Microvast said it has achieved a record backlog of $678.7 million, up 382.7% year-over-year. 

Gross margin increased 5.2% year-over-year to 22.3%. The company ended the quarter with $114.7 million in cash, equivalents, restricted cash and short-term investments. 

"Operations at our expanded facility in Huzhou, China have exceeded target yields on high levels of utilization, and our target is to have over 90% utilization by the end of the fourth quarter," said Yang Wu, founder, chairman and CEO of Microvast. 

"Completion of the Phase 1A line in Clarksville, Tennessee is a key operational focus with an accelerated ramp up plan allowing for delivery of qualified products from early Q2 next year."

Outlook: Microvast sees fourth-quarter revenue in the range of $90 million to $100 million. Full-year revenue is expected to be between $292 million and $302 million. 

Microvast said it anticipates adding "major projects" to its record backlog and continued growth in orders for the remainder of 2023.

CFO Craig Webster noted that Microvast is positioned well for the fourth quarter and plans to deliver another "high growth year" in 2024. 

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Photo: courtesy of Microvast.