Microvast Holdings Inc. (NASDAQ: MVST) shares are soaring Tuesday after the company reported better-than-expected first-quarter earnings and a sharp improvement in profitability.
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Microvast shares jumped after reporting Q4 FY24 revenue of $113.39 million, surpassing estimates. Gross margin rose to 36.6%, while adjusted net loss narrowed significantly.
U.S. stock futures were swinging between gains and losses on Tuesday after a mixed session on Monday. Futures of major benchmark indices were mixed in premarket trading. President Donald Trump‘s “Liberation Day”, the term he’s used for April 2nd, the day of incoming reciprocal tariffs, preceded a drop in stock prices.
The company posted an adjusted net loss of $0.6 million, or $0.01 per share, compared to an adjusted net loss of $11.4 million, or $0.04 per share, a year earlier.
