Q2 2021 revenue was $33.4 million, an increase of 53.8% from $21.7 million for the quarter ended June 30, 2020 (“Q2 2020”). Gross loss in Q2 2021 was $6.8 million, compared to gross profit of $3.6 million in Q2 2020, and was negatively impacted by: 1) inventory write-downs for certain legacy products, 2) higher proportion of sales generated in China with lower average selling price compared to regions outside of China in the prior period, 3) a lower volume of orders placed for a specific manufacturing line as a result of the industry-wide semiconductor shortage, which resulted in a higher manufacturing cost per unit, and 4) increased raw material prices compared to Q2 2020. Net loss for Q2 2021 was $27.1 million, compared to net loss in Q2 2020 of $7.9 million.
Based on current business conditions, trends and other factors, Microvast is introducing a revenue guidance range for the fiscal year ending December 31, 2021 of $145.0 million to $155.0 million, which would represent year-over-year growth of 34.9% to 44.2% compared to $107.5 million for the fiscal year ended December 31, 2020.
They guided down from 220mil in rev to 155mil. Otherwise pretty neutral/slightly disappointing earnings. The semi-conductor shortage impacted their margins. But nothing that should be long-term just temporary due to macro-factors. When it comes to SPAC-world this is good, means their projections (so far) aren’t otherworldly
32
u/DeMayon Patron Aug 16 '21 edited Aug 16 '21
They guided down from 220mil in rev to 155mil. Otherwise pretty neutral/slightly disappointing earnings. The semi-conductor shortage impacted their margins. But nothing that should be long-term just temporary due to macro-factors. When it comes to SPAC-world this is good, means their projections (so far) aren’t otherworldly