Microvast Holdings, Inc. has experienced a noteworthy year, closing 2024 with an impressive revenue of $379.8 million, marking a 23.9% increase from the previous year. Despite increasing their gross margin to 31.5% from 18.7% in 2023, the company reported a net loss of $82.3 million in the fourth quarter of 2024, up from the $24.6 million loss during the same period in 2023.

Looking ahead, Microvast has set its sights on a revenue target of $450 million to $475 million for 2025, which represents an 18% to 25% year-over-year growth. The company's regional performance is particularly strong in the EMEA region, where it saw a remarkable 212% increase in sales in the third quarter of 2024, according to Investing.com. There is also an expectation of an 80% revenue growth for the EMEA region in the fourth quarter.

The company is strategically expanding its operations and production capabilities at its Huzhou Phase 3.2 facility to meet growing demand. Microvast is also working on new product developments, such as the ME6 ESS container solution and silicon-based cells, to position itself strongly in the evolving commercial vehicle markets as more OEMs electrify their product lines. These efforts underline Microvast's focus on growth and operational efficiency.