Positive Revenue Growth and Increased Stock Performance
Microvast Holdings saw a promising after-hours performance on Monday, with its shares trading at $2.72 each, reflecting a 9.2% increase. This comes after the company released its second-quarter financial results, which indicated a 16% rise in revenue compared to the previous year.
During the regular trading session, Microvast's stock closed at $2.49 per share, showing a modest 0.4% increase.
Second-Quarter Financial Highlights
The lithium-ion battery company reported a loss per share of 8 cents for the second quarter, with revenue reaching $75 million. In the same period last year, Microvast reported a loss per share of 15 cents on revenue of $64.4 million.
However, on an adjusted basis, the company reported a narrower loss per share of 2 cents for the second quarter this year, an improvement from the 5 cents loss per share reported in the year-ago period.
Bright Outlook for the Future
Microvast expects its third-quarter revenue to fall within the range of $72 million to $80 million. Looking further ahead, the company projects its 2023 revenue to be between $348 million and $368 million.
