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Yahoo
13-05-2025
- Business
- Yahoo
Microvast Reports First Quarter 2025 Financial Results
Record company Q1 revenue, increased 43.2% year over year to $116.5 million Gross margin increased from 21.2% to 36.9%, a 15.7 percentage point improvement year over year STAFFORD, Texas, May 12, 2025 (GLOBE NEWSWIRE) -- Microvast Holdings, Inc. (NASDAQ:MVST) ('Microvast' or the 'Company'), a global leader in advanced battery technologies, announced today its unaudited condensed consolidated financial results for the first quarter ended March 31, 2025 ('Q1 2025'). "Building on our strong momentum from 2024, Microvast delivered exceptional first quarter results, achieving record Q1 revenue of $116.5 million, a significant 43.2% year over year increase. This impressive top-line growth is coupled with a substantial expansion in gross margin to 36.9%. For the quarter we booked a net profit of $61.8 million and a positive adjusted EBITDA of $28.5 million, underscoring the increasing demand for our advanced battery solutions and the effectiveness of our focus on profitability and operational efficiency," said Yang Wu, Microvast's Founder, Chairman, and Chief Executive Officer. Results for Q1 2025 Record first quarter revenue of $116.5 million, compared to $81.4 million in Q1 2024, an increase of 43.2% Gross margin increased to 36.9% from 21.2% in Q1 2024; Non-GAAP adjusted gross margin increased to 37.0%, up from 22.6% in Q1 2024 Operating expenses of $25.5 million, compared to $40.9 million in Q1 2024; Non-GAAP adjusted operating expenses of $24.9 million, compared to $30.1 million in Q1 2024 Net profit of $61.8 million, compared to net loss of $24.8 million in Q1 2024; Non-GAAP adjusted net profit of $19.3 million, compared to non-GAAP adjusted net loss of $13.0 million in Q1 2024 Net profit per share of $0.19 compared to net loss per share of $0.08 in Q1 2024; Non-GAAP adjusted net profit per share of $0.06, compared to non-GAAP adjusted net loss per share of $0.04 in Q1 2024 Non-GAAP adjusted EBITDA of positive $28.5 million in Q1 2025, compared to non-GAAP adjusted EBITDA of negative $3.7 million in Q1 2024 Capital expenditures of $6.6 million, compared to $10.2 million in Q1 2024 Cash, cash equivalents, restricted cash and short-term investments of $123.0 million as of March 31, 2025, compared to $109.6 million as of December 31, 2024, and $86.7 million as of March 31, 2024 Please refer to the tables at the end of this press release for reconciliations of gross profit to non-GAAP adjusted gross profit, operating expenses to non-GAAP adjusted operating expenses, net profit/(loss) to non-GAAP adjusted net profit/(loss), net profit/(loss) to non-GAAP adjusted EBITDA and gross margin to non-GAAP adjusted gross margin. 2025 Outlook For the remainder of 2025, the Company maintains its target revenue growth of 18% to 25% year over year and revenue guidance of $450 million to $475 million Through 2025, with continued regional efficiencies and utilization increases, the Company is targeting a gross margin of 30% Installation of production equipment for Huzhou Phase 3.2, increasing our capacity to meet strong customer demand and targeting first qualified products in Q4 2025 Sustained focus on new customer wins that will continue to expand our presence in differentiated commercial vehicle markets as OEM product lines and segments continue to electrify Webcast Information Company management will host a conference call and webcast on May 12, 2025, at 4:00 p.m. Central Time, to discuss the Company's financial results. The live webcast and accompanying slide presentation will be accessible from the Events & Presentations section of Microvast's investor relations website ( A replay will be available following the conclusion of the event. About Microvast Microvast is a global leader in providing battery technologies for electric vehicles and energy storage solutions. With a legacy of over 18 years, Microvast has consistently delivered cutting-edge battery systems that empower a cleaner and more sustainable future. The company's innovative approach and dedication to excellence have positioned it as a trusted partner for customers around the world. Founded in 2006 in Stafford, Texas, Microvast holds more than 810 patents and patent applications that enable solutions for today's electrification needs. For more information, please visit or follow us on LinkedIn (@microvast). Contact: Investor Relationsir@ Cautionary Statement Regarding Forward-Looking Statements This communication contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our future results of operations and financial position, our operational performance, our anticipated growth and business strategy, our future capital expenditures and debt service obligations, the projected costs, prospects and plans and objectives of management for future operations, including regarding expected growth and demand for our batteries and energy storage solutions and introduction of new batteries and energy storage solutions, the adoption of such offerings by customers, our expectations relating to backlog, pipeline and contracted backlog, our ability to implement our remediation plan in connection with the material weakness in our internal control over financial reporting, current expectations relating to legal proceedings and anticipated impacts and benefits from the Inflation Reduction Act of 2022 as well as any other proposed or recently enacted legislation. In some cases, you may also identify forward-looking statements by words such as 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'might,' 'objective,' 'plan,' 'project,' 'predict,' 'outlook' 'should,' 'will,' 'would,' or the negative of these terms, or other comparable terminology intended to identify statements about the future. Such forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. Many factors could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements, including, among others: (1) our ability to remain a going concern; (2) risk that we may not be able to execute our growth strategies or achieve profitability; (3) risk that we will be unable to raise additional capital to execute our business plan or pay our debts as they come due, which may not be available on acceptable terms or at all; (4) potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; (5) risks relating to delays, disruptions and quality control problems in our manufacturing operations; (6) restrictions in our existing and any future credit facilities; (7) risks of operations in China; (8) the effects of mechanics liens filed by contractors that we do not have sufficient funds to pay; (9) the effects of existing and future litigation; (10) changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; (11) changes in the highly competitive market in which we compete, including with respect to our competitive landscape, technology evolution or regulatory changes; (12) changes in availability and price of raw materials; (13) labor relations, including the ability to attract, hire and retain key employees and contract personnel; (14) heightened awareness of environmental issues and concern about global warming and climate change; (15) risk that we are unable to secure or protect our intellectual property; (16) risk that our customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (17) risks related to possible future reductions in pricing or order volume or loss of one or more of our significant customers; (18) risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; (19) risk that our customers will adjust, cancel or suspend their orders for our products; (20) risk of product liability or regulatory lawsuits or proceedings relating to our products or services; (21) our ability to maintain and enhance our reputation and brand recognition; (22) the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyberattacks; (23) changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; (24) the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; (25) risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings does not develop or takes longer to develop than we anticipate; (26) economic, financial and other impacts such as a pandemic, including global supply chain disruptions; (27) the impacts of geopolitical events, including the ongoing conflicts between Russia and Ukraine and in the Middle East; and (28) Tariffs imposed on products of the PRC into the United States may lead to increased costs and impact our business. Microvast's annual, quarterly and other filings with the U.S. Securities and Exchange Commission identify, address and discuss these and other factors in the sections entitled 'Risk Factors.' Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as forward-looking statements are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date hereof except as may be required under applicable securities laws. Forecasts and estimates regarding our industry and end markets are based on sources we believe to be reliable, however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part. All references to the 'Company,' 'we,' 'us' or 'our' refer to Microvast Holdings, Inc. and its consolidated subsidiaries other than certain historical information which refers to the business of Microvast prior to the consummation of the Business Combination. Non-GAAP Financial Measures To provide investors with additional information regarding our financial results, Microvast has disclosed in this earnings release non-GAAP financial measures, including non-GAAP adjusted gross profit, non-GAAP adjusted EBITDA, non-GAAP adjusted operating expenses, non-GAAP adjusted net profit/(loss) and non-GAAP adjusted gross margin which are non-GAAP financial measures as defined under the rules of the SEC. These are intended as supplemental measures of our financial performance that are not required by, or presented in accordance with U.S. generally accepted accounting principles ('GAAP'). Reconciliations to the most comparable GAAP measures, gross profit, gross margin, operating expenses and net profit/(loss), are contained in tabular form in the unaudited financial statements below. Non-GAAP adjusted gross profit is GAAP gross profit as adjusted for non-cash stock-based compensation expense included in cost of revenues. Non-GAAP adjusted net profit/(loss) is GAAP net profit/(loss) as adjusted for non-cash stock-based compensation expense and change in valuation of warrant and Convertible loan. Non-GAAP adjusted net profit/(loss) per common share is GAAP net profit/(loss) per common share as adjusted for non-cash stock-based compensation expense and change in valuation of warrant and Convertible loan per common share. Non-GAAP adjusted EBITDA is defined as net profit/(loss) excluding depreciation and amortization, non-cash settled share-based compensation expense, interest expense, interest income, changes in fair value of our warrant and Convertible loan and income tax expense or benefit. Non-GAAP adjusted operating expenses is defined as operating expenses excluding non-cash stock-based compensation expense. Non-GAAP adjusted gross margin is defined as GAAP gross margin as adjusted for non-cash stock-based compensation expense included in cost of revenues. We use non-GAAP adjusted gross profit, non-GAAP adjusted EBITDA, non-GAAP adjusted operating expenses, non-GAAP adjusted net profit/(loss) and non-GAAP adjusted gross margin for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We consider them to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We believe that these non-GAAP financial measures, when taken together with their most directly comparable GAAP measures, gross profit and net profit/(loss), provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for, financial information prepared in accordance with GAAP. For example, our calculation of non-GAAP adjusted EBITDA may differ from similarly titled non-GAAP measures, if any, reported by our peer companies, or our peer companies may use other measures to calculate their financial performance, and therefore our use of non-GAAP adjusted EBITDA may not be directly comparable to similarly titled measures of other companies. The principal limitation of non-GAAP adjusted EBITDA is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. In addition, it is subject to inherent limitations as it reflects the exercise of judgments by management about which expense and income are excluded or included in determining this non-GAAP financial measure. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. In addition, such financial information is unaudited and does not conform to SEC Regulation S-X and as a result, such information may be presented differently in our future filings with the SEC. For example, with respect to the warrant liability resulting from the merger, we now exclude changes in fair value from net profit/(loss) in our non-GAAP adjusted EBITDA and non-GAAP adjusted net profit/(loss) calculation, which had not been done in prior periods. MICROVAST HOLDINGS, CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands of U.S. dollars, except share and per share data, or as otherwise noted) March 31,2025 December 31,2024 Assets Current assets: Cash and cash equivalents $ 90,898 $ 73,007 Restricted cash, current 32,096 36,572 Accounts receivable (net of allowance for credit losses of $6,523 and $5,090 as of March 31, 2025 and December 31, 2024, respectively) 135,654 120,626 Notes receivable 10,362 7,579 Inventories, net 129,059 143,327 Prepaid expenses and other current assets 30,027 27,019 Assets held for sale 19,896 19,896 Total Current Assets 447,992 428,026 Restricted cash, non-current — 22 Property, plant and equipment, net 485,157 478,189 Land use rights, net 11,366 11,371 Acquired intangible assets, net 2,496 2,607 Operating lease right-of-use assets 18,205 17,628 Other non-current assets 17,716 14,024 Total Assets $ 982,932 $ 951,867 Liabilities Current liabilities: Accounts payable $ 56,771 $ 64,940 Advance from customers 44,204 43,678 Accrued expenses and other current liabilities 104,136 98,456 Amounts due to related parties — 5 Income tax payables 653 652 Short-term bank borrowings 86,241 70,666 Notes payable 47,901 51,756 Total Current Liabilities 339,906 330,153 Long-term bonds payable 41,693 43,157 Long-term bank borrowings 41,302 41,062 Warrant liability 64 290 Share-based compensation liability 98 98 Operating lease liabilities 14,793 14,596 Convertible loan measured at fair value 60,996 104,613 Other non-current liabilities 29,845 30,003 Total Liabilities $ 528,697 $ 563,972 Stockholders' Equity Common Stock (par value of US$0.0001 per share, 750,000,000 and 750,000,000 shares authorized as of March 31, 2025 and December 31, 2024; 325,216,389 and 324,831,634 shares issued, and 323,528,889 and 323,144,134 shares outstanding as of March 31, 2025 and December 31, 2024) $ 33 $ 33 Additional paid-in capital 1,513,685 1,512,982 Statutory reserves 6,032 6,032 Accumulated deficit (1,031,168 ) (1,092,958 ) Accumulated other comprehensive loss (34,347 ) (38,194 ) Total Equity $ 454,235 $ 387,895 Total Liabilities and Equity $ 982,932 $ 951,867 MICROVAST HOLDINGS, CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands of U.S. dollars, except share and per share data, or as otherwise noted) Three Months EndedMarch 31, 2025 2024 Revenues $ 116,491 $ 81,351 Cost of revenues (73,475 ) (64,126 ) Gross profit 43,016 17,225 Operating expenses: General and administrative expenses (10,453 ) (23,794 ) Research and development expenses (8,248 ) (11,492 ) Selling and marketing expenses (6,799 ) (5,591 ) Total operating expenses (25,500 ) (40,877 ) Subsidy income 1,416 534 Profit/(loss) from operations 18,932 (23,118 ) Other income and expenses: Interest income 177 119 Interest expense (1,188 ) (1,732 ) Changes in fair value of warrant liability and convertible loan 43,160 42 Gain on debt restructuring 389 — Other income/(expense), net 320 (136 ) Profit/(loss) before provision for income taxes 61,790 (24,825 ) Income tax expense — — Net profit/(loss) $ 61,790 $ (24,825 ) Less: net profit/(loss) attributable to noncontrolling interests — — Net profit/(loss) attributable to Microvast Holdings, Inc.'s stockholders $ 61,790 $ (24,825 ) Net profit/(loss) per common share Basic $ 0.19 $ (0.08 ) Diluted $ 0.05 $ (0.08 ) Weighted average shares used in calculating net profit/(loss) per share of common stock Basic 323,430,721 315,367,121 Diluted 374,425,026 315,367,121 MICROVAST HOLDINGS, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands of U.S. dollars, except share and per share data, or as otherwise noted) Three Months Ended March 31, 2025 2024 Cash flows from operating activities Net profit/(loss) $ 61,790 $ (24,825 ) Adjustments to reconcile net profit/(loss) to net cash used in operating activities: Loss/(gain) on disposal of property, plant and equipment 95 (34 ) Gain on debt restructuring (389 ) — Depreciation of property, plant and equipment 7,985 7,470 Amortization of land use right and intangible assets 192 194 Noncash lease expenses 666 664 Share-based compensation 703 11,865 Changes in fair value of warrant and convertible loan (43,160 ) (42 ) Allowance of credit losses 1,358 578 Product warranty 4,825 3,269 Changes in operating assets and liabilities: Notes receivable (5,263 ) 10,577 Accounts receivable (14,108 ) 12,011 Inventories 15,783 16,341 Prepaid expenses and other current assets (2,402 ) 4,305 Amounts due to related parties (5 ) — Operating lease right-of-use assets (654 ) (323 ) Other non-current assets (1,388 ) (275 ) Notes payable (4,150 ) 1,042 Accounts payable (8,547 ) (27,843 ) Advance from customers 462 (1,694 ) Accrued expenses and other liabilities (6,812 ) (10,623 ) Operating lease liabilities (340 ) (500 ) Other non-current liabilities 528 (126 ) Net cash generated from operating activities 7,169 2,031 Cash flows from investing activities Purchases of property, plant and equipment (2,346 ) (10,241 ) Proceeds on disposal of property, plant and equipment 14 152 Proceeds from maturity of short-term investments — 5,564 Net cash used in investing activities (2,332 ) (4,525 ) MICROVAST HOLDINGS, CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-Continued(In thousands of U.S. dollars, except share and per share data, or as otherwise noted) Three Months EndedMarch 31, 2025 2024 Cash flows from financing activities Proceeds from borrowings 28,187 18,780 Repayment of bank borrowings (13,062 ) (12,520 ) Repayment of bonds payable (1,375 ) — Deferred payment related to purchases of property, plant and equipment (4,287 ) — Net cash generated from financing activities 9,463 6,260 Effect of exchange rate changes (907 ) (5,251 ) Increase/ (decrease) in cash, cash equivalents and restricted cash 13,393 (1,485 ) Cash, cash equivalents and restricted cash at beginning of the period 109,601 88,189 Cash, cash equivalents and restricted cash at end of the period $ 122,994 $ 86,704 Three Months EndedMarch 31, 2025 2024 Reconciliation to amounts on consolidated balance sheets Cash and cash equivalents $ 90,898 $ 39,451 Restricted cash 32,096 47,253 Total cash, cash equivalents and restricted cash $ 122,994 $ 86,704 MICROVAST HOLDINGS, OF GROSS PROFIT TO ADJUSTED GROSS PROFIT(Unaudited, in thousands of U.S. dollars) Three Months EndedMarch 31, 2025 2024 Revenues $ 116,491 $ 81,351 Cost of revenues (73,475 ) (64,126 ) Gross profit (GAAP) $ 43,016 $ 17,225 Gross margin 36.9 % 21.2 % Non-cash settled share-based compensation (included in cost of revenues) 62 1,138 Adjusted gross profit (non-GAAP) $ 43,078 $ 18,363 Adjusted gross margin (non-GAAP) 37.0 % 22.6 % MICROVAST HOLDINGS, OF OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES(Unaudited, in thousands of U.S. dollars) Three Months EndedMarch 31, 2025 2024 General and administrative expenses (10,453 ) (23,794 ) Research and development expenses (8,248 ) (11,492 ) Selling and marketing expenses (6,799 ) (5,591 ) Operating expenses (GAAP) $ (25,500 ) $ (40,877 ) Non-cash settled share-based compensation (included in Operating expenses) 641 10,729 Adjusted operating expenses (non-GAAP) $ (24,859 ) $ (30,148 ) MICROVAST HOLDINGS, OF NET PROFIT/(LOSS) TO ADJUSTED NET PROFIT/(LOSS)(Unaudited, in thousands of U.S. dollars, except per share data, or as otherwise noted) Three Months EndedMarch 31, 2025 2024 Net profit/(loss) (GAAP) $ 61,790 $ (24,825 ) Changes in fair value of warrant and Convertible loan* (43,160 ) (42 ) Non-cash settled share-based compensation* 703 11,867 Adjusted net profit/(loss) (non-GAAP) $ 19,333 $ (13,000 ) *The tax effect of the adjustments was nil. Three Months EndedMarch 31, 2025 2024 Net profit/(loss) per common share-Basic (GAAP) $ 0.19 $ (0.08 ) Changes in fair value of warrant and Convertible loan per common share (0.13 ) — Non-cash settled share-based compensation per common share — 0.04 Adjusted net profit/(loss) per common share-Basic (non-GAAP) $ 0.06 $ (0.04 ) MICROVAST HOLDINGS, OF NET PROFIT/(LOSS) TO EBITDA AND ADJUSTED EBITDA (Unaudited, in thousands of U.S. dollars) Three Months EndedMarch 31, 2025 2024 Net profit/(loss) (GAAP) $ 61,790 $ (24,825 ) Interest expense (income), net 1,011 1,613 Income tax expense — — Depreciation and amortization 8,177 7,664 EBITDA (non-GAAP) $ 70,978 $ (15,548 ) Changes in fair value of warrant liability and convertible loan (43,160 ) (42 ) Non-cash settled share-based compensation 703 11,867 Adjusted EBITDA (non-GAAP) $ 28,521 $ (3,723 )Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-04-2025
- Politics
- Yahoo
China deploys 200-ton boats to take on 10,000-ton US warships in South China Sea
China's People's Liberation Army (PLA) Navy has deployed Type 22 fast attack missile boats to target US Navy warships in the South China Sea. This action occurred as the United States continues to enhance its naval presence near China. A recent report by China Central Television (CCTV) showcased the PLA Navy utilizing the boat in missions involving the interception of foreign warships and the protection of maritime rights in the contested South China Sea. Initially fielded when the PLA Navy lacked significant blue-water capabilities, the Type 22 was designed to counter littoral threats. Fast and agile, this platform uses stealth technology to fill an important operational need. As China expands its maritime power, the platform's design advantages allow it to be used in various roles. According to CCTV, the Type 22 has been routinely assigned to littoral patrols, escort duties, monitoring operations, and joint missions with China Coast Guard units. In a recent training operation, a Type 22 boat commanded by Yang Wu from the PLA Eastern Theater Command intercepted a foreign naval warship that had allegedly entered Chinese territorial waters. A warship entered the area, weighing between 8,000 and 9,000 tons. This is much larger than the 220-ton Type 22. Even with this size difference, the Type 22 used quick movements, low radar visibility, and strong firepower to reach the area quickly, strengthen its position, and confront the larger ship. The tactical utility of speed, stealth, and precision strike capabilities over sheer size was again demonstrated. Chinese military analyst Wang Yunfei, speaking to the Global Times, highlighted that the Type 22 was engineered for an era when coastal defense was paramount and the PLA Navy's fleet of major surface combatants was minimal. The Type 22 has a top speed of about 50 knots and can launch anti-ship missiles, making it a powerful tool during its early use. As the PLA Navy shifts to a mix of defending coastal areas and operating far out at sea, the Type 22 is still important. The Type 22 boat has a shallow draft and can move quickly. This is helpful in the tricky waters of the South China Sea, where larger ships might get stuck on reefs or in shallow areas. Moreover, the Type 22 can sail faster than most enemy ships of similar size, which gives it an edge in coastal battles. The platform's ongoing importance was reinforced during the PLA Navy's 76th anniversary celebrations on April 23, when over 30 vessels, including the Type 22, were made accessible to the public. Xinhua News Agency reported that the vessel features new technology. It is the Navy's first stealth catamaran missile boat and the main combat vessel that uses waterjet propulsion. These features improve the vessel's speed, agility, and survival ability. The Type 22 is mainly made of aluminum alloy to keep it light. It has a six-barreled 30 mm gun system, jamming flares, and two launchers that can fire eight YJ-83 anti-ship missiles. Despite its significantly smaller displacement, this gives the Type 22 firepower comparable to a frigate. The Type 22 missile boat is built for speed, stealth, and strong weaponry to help in combat. It is still used today, showing that China prioritizes adaptable ships that can handle different tasks in tough sea conditions.
Yahoo
07-02-2025
- Automotive
- Yahoo
Microvast Unveils Next-Gen Battery Solutions at Smart Energy Week 2025
STAFFORD, Texas, February 07, 2025--(BUSINESS WIRE)--Microvast Holdings, Inc. (NASDAQ: MVST) ("Microvast" or the "Company"), a global leader in advanced battery technologies, will unveil its next generation of high-performance, fast-charging battery solutions at Smart Energy Week 2025, a premier international exhibition for renewable energy in Japan, to be held at the Tokyo Big Sight exhibition center from February 19-21, 2025. The event will highlight innovations across hydrogen fuel cells, photovoltaics, energy storage, batteries, smart grids, and wind energy. Microvast's exhibit at Smart Energy Week 2025 will spotlight its advanced battery technologies, emphasizing the Company's core strengths: rapid charging, extended cycle life, superior safety, and seamless system integration. Microvast's products are engineered to provide solutions to a variety of applications, including battery energy storage systems (BESS), commercial vehicles, construction machinery, and specialty vehicles. Revolutionizing charging times, Microvast's batteries can achieve an 80% state of charge in just 15 minutes under standard power conditions, significantly minimizing operational downtime. Additionally, Microvast's batteries operate across a broad temperature range, ensuring reliable performance even in extreme environments. Microvast's batteries offer an industry-leading cycle life of up to 8,000 full charge-discharge cycles. This longevity synchronizes with the full operational lifespan of commercial vehicles, supporting over one million kilometers of driving and making them ideally suited for our customers in heavy-duty, high-performance, and demanding applications. Safety is paramount at Microvast. Our multi-layered safety approach, incorporating advanced separator materials, anode materials, and electrolyte formulations, ensures high energy density without compromising safety. This is validated by certifications from globally recognized standards, including UNECE-R100.3, GB 38031, UL2580, and AIS038. Microvast offers customized battery solutions tailored to the specific technical requirements of commercial and specialty vehicles. The compact design seamlessly integrates with the fourth-generation MV-B and MV-C battery packs, accommodating the unique operating conditions of off-highway vehicles. These systems can achieve an impressive energy density of 180Wh/kg. A highlight of the exhibit will be the unveiling of Microvast's groundbreaking ME6 BESS. This industry-first, uniquely overhaulable system, built around a high-performance 565Ah Lithium Iron Phosphate (LFP) battery cell, is engineered to meet the demanding needs of BESS customers. "Microvast is committed to driving innovation in the new energy industry," said Yang Wu, Founder, Chairman and CEO of Microvast. "Our presence at Smart Energy Week 2025 underscores our dedication to providing innovative battery solutions that address the evolving needs of the market. We are confident that our advanced technology and innovative products will continue to contribute significantly to the development of a sustainable future." "We continue to push the boundaries of battery technology to deliver high-performance, safe, and efficient energy solutions," added Dr. Wenjuan Mattis, CTO of Microvast. "Our latest advancements in materials science and system integration set new benchmarks in the industry. The ME6 BESS is a testament to our innovation, offering a groundbreaking, long-life, and overhaulable energy storage solution that redefines cost-effectiveness and sustainability for our customers." About Microvast Microvast is a global leader in providing battery technologies for electric vehicles and energy storage solutions. With a legacy of over 18 years, Microvast has consistently delivered cutting-edge battery systems that empower a cleaner and more sustainable future. The Company's innovative approach and dedication to excellence have positioned it as a trusted partner for customers around the world. Microvast was founded in 2006 and is headquartered in Stafford, Texas. For more information, please visit or follow us on LinkedIn (@microvast). Cautionary Statement Regarding Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results; our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook," or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Microvast's industry and market sizes, future opportunities for Microvast, and Microvast's estimated future results. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic, and competitive uncertainties, and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. View source version on Contacts Investor Relations Contact ir@ Sign in to access your portfolio
