Microvast reports 2023 financial results

Revenue increased 49.9% year over year to $306.6 million in fy 2023 record quarterly revenue of $104.6 million, up 61.4% year over year in q4 2023 gross margin increased from 4.4% to 18.7%, a 14.3 percentage point improvement year over year, with q4 2023 gross margin of 22.0% compared to 3.4% in q4 2022 stafford, texas, april 01, 2024 (globe newswire) -- microvast holdings, inc. (nasdaq:mvst) (“microvast” or the “company”), a technology innovator that designs, develops and manufactures lithium-ion battery solutions, announced today its consolidated financial results for the fourth quarter and full fiscal year ended december 31, 2023 (“q4 2023” and “fy 2023,” respectively). “we achieved record revenue in the fourth quarter of 2023 bringing our full year revenue growth to 49.9% and we delivered these revenues at a gross margin close to our targeted level.
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