Tech innovator Microvast Holdings Inc. is set to spend up to $350 million this year mainly for its expansion program, the company announced in a filing.
- Microvast has earmarked $300 million to $350 million for its capital expenditures for 2022, mainly for its manufacturing capacity expansions in Huzhou, China; and Clarksville, Tennessee, along with research and development projects in Florida.
- The company widened its net loss in the last quarter of 2021 to $46.6 million versus $4.6 million in the past year, due to lower gross profits and higher operating expenses during the period.
- Fourth-quarter gross profit fell to $1.15 million from $8.7 million in 2020, while operating expenses surged to $52.2 million from the $14.6 million in the comparable period in 2020.
- Full-year 2021 net loss stood at $206.5 million, up from $33.6 million in 2020, as the gross loss was recorded at $42.7 million from the profit of $17.1 million, and operating expenses increased to $157.4 million from $49.2 million.
First-quarter revenue growth is expected between 115% and 128%, while full-year revenue growth is seen between 35% and 45%. MVST is down 8.74%.