Microvast Holdings Inc. (MVST) Financial Statements (2024 and earlier)

Company Profile

Business Address 12603 SOUTHWEST FREEWAY, SUITE 210
STAFFORD, TX 77477
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 369 - Miscellaneous Electrical Machinery, Equipment, and Supplies (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments50,17592,894168,256225,618256,490295,816
Cash and cash equivalents44,54167,398142,766200,305231,420295,816
Short-term investments 5,63425,49625,49025,31325,070 
Restricted cash and investments37,47721,80327,54260,16470,73283,179
Receivables138,717116,300106,09488,911119,30482,707
Inventory, net of allowances, customer advances and progress billings149,749126,91386,76087,66984,25282,262
Inventory149,749126,91386,76087,66984,25282,262
Prepaid expense 5,800   5,075 
Other undisclosed current assets43,68846,00138,34434,6749,21423,565
Total current assets:425,606403,911426,996497,036545,067567,529
Noncurrent Assets
Operating lease, right-of-use asset19,50719,61221,00118,46116,36815,509
Property, plant and equipment620,667549,544497,847443,051335,140286,346
Intangible assets, net (including goodwill)3,1363,2103,3433,6911,6361,696
Intangible assets, net (excluding goodwill)3,1363,2103,3433,6911,6361,696
Restricted cash and investments6,17111111146536,704
Other noncurrent assets9,66128,54036,59629,11373,64252,816
Other undisclosed noncurrent assets11,98411,73411,87812,61812,63912,328
Total noncurrent assets:671,126612,651570,676506,945439,890405,399
TOTAL ASSETS:1,096,7321,016,562997,6721,003,981984,957972,928
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities127,052112,25163,58253,57558,985116,147
Taxes payable655
Accounts payable112,61895,29454,31941,24344,98535,972
Accrued liabilities14,43416,9579,26312,33214,00079,520
Deferred revenue43,08754,48253,05853,05954,2076,589
Debt98,76664,14768,23189,64685,83979,840
Other liabilities 14,31213,9349,0917,8048,608 
Other undisclosed current liabilities120,19391,57798,74873,66944,77029,259
Total current liabilities:403,410336,391292,710277,753252,409231,835
Noncurrent Liabilities
Long-term debt and lease obligation:      13,530
Liabilities, other than long-term debt42,14737,95550,21947,28046,56029,679
Deferred compensation liability, classified199187170138131115
Other liabilities24,86120,81732,04631,31732,08229,564
Operating lease, liability17,08716,95118,00315,82514,34713,530
Other undisclosed noncurrent liabilities86,98574,87875,02673,11973,01182,028
Total noncurrent liabilities:129,132112,833125,245120,399119,571125,237
Total liabilities:532,542449,224417,955398,152371,980357,072
Equity
Equity, attributable to parent, including:558,158565,347577,672603,677606,945609,824
Common stock323231313131
Additional paid in capital1,481,2411,468,1731,452,1891,434,2211,416,1601,398,171
Accumulated other comprehensive loss(25,614)(35,925)(33,745)(15,861)(18,081)(30,911)
Accumulated deficit(897,501)(872,965)(846,835)(820,746)(791,165)(757,467)
Other undisclosed equity, attributable to parent  6,0326,0326,032  
Equity, attributable to noncontrolling interest  1,9912,0452,152  
Other undisclosed equity6,032   6,0326,032
Total equity:564,190567,338579,717605,829612,977615,856
TOTAL LIABILITIES AND EQUITY:1,096,7321,016,562997,6721,003,981984,957972,928

Income Statement (P&L) ($ in thousands)

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
Revenues104,57580,11674,95346,97364,79738,616
Cost of revenue(81,551)(62,232)(63,492)(42,115)(62,571)(36,623)
Gross profit:23,02417,88411,4614,8582,2261,993
Operating expenses(46,037)(44,674)(38,964)(36,234)(37,291)(39,603)
Other undisclosed operating income79744263777439520
Operating loss:(22,216)(26,348)(26,866)(31,299)(34,626)(37,090)
Nonoperating income (expense)(1,386)127(243)789186349
Interest and debt expense(1,191)(491)(487)(459)(858)(774)
Loss from continuing operations before equity method investments, income taxes:(24,793)(26,712)(27,596)(30,969)(35,298)(37,515)
Other undisclosed income from continuing operations before income taxes2125401,5181,3981,633971
Loss from continuing operations before income taxes:(24,581)(26,172)(26,078)(29,571)(33,665)(36,544)
Other undisclosed loss from continuing operations (10)   (33) 
Loss from continuing operations:(24,591)(26,172)(26,078)(29,571)(33,698)(36,544)
Loss before gain (loss) on sale of properties:(36,544)
Net loss:(24,591)(26,172)(26,078)(29,571)(33,698)(36,544)
Net income (loss) attributable to noncontrolling interest 5542(11)(10)  
Net loss available to common stockholders, diluted:(24,536)(26,130)(26,089)(29,581)(33,698)(36,544)

Comprehensive Income ($ in thousands)

3/31/2024
Q1
12/31/2023
Q4
9/30/2023
Q3
6/30/2023
Q2
3/31/2023
Q1
12/31/2022
Q4
9/30/2022
Q3
Net loss:(24,591)(26,172)(26,078)(29,571)(33,698)(36,544)
Other undisclosed comprehensive income (loss)10,385(2,192)(18,002)2,188(182,982) 
Comprehensive loss:(14,206)(28,364)(44,080)(27,383)(216,680)(36,544)
Comprehensive income (loss), net of tax, attributable to noncontrolling interest (19)5410722  
Other undisclosed comprehensive income (loss), net of tax, attributable to parent     220,594(21,002)
Comprehensive income (loss), net of tax, attributable to parent:(14,225)(28,310)(43,973)(27,361)3,914(57,546)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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