34.1 million one - time product warranty accrual and a $ 6.6 million inventory write - down ( both primarily related to certain legacy products ) , increased raw material prices and a $ 2.3 million share - based compensation expense accrued following the business combination . Operating expenses in Q3 2021 were $ 78.0 million compared to $ 12.7 million in Q3 2020. The change in operating expenses was largely due to a $ 56.0 million share - based compensation expense accrued following the business combination as well as increased headcount to support the Company's planned growth initiatives and other expenses related to operating as a public company . Net loss was $ 116.5 million in Q3 2021 compared to net loss of $ 10.1 million in Q3 2020. The change was primarily due to the reduction in gross profit and higher operating expenses as described above . As a result of the successful business combination , Microvast ended Q3 2021 with approximately $ 612.5 million in cash , cash equivalents and restricted cash . The Company's backlog on September 30 , 2021 was $ 52.7 million . Full Year 2021 Outlook Based on current business conditions , business trends and other factors , Microvast is reaffirming its previous revenue outlook , and expects revenue for the year ending December 31 , 2021 to be in the range of $ 145 million to $ 155 million . Based on equipment delivery schedules and scheduling during the upcoming holiday season , the Company expects some of its previously planned 2021 capital expenditures to move into early 2022. Total capital expenditures for the year ending December 31 , 2021 are now expected to be in the range of $ 120 million to $ 150 million . Webcast Information Company management will host a webcast on November 15 , 2021 , at 5:00 p.m. Central Time , to discuss the Company's financial results . The webcast will be accessible from the Events & Presentations tab 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 live Q & A session may join the call by dialing +1 ( 631 ) 891-4304 . About 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 ) .