Microvast jumps over 70% after Q3 report and guidance

Shares of EV battery technologies maker Microvast (MVST) spiked about 70% higher in after hours trading on Tuesday after after its Q3 report and guidance… For full year 2024, the company is targeting a revenue growth of 15% to 18% year over year. For Q4 revenue guidance is $90M to $95M, versus consensus $99.7M. The company continues to maintain gross margin profile with a target range of 25% to 30%; Ongoing R&D progress towards new product development, including our ME6 ESS container solution, enhanced silicon-based cells, and solid state batteries . The company added “Bolstering our revenue streams through continued strategic partner expansions, and innovating products and services that support the global energy transformation. Focus on sustained profitability through our regional efficiency improvements and leveraging our established business segments to improve liquidity and financial strength.”