Microvast Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
MVST$0.22-64.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Condensed Consolidated Statements of Cash Flows
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net loss | $(90,019) | $(81,821) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Loss on disposal of property, plant and equipment | 810 | 832 |
| Interest expense | 2,248 | — |
| Depreciation of property, plant and equipment | 22,442 | 14,643 |
| Amortization of land use right and intangible assets | 581 | 593 |
| Noncash lease expenses | 2,004 | 2,108 |
| Share-based compensation | 30,289 | 51,641 |
| Changes in fair value of warrant and convertible loan | (1,240) | 25 |
| (Reversal)/ allowance of credit losses | (237) | (1,038) |
| Write-down for obsolete inventories | 3,032 | 928 |
| Impairment loss from long-lived asset | 64,924 | 473 |
| Product warranty | 10,353 | 9,017 |
| Changes in operating assets and liabilities: | ||
| Notes receivable | 9,162 | (22,372) |
| Accounts receivable | 18,157 | (911) |
| Inventories | (4,144) | (54,473) |
| Prepaid expenses and other current assets | 2,340 | (12,666) |
| Operating lease right-of-use assets | (1,821) | (5,588) |
| Other non-current assets | 9,037 | (653) |
| Notes payable | (7,490) | (26,070) |
| Accounts payable | (47,234) | 53,400 |
| Advance from customers | (197) | 515 |
| Accrued expenses and other liabilities | (33,094) | (1,374) |
| Operating lease liabilities | (869) | 2,760 |
| Other non-current liabilities | 7,679 | (319) |
| Net cash used in operating activities | (3,287) | (70,350) |
| Cash flows from investing activities | ||
| Purchases of property, plant and equipment | (27,366) | (153,574) |
| Purchase of short-term investments | — | (425) |
| Proceeds on disposal of property, plant and equipment | 9,830 | 879 |
| Proceeds from maturity of short-term investments | 5,564 | — |
| Net cash used in investing activities | (11,972) | (153,120) |
| Cash flows from financing activities | ||
| Proceeds from borrowings | 70,373 | 18,439 |
| Repayment of bank borrowings | (31,824) | (6,286) |
| Convertible loan borrowing from a shareholder | 25,000 | — |
| Payment for debt issue costs | (525) | — |
| Deferred payment related to purchases of property, plant and equipment | (16,389) | — |
| Net cash generated from financing activities | 46,635 | 12,153 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - continued
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Effect of exchange rate changes | (4,598) | (2,088) |
| Increase (decrease) in cash, cash equivalents and restricted cash | 26,778 | (213,405) |
| Cash, cash equivalents and restricted cash at beginning of the period | 88,189 | 302,617 |
| Cash, cash equivalents and restricted cash at end of the period | $114,967 | $89,212 |
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Reconciliation to amounts on unaudited condensed consolidated balance sheets | ||
| Cash and cash equivalents | $63,585 | $67,398 |
| Restricted cash | 51,382 | 21,814 |
| Total cash, cash equivalents and restricted cash | $114,967 | $89,212 |
| Non-cash investing and financing activities | ||
|---|---|---|
| Payable for purchase of property, plant and equipment | $59,408 | $75,781 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.