(MENAFN - Investor Ideas) Investorideas ( ), a go-to platform for big investing ideas for traders, including tech stocks and battery reports on trading for Microvast Holdings, Inc. (NASDAQ: MVST ), a technology innovator that designs, develops and manufactures lithium-ion battery solutions.

The stock has investors so charged up that the stock has made the NASDAQ top gainers list in today's trading with volume of over 1 Billion shares as of this report. The stock closed at 0.7951, up 0.6144, gaining 340.01% and is continuing gains after the close.

Microvast Holdings announced unaudited condensed consolidated financial results for the third quarter ended September 30, 2024,.

Results for Q3 2024

Revenue of $101.4 million, compared to $80.1 million in Q3 2023, an increase of 26.6%

Gross margin increased to 33.2% from gross margin of 22.3% in Q3 2023; Non-GAAP adjusted gross margin increased to 33.9%, up from 24.2% in Q3 2023

Operating expenses of $27.5 million, compared to $44.7 million in Q3 2023; Adjusted operating expenses of $22.0 million, compared to $30.3 million in Q3 2023

Net profit of $13.2 million, compared to net loss of $26.2 million in Q3 2023; Non-GAAP adjusted net profit of $16.8 million, compared to non-GAAP adjusted net loss of $10.3 million in Q3 2023

Net profit per share of $0.04 compared to net loss per share of $0.08 in Q3 2023; Non-GAAP adjusted net profit per share of $0.05, compared to non-GAAP adjusted net loss per share of $0.03 in Q3 2023

Adjusted EBITDA of positive $28.6 million in Q3 2024, compared to Adjusted EBITDA of negative $5.3 million in Q3 2023

Capital expenditures of $30.6 million, compared to $59.9 million in Q3 2023

Cash, cash equivalents, restricted cash and short-term investments of $115.0 million as of September 30, 2024, compared to $93.8 million as of December 31, 2023, and $114.7 million as of September 30, 2023

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