Microvast Holdings Inc (MVST) 2024 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to Microvast fourth quarter and full year 2024 earnings call. (Operator Instructions) And the conference is being recorded. I would now like to turn the conference over to Microvast, Investor Relations. Please go ahead.

感謝您的支持。我是會議主持人。歡迎參加 Microvast 2024 年第四季和全年財報電話會議。 （操作員指示）會議正在錄音。現在我想將會議交給 Microvast 投資者關係部門。請繼續。

Thank you, operator, and thank you, everyone, for joining our update today. With me on today's call are Mr. Yang Wu, Founder, Chairman and CEO; and Ms. Fariyal Khanbabi, CFO. Mr. Wu will start off with a high-level overview of the full year and fourth quarter results before providing some operational and business updates.

謝謝操作員，也謝謝大家今天加入我們的更新。今天與我一起參加電話會議的有創始人、董事長兼首席執行官楊武先生；以及首席財務官 Fariyal Khanbabi 女士。吳先生將首先概述全年和第四季度的業績，然後提供一些營運和業務更新。

Ms. Khanbabi will then discuss our financials in more detail before handing it back to Mr. Wu to wrap up with our 2025 outlook and closing remarks. Ahead of this call, Microvast issued its fourth quarter earnings press release, which can be found on the Investor Relations section of our website, ir.microvast.com.

隨後，Khanbabi 女士將更詳細地討論我們的財務狀況，然後將其交還給吳先生，由他來總結我們的 2025 年展望和結束語。在本次電話會議之前，Microvast 發布了其第四季度收益新聞稿，可在我們網站 ir.microvast.com 的投資者關係部分找到。

We have also posted a slide presentation to accompany management's prepared remarks today. As a reminder, please note that this call may include forward-looking statements. These statements are based on current expectations and assumptions and should not be relied upon as representative of views for subsequent dates. We also undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements due to new information or future events.

我們還發布了一份幻燈片演示，以配合管理層今天的準備好的演講。提醒一下，請注意本次電話會議可能包含前瞻性陳述。這些聲明是基於當前的預期和假設，不應被視為後續日期的觀點的代表。我們也不承擔因新資訊或未來事件而修改或公開發布這些前瞻性陳述的任何修改結果的義務。

Actual results may differ materially from expectations due to a variety of risks and uncertainties. For more information on material risks and other important factors that could affect our financial results, please refer to our filings with the SEC. We may also discuss non-GAAP financial measures during this call. These measures should be considered in addition to and not as a substitute for or in isolation from GAAP results.

由於各種風險和不確定性，實際結果可能與預期有重大差異。有關可能影響我們財務業績的重大風險和其他重要因素的更多信息，請參閱我們向美國證券交易委員會提交的文件。我們也可能在本次電話會議中討論非公認會計準則財務指標。這些措施應作為 GAAP 結果的補充而非替代或孤立存在。

These non-GAAP measures have been reconciled to their most comparable GAAP metrics in the tables included at the end of our press release. After the conclusion of this call, a webcast replay will be available on the Investor Relations section of Microvast's website.

這些非公認會計準則 (non-GAAP) 指標已與我們新聞稿末尾表格中最具可比性的公認會計準則 (GAAP) 指標進行了協調。本次電話會議結束後，網路直播重播將在微宏網站的投資者關係部分提供。

And now I will turn the call over to Mr. Wu for opening remarks.

現在我請吳先生致開幕詞。

Thank you, and thank you, everyone, for joining today's call. I would like to start by welcoming both new and legacy listeners and investors and give a quick snapshot of who Microvast is as a company. Microvast is a global leader in advanced battery technologies. Headquartered in Texas, we were funded in 2016. With over 775 patents and with electrified solutions deployed worldwide, we are committed to driving innovation in the energy transition and creating a sustainable future.

謝謝大家，也謝謝大家參加今天的電話會議。首先，我歡迎新舊聽眾和投資者，並簡單介紹一下 Microvast 公司。 Microvast 是先進電池技術領域的全球領導者。我們的總部位於德克薩斯州，於 2016 年獲得資助。我們擁有超過 775 項專利，並在全球部署了電氣化解決方案，致力於推動能源轉型創新並創造永續的未來。

2024 product highlights, including the ME 6, our industry-first overhold LLP based energy storage system designed for a wide range of applications from utility-scale storage to data center powered. We also made significant advancements in silicon-based cell technologies and progress toward all solid state batteries. Innovation remains central to our growth strategy. So stay tuned for exciting development.

2024 年產品亮點，包括 ME 6，這是我們業界首個基於 LLP 的超強儲能係統，設計用於從公用事業規模儲能到資料中心供電的廣泛應用。我們在矽基電池技術和全固態電池技術方面也取得了重大進展。創新仍然是我們成長策略的核心。敬請期待令人興奮的發展。

Please join me on slide 4 as I cover a few highlights. We achieved record annual revenue of $380 million, an increase of 24% year-over-year, with a 123% increase in EMEA revenue. Fourth quarter revenue also has a record of $113.4 million, with a strong 36.6% gross margin. Our overall gross margin improved to 31.5% from 18.7% year-over-year. And we delivered an adjusted EBITDA of $8.6 million in the fourth quarter, demonstrating the effectiveness of our strategic execution.

請觀看投影片 4，我將介紹一些亮點。我們的年收入創紀錄地達到 3.8 億美元，年增 24%，其中 EMEA 地區的收入成長了 123%。第四季營收也創下1.134億美元的新高，毛利率高達36.6%。我們的整體毛利率從去年同期的18.7%提高到31.5%。我們第四季的調整後息稅折舊攤銷前利潤 (EBITDA) 為 860 萬美元，證明了我們策略執行的有效性。

The charts display our growth story starting in 2022 through 2024. Our revenue has nearly doubled in this time frame, which demonstrates the increased market demand for our high performance and diversified products.

圖表展示了我們從 2022 年到 2024 年的成長故事。在此期間，我們的收入幾乎翻了一番，這表明市場對我們高性能和多樣化產品的需求不斷增加。

On the gross profit side, we have grown by a multiple of more than 12x, including year-over-year improvements in the gross margin by 12.8-percentage-points. We continue to progress towards maturity within our industry, with a focus on profitability and our ability to leverage operations at scale.

在毛利方面，我們成長了12倍多，其中毛利率年增了12.8個百分點。我們繼續在行業內走向成熟，重點關注盈利能力和規模化運營的能力。

Turning to slide 5. I will briefly touch on our business strategy. As we have communicated throughout 2024, we are focused on improving both efficiency and profitability. Microvast executed the strategies of our business in EMEA and APAC, while implementing strategic cost-cutting measures in the United States. So 2024 was a challenging year.

翻到第 5 張投影片。我將簡要介紹我們的業務策略。正如我們在 2024 年所傳達的那樣，我們專注於提高效率和獲利能力。 Microvast 執行了我們在歐洲、中東和非洲地區以及亞太地區的商業策略，同時在美國實施了策略性成本削減措施。因此，2024 年是充滿挑戰的一年。

We believe we are at the turning point of sustainable profitability and aim to continue focusing on those metrics for 2025. We have made measurable strides in the business which allow us to take actions that prioritize our commercially available technologies. We continue to adapt and grow with changing market opportunities where we see customer demand.

我們相信，我們正處於可持續獲利的轉折點，並計劃在 2025 年繼續關注這些指標。我們在業務上取得了可衡量的進步，這使我們能夠採取行動，優先考慮我們的商業可用技術。隨著客戶需求的不斷變化，我們不斷適應並發展市場機會。

Our core focus for continued growth and success includes becoming cash flow positive, maintaining our strong gross margin profile, while we expand to meet customer demand and grow our sales with new products and new market segments. We intend to achieve this through continued innovation, capturing new markets and expanding both our capacity and the global electrification footprint.

我們持續成長和成功的核心重點包括實現現金流為正、保持強勁的毛利率，同時擴大規模以滿足客戶需求並透過新產品和新細分市場增加銷售額。我們打算透過持續創新、佔領新市場以及擴大我們的產能和全球電氣化足跡來實現這一目標。

Turning to slide 6. We will go over some operations and development update. We are happy to give a progress update on our Huzhou Phase 3.2 expansion project. This new line should give us up to an additional 2 gigawatt hour per year production capacity in order to meet the high demand for our products. (inaudible) utilities and equipment installation are all well underway.

翻到幻燈片 6。我們將介紹一些營運和開發更新。我們很高興地通報湖州3.2期擴建工程的進度。這條新生產線將使我們每年的生產能力增加高達 2 千兆瓦時，以滿足我們產品的高需求。 （聽不清楚）公用設施和設備安裝均進展順利。

The expansion leverages our existing infrastructure and expertise and will help enable us to produce both current and future technologies. We anticipate first qualified production to come online in the fourth quarter of 2025. Our recent announcements such as our industry first overhaulable ME6 energy storage system, our all-solid-state battery and enhance the silicon-based cells continue progressing. We hope to share more news for those products in the coming months.

此次擴張利用了我們現有的基礎設施和專業知識，並將有助於我們生產當前和未來的技術。我們預計第一批合格產品將於 2025 年第四季上線。我們最近發布的產品，例如業界首個可檢修的 ME6 儲能係統、全固態電池和增強型矽基電池，都在持續推進中。我們希望在未來幾個月分享有關這些產品的更多新聞。

Please join us on slide 7 to go over our successes in the year, along with some challenges that we faced. We delivered our highest annual revenue, which was up to 24% year-over-year. Our backlog has grown to $401.3 million as original demand for our technology continues to rapidly grow. We have also realized great successes in the global heavy industry segments and maturing Korean market. The company saw tremendous demand increase in EMEA market for Microvast products with backlog growth covering the product supply in the short term.

請與我們一起在第 7 張投影片上回顧我們今年的成功以及我們面臨的一些挑戰。我們實現了最高的年度收入，年增了24％。隨著對我們技術的原始需求持續快速成長，我們的積壓訂單已成長至 4.013 億美元。我們也在全球重工業領域和成熟的韓國市場取得了巨大的成功。該公司發現 EMEA 市場對 Microvast 產品的需求大幅成長，積壓訂單的成長在短期內可以滿足產品供應。

We also received the customer nomination for next-generation battery products from one of our leading European CV OEMs, an industry shift in heavy machinery, leveraging our technologies lead to additional orders from the current and new customers alike as demand for our high-performance products continues.

我們還從我們領先的歐洲 CV OEM 之一獲得了下一代電池產品的客戶提名，這是重型機械行業的轉變，利用我們的技術可以帶來來自現有和新客戶的額外訂單，因為對我們的高性能產品的需求持續增長。

Microvast held 100% of the supply of hybrid trucks to LGMG in 2024. The company boost cooperation with Zoomlion for its hybrid trucks and entered into an annual framework agreement for all of its hybrid mining trucks. Additionally, Microvast has deepened its relationship with Propel to expand its new models and market segments. We faced the challenges in 2024, including a difficult financing environment, supply constraints and increased computation in APAC region.

微宏在2024年佔據了LGMG混合動力卡車100%的供應份額，並加強了與中聯重科在混合動力卡車領域的合作，並就其所有混合動力礦用卡車簽訂了年度框架協議。此外，Microvast 還深化了與 Propel 的關係，以擴展其新車型和新市場領域。 2024 年我們面臨的挑戰包括困難的融資環境、供應限制以及亞太地區計算量的增加。

We responded with the strategic cost control and operational adjustments. Slide 8 through 11 shows some of our resident customer wins. I will go over a few examples that display the market expansion and the delivery of successes we have seen with our diversified product portfolio. First, with Zoomlion, we are excited to be the exclusive supplier for its line of hybrid mining trucks powered by our high-power 53.5 empowered generation [4 packs]. Our high-power cells have been increasingly adopted by the mining industry for their performance, safety and reliability in extreme conditions.

我們採取了策略成本控制和營運調整的措施。投影片 8 至 11 展示了我們的一些常駐客戶所取得的成就。我將舉幾個例子來展示我們透過多樣化產品組合實現的市場擴張和成功。首先，我們很高興能與中聯重科合作，成為其混合動力採礦卡車系列的獨家供應商，該系列卡車採用我們的高功率 53.5 動力發電 [4 組]。我們的高功率電池因其在極端條件下的性能、安全性和可靠性而越來越多地被採礦業所採用。

We are also working with Dongfeng trucks to bring mass production of its commercial trucks to the market, which will utilize our 21 amp hour and 70.5 amp hour generation [3 packs]. On the agriculture side, we are working with LGAG to bring the world's largest extended range of heavy-duty tractors to life with our 48 amp hour generation 4 packs. Microvast continue to pursue the trend in agriculture and is excited to help lead the industry in electrification.

我們也與東風卡車合作，將其商用卡車的量產推向市場，這將利用我們的 21 安培小時和 70.5 安培小時來發電 [3 組]。在農業方面，我們正在與 LGAG 合作，利用我們的 48 安培小時第四代電池組，為世界上最大的重型拖拉機系列注入活力。 Microvast 繼續追隨農業的潮流，並很高興能夠幫助引領農業電氣化。

The company has also engaged with Sun mobility for fast-charging swappable utilizing 19 amp hour generation 3 packs. Projects like this presented a large market opportunity for expansion due to their lower total cost of ownership. This is just a sample of many projects in which we are involved, and we expect to continue expanding our breath in market segment in 2025.

該公司還與 Sun mobility 合作，利用 19 安培小時的第三代電池組進行快速充電。由於整體擁有成本較低，此類專案提供了巨大的市場擴張機會。這只是我們參與的眾多項目中的一個例子，我們預計在 2025 年將繼續擴大我們的細分市場。

Now Mr. Khanbabi will provide more detailed overview of our financial performance.

現在，Khanbabi 先生將更詳細地概述我們的財務表現。

Thank you, Mr. Wu, and thank you, everyone, for tuning in. I will now walk you through our financial performance. Please turn to slide 13, where I will cover highlights from our full year and Q4 2024 results. We recorded revenue of $113.4 million in Q4 2024 compared to $104.6 million in Q4 2023, an 8% year-over-year increase.

謝謝吳先生，也謝謝大家的收看。現在我將向大家介紹我們的財務表現。請翻到第 13 張投影片，我將在其中介紹我們 2024 年全年和第四季業績的亮點。 2024 年第四季我們的營收為 1.134 億美元，而 2023 年第四季為 1.046 億美元，年成長 8%。

And as Mr. Wu mentioned earlier, a record fourth quarter for the company. On a full year basis, we achieved record revenue of $379.8 million, up 24% from $306.6 million in 2023. Gross profit for Q4 2024 was $41.5 million, up from $23 million in Q4 2023, an 80% improvement driven by operational efficiencies, increased utilization and disciplined cost control implementation.

正如吳先生之前提到的，該公司第四季度的業績創下了紀錄。全年來看，我們實現了創紀錄的 3.798 億美元收入，較 2023 年的 3.066 億美元成長 24%。 2024 年第四季的毛利為 4,150 萬美元，高於 2023 年第四季的 2,300 萬美元，成長了 80%，這得益於營運效率的提高、利用率的提高和嚴格的成本控制實施。

This resulted in a gross margin of 36.6% compared to 22% in the prior year period, a 14.6-percentage-point improvement. For the full year, gross profit was $119.6 million, more than double the prior year's $57.2 million, reflecting a 109% increase. Gross margin for the full year 2024 was 31.5%, up from 18.7% in 2023, a 12.8-percentage-point improvement, reflecting operating leverage and continued efficiency gains.

這使得毛利率達到 36.6%，而去年同期為 22%，提高了 14.6 個百分點。全年毛利為 1.196 億美元，較上年的 5,720 萬美元成長一倍多，增幅達 109%。 2024 年全年毛利率為 31.5%，高於 2023 年的 18.7%，提高了 12.8 個百分點，反映了經營槓桿和持續的效率提升。

Operating expenses were $43.2 million in Q4 2024 compared to $46 million in Q4 2022. The largest contributor to the quarterly decrease was cost-saving actions taken in the second half of the year in the US and streamlining across all our global operations. On a full year basis, operating expenses were $238.3 million compared to $165.9 million in 2023, increase was primarily driven by noncash impairment charge of $93.2 million.

2024 年第四季的營運費用為 4,320 萬美元，而 2022 年第四季為 4,600 萬美元。導致季度下降的最大原因是下半年在美國採取的成本節約措施以及我們所有全球業務的精簡。全年營運費用為 2.383 億美元，而 2023 年為 1.659 億美元，成長主要是由於 9,320 萬美元的非現金減損費用。

Our GAAP net loss for Q4 2024 was $82.3 million compared to a net loss of $24.6 million in Q4 2023. GAAP net loss for the full year 2024 was $195.5 million compared to a net loss of $106.4 million in 2023. Now turning to non-GAAP results. After adjusting for noncash settled share-based compensation expense or SBC in cost of sales, adjusted gross profit was $41.6 million in Q4 2024 compared to $24.6 million in Q4 2023.

我們 2024 年第四季的 GAAP 淨虧損為 8,230 萬美元，而 2023 年第四季的淨虧損為 2,460 萬美元。 2024 年全年的 GAAP 淨虧損為 1.955 億美元，而 2023 年的淨虧損為 1.064 億美元。現在談談非 GAAP 結果。在調整銷售成本中的非現金結算的股權激勵費用或 SBC 後，2024 年第四季的調整後毛利為 4,160 萬美元，而 2023 年第四季為 2,460 萬美元。

This equates to an adjusted gross margin of 36.7% in Q4 2024, up 13.2-percentage-points year-over-year. For the full year 2024, adjusted gross profit was $123 million, up from $63.3 million in 2023. Adjusted gross margin for the full year 2024 was 32.4% compared to 20.7% in 2023 and 11.7-percentage-point improvement. After adjusting for noncash SBC expense in selling and marketing, general, administrative and research and development, adjusted operating expenses in Q4 2024 were $42.8 million compared to $34.3 million in Q4 2023.

這相當於 2024 年第四季調整後的毛利率為 36.7%，年增 13.2 個百分點。 2024 年全年調整後毛利為 1.23 億美元，高於 2023 年的 6,330 萬美元。 2024 年全年調整後毛利率為 32.4%，而 2023 年為 20.7%，提高了 11.7 個百分點。在調整銷售和行銷、一般、行政和研發中的非現金 SBC 費用後，2024 年第四季的調整後營運費用為 4,280 萬美元，而 2023 年第四季為 3,430 萬美元。

After accounting for those adjustments and changes in fair value of our convertible loan and associated warrants, we reported adjusted net loss of $0.6 million in Q4 2024 compared to an adjusted net loss of $11.4 million in Q4 2023. Adjusted EBITDA was $8.6 million in Q4 2024 compared to a negative $2.6 million in the prior year period. Reconciliations of these non-GAAP metrics to the most comparable GAAP metrics are included in the table at the end of our earnings press release.

在考慮了這些調整以及我們可轉換貸款和相關認股權證的公允價值變動後，我們報告 2024 年第四季的調整後淨虧損為 60 萬美元，而 2023 年第四季的調整後淨虧損為 1,140 萬美元。 2024 年第四季的調整後 EBITDA 為 860 萬美元，而去年同期為負 260 萬美元。這些非 GAAP 指標與最具可比性的 GAAP 指標的對帳包含在我們收益新聞稿末尾的表格中。

Management also evaluated the company's ability to continue as a going concern. In prior periods, we disclosed that substantial doubt as to our ability to continue as the going concern existed due to liquidity constraints and recurring operating losses. However, with our operating results in the second half of '24 and stronger cash positioning, we have made meaningful progress towards financial sustainability. Management believes that its operational initiatives are sufficient to enable the company to meet its obligations that initially raised substantial doubt about the company's ability to continue as a going concern.

管理階層也評估了公司持續經營的能力。在先前的期間，我們揭露，由於流動性限制和經常性的經營虧損，我們對繼續經營的能力有重大疑慮。然而，憑藉 24 年下半年的經營業績和更強勁的現金狀況，我們在財務可持續性方面取得了有意義的進展。管理層認為，公司的營運措施足以使公司履行其義務，而這最初引發了人們對公司持續經營能力的重大懷疑。

Based on our current performance, available resources and expectations for the next 12 months, management has concluded that there is no substantial doubt about our ability to continue as a going concern.

根據我們目前的業績、可用資源和對未來 12 個月的預期，管理層得出結論，對於我們繼續經營的能力不存在實質疑問。

Please turn to slide 14, where we will review 2024 revenue by region. In EMEA, we achieved 123% year-over-year growth with revenue increasing to $187.7 million in 2024 compared to $84.4 million in 2023, accounting for almost half of total revenue. This impressive growth was driven by strong commercial traction in Italy, Germany and other Western European markets, reflecting continued demand for high-performance battery systems that meet stringent EU safety and performance standard.

請翻到第 14 張投影片，我們將回顧各地區 2024 年的收入。在歐洲、中東和非洲地區，我們實現了 123% 的同比增長，收入將從 2023 年的 8,440 萬美元增至 2024 年的 1.877 億美元，佔總收入的近一半。這一令人印象深刻的成長是由義大利、德國和其他西歐市場的強勁商業吸引力推動的，反映出對符合嚴格的歐盟安全和性能標準的高性能電池系統的持續需求。

As the region accelerates its electrification goals, we expect sustained growth. In the United States, revenues rose 360% year-over-year from $3.1 million in 2023 to $14.4 million in 2024 contributing 4% of our total revenue. This increase reflects the early adoption of our battery systems by commercial vehicle OEMs. While the US remains a smaller revenue contributor for us, we are confident in its long-term potential and that regional growth will remain high with meaningful revenue impact in 2025.

隨著該地區加快電氣化目標，我們預計將持續成長。在美國，營收年增 360%，從 2023 年的 310 萬美元增至 2024 年的 1,440 萬美元，占我們總收入的 4%。這一增長反映了商用車原始設備製造商早期採用了我們的電池系統。儘管美國對我們的收入貢獻仍然較小，但我們對其長期潛力充滿信心，並且相信地區成長將保持高位，並在 2025 年產生顯著的收入影響。

In Asia Pacific, revenue declined from $219.1 million in 2023 to $177.7 million in 2024, a 19% year-over-year decrease. This decline is aligned with our strategic repositioning away from low-margin segments in China and India, where price competition remains intense with lower-priced LLP options. Our focus has shifted towards more profitable, high-value opportunities, especially in regions that emphasize technology differentiation over commoditization.

在亞太地區，營收從 2023 年的 2.191 億美元下降到 2024 年的 1.777 億美元，年減 19%。這一下降與我們策略性地重新定位相一致，我們不再關注中國和印度的低利潤市場，這兩個國家的價格競爭仍然激烈，而且 LLP 選項的價格較低。我們的重點已轉向更有利可圖、高價值的機會，特別是在強調技術差異化而非商品化的地區。

Now turning to slide 15. Let me walk you through our cash flow performance for 2024. We generated positive operating cash flow of $2.8 million, a significant improvement compared to $75.3 million outflow in 2023. This turnaround was primarily driven by noncash adjustments, which helped offset our GAAP net loss. These were primarily $93.2 million in impairment charges, $80 million in fair value adjustments related to our warrant and convertible loan, $30.8 million in share-based compensation and $30.1 million in depreciation. Cash used in investing activities totaled $12.2 million, primarily from $27.7 million in capital expenditures partially offset by $10 million from asset disposals and $5.6 million from maturing short-term investments.

現在翻到第 15 張投影片。讓我向您介紹我們 2024 年的現金流表現。我們產生了 280 萬美元的正經營現金流，與 2023 年 7,530 萬美元的流出相比有了顯著改善。這種轉變主要得益於非現金調整，這有助於抵消我們的 GAAP 淨虧損。這些主要包括 9,320 萬美元的減損費用、8,000 萬美元的與我們的認股權證和可轉換貸款相關的公允價值調整、3,080 萬美元的股權激勵費用和 3,010 萬美元的折舊費用。投資活動所用現金總額為 1,220 萬美元，主要來自資本支出 2,770 萬美元，部分抵銷了資產處置的 1,000 萬美元和到期短期投資的 560 萬美元。

From financing activities, we generated $37.6 million in net cash which included $101.5 million in new bank borrowings and $25 million from a convertible loan, partially offset by $66.2 million in repayments and $22.2 million in deferred CapEx. Finally, after accounting for $6.8 million foreign exchange loss, we ended the year with a net increase in cash of $21.4 million bringing our total cash and cash equivalents and restricted cash to $109.6 million as of year-end, positioning us with stronger financial flexibility heading into 2025.

透過融資活動，我們產生了 3,760 萬美元的淨現金，其中包括 1.015 億美元的新銀行借款和 2,500 萬美元的可轉換貸款，部分被 6,620 萬美元的還款和 2,220 萬美元的遞延資本支出所抵銷。最後，在扣除 680 萬美元的外匯損失後，我們年底的現金淨增加額為 2,140 萬美元，使我們截至年底的現金及現金等價物和受限現金總額達到 1.096 億美元，使我們在 2025 年擁有更強的財務靈活性。

And I will now turn it back to Mr. Wu to provide some visibility into outlook for the coming year and closing remarks

現在我將把話題轉回吳先生，讓他對來年的前景做一些展望，並做最後發言。

Thank you. Please turn to slide 17. We expect 2025 revenue to increase 18% to 25% year-over-year. This puts our revenue guidance in the range of $450 million to $475 million. We also aim to maintain a gross margin target of 30%.

謝謝。請翻到第 17 張投影片。我們預計 2025 年營收將年增 18% 至 25%。這使得我們的營收預期達到 4.5 億美元至 4.75 億美元之間。我們也致力於將毛利率維持在 30% 的目標。

For our APAC business, we continue to target production capacity improvements at our Huzhou facility to meet increasing customer demand. Our Phase 3.2 expansion is anticipated to come online later this year, which is expected to give us up to 2 gigawatt hour of additional capacity across a variety of high-performance products. . We are also making significant strides towards new and exciting products to add to our extensive product portfolio.

對於我們的亞太區業務，我們將繼續致力於提高湖州工廠的生產能力，以滿足日益增長的客戶需求。我們的 3.2 階段擴建預計將於今年稍後上線，預計將為我們的多種高性能產品帶來高達 2 千兆瓦時的額外容量。 。我們也正在大力開發新的、令人興奮的產品，以豐富我們廣泛的產品組合。

We anticipate that our high-growth EMEA business will continue to drive significant revenue increases year-over-year, and we are working to secure new strategic partners for both current and upcoming products. For the Americas segment, we anticipate growing revenue and as the company regularly accesses its financial needs and analyzes the options available to it.

我們預計，我們高成長的 EMEA 業務將繼續推動收入逐年大幅成長，並且我們正在努力為現有產品和即將推出的產品尋找新的策略合作夥伴。對於美洲地區，我們預計收入將會成長，因為公司會定期評估其財務需求並分析可用的選項。

To summarize, 2024 was a year of significant progress and a strategic realignment for Microvast. We achieved record revenues, demonstrating the strong global demand for our high-performance battery solutions, particularly in EMEA region. We have significantly improved our gross margins and delivered a positive adjusted EBITDA in the second half of the year.

總而言之，2024年對於微宏來說，是取得重大進展和策略調整的一年。我們實現了創紀錄的收入，顯示全球對我們的高性能電池解決方案的強勁需求，尤其是在歐洲、中東和非洲地區。我們的毛利率大幅提高，下半年調整後的EBITDA 也實現了正值。

Similarly, a clear shift towards sustainable profitability. We have made substantial strides in technology innovation, with unveiling of our Me6 storage system and advancements in silicon based and all solid state battery technologies. While we navigate challenges, including a difficult financing environment and localized market pressures, our strategic cost-cutting measures and the focus on high-demand markets have positioned us for continued growth.

同樣，也明顯轉向可持續獲利。我們在技術創新方面取得了實質的進步，推出了 Me6 儲存系統，並在矽基和全固態電池技術方面取得了進步。儘管我們面臨著包括艱難的融資環境和局部市場壓力在內的挑戰，但我們的策略性成本削減措施和對高需求市場的關注使我們保持了持續成長的勢頭。

Looking ahead to 2025, our priorities are clear, achieving positive cash flow, maintaining strong gross margins and expanding our market reach through continued innovation and strategic partnerships. We are confident in our ability to capitalize on the growing electrification trend and deliver long-term value to our shareholders. Thank you all for attending another historical company quarterly update. We look forward to updating you on our results for the first quarter of 2025.

展望 2025 年，我們的首要任務很明確，即實現正現金流、維持強勁的毛利率並透過持續創新和策略合作夥伴關係擴大我們的市場範圍。我們有信心利用日益增長的電氣化趨勢並為股東創造長期價值。感謝大家參加另一次具有歷史意義的公司季更新。我們期待向您報告 2025 年第一季的業績。

This is the conference operator. This concludes today's webcast. Thank you for joining Microvast fourth quarter and full year 2024 earnings call. You may now disconnect.

我是會議主持人。今天的網播到此結束。感謝您參加 Microvast 2024 年第四季和全年財報電話會議。您現在可以斷開連線。