Microvast Holdings, Inc. (MVST) stock soared 7.57% in the after-hours trading session at the price of $9.10 despite no fundamental reason. The last published news was its financial results for the second quarter of fiscal 2021. MVST is a cutting-edge cell technology company that designs, manufactures, and commercializes lithium-ion battery solutions.
MVST Q2 Fiscal 2021 Financial Results
On 16th August 2021, MVST published its consolidated financial results for the second fiscal quarter ended 30th June 2021 and provided corporate updates.
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MVST reported revenue of $33.4 million for the second quarter of the fiscal year 2021. It represents a gain of 53.8% from $21.7 million for the second quarter ended 30th June 2020. Gross loss was $6.8 million for the second fiscal quarter ended 30th June 2021. For the second fiscal quarter ended on 30th June 2020, the gross profit was $3.6 million. Net loss was $27.1 million for the second quarter of fiscal 2021. For the same quarter of fiscal 2020, net loss was $7.9 million.
MVST Business Outlook
MVST published a revenue guidance range from $145.0 million to $155.0 million for the fiscal year ended 31st December 2021. It represents a growth of about 34.9% to 44.2% from $107.5 million for the fiscal ended 31st December 2020. The company anticipates capital expenditures of $170 million for the fiscal year ending 31st December 2021. For the fiscal year ending 31st December 2020, capital expenditures had expected to be approximately $18.6 million.
Chief Executive Officer of MVST, Yang Wu, remarked that the company witnessed strong revenue growth for the second quarter of 2021. They have seen continued growth in demand for their products. Their recent business cooperation with Tuscan provided them with above $700 million in net proceeds to execute their business strategy. The company is executing capacity development plans, hiring key talent, and gaining new customers, he added.
Chief Operating Officer of MVST, Shane Smith, commented that their plans to add high-volume production capacity in their Tennessee, Clarksville, and Huzhou, China facilities are moving ahead. They expect the new capacity to be held online in 2023 due to suspension in the closing of business collaboration with Tuscan. The demand for energy storage and vehicle electrification continues high as their customers all across the globe emphasize the value of clean energy. They are enthusiastic about their future timeliness and opportunities, he concluded.