Microvast Holdings, Inc.

Thank you for standing by. This is your conference operator. Welcome to the MicroVAS third quarter 2022 earnings call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, investment community professionals have the opportunity to participate in a question and answer session. To join the question queue, you may press star then one on your telephone keypad. Should you need an operator assistance during the conference, you may signal by pressing the star and zero. I would now like to turn the conference over to Monica Gould, Investor Relations for MicroVast. Please go ahead.

Thank you, Sherry, and thank you to the audience for joining us today. Sasha Kettleborn, President and Chief Revenue Officer, and Craig Webster, Chief Financial Officer, will host today's call. Ahead of this call, MicroVast issued its third quarter 2022 earnings press release which can be found on the investor relations section of our website at ir.microvast.com. In addition, we have posted a slide presentation to our website to accompany management's prepared remarks. As a reminder, please note that we will be making forward-looking statements on this call. These statements are based on current expectations and assumptions and reflect our views only as of today. It should not be relied upon as representative about views as of any subsequent date, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC. including our annual report on Form 10-K, filed on March 29, 2022, and the 10-Q filed earlier today. In addition, during today's call, we may discuss non-GAAP financial measures, including adjusted gross profit, adjusted net loss, and adjusted EBITDA, which we believe are useful as supplemental measures of microvest performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. These non-GAAP measures have been reconciled to their most comparable GAAP metric in the tables included at the end of our press release. A webcast replay of this call will also be available on the investor relations section of our company website. And with that, I'll turn the call over to Sasha for some opening remarks.

Thank you, Monica. Thank you all for joining us. Everyone, please turn to slide four as I cover a few highlights from the third quarter. We posted a 4.7% revenue growth during the quarter, delivering 38.6 million in Q3 2022. Despite continuing difficult market conditions in Europe, customer supply chain challenges and currency headwinds. We ended the third quarter with a strong backlog of 140.6 million, driven by a healthy order intake of 81.9 million, led by a strong demand in China. Some key wins during the third quarter included an order from Psyche for over $24 million and an order from Bazan in excess of $10 million. We also continue to benefit from ongoing customer relationships with AstraZeneca, Iveco Group, ZF, Shell, and others. Raw material prices remain at an elevated level as a result of supply chain disruptions as well as worldwide inflation. Our unit costs across the board continue to track significantly higher than we anticipated at the beginning of the year. We are actively monitoring these trends and implementing migration strategies where possible, including optimizing longer-term supply contracts, identifying new and or additional sources of supply, and increasing our selling prices where possible. However, we expect raw material prices, especially for certain key materials like lithium, to remain elevated through the end of 2023 and possibly all the way into 2024. Looking forward into 2023, we expect our order volume to increase after we bring the new manufacturing capacity online in Huzhou. We expect this additional volume to increase our production visibility, enabling us to lock in higher volume commitments. Please turn to slide 5, which highlights some of our key partnerships in the commercial vehicle market. Microbus joined a mining industry consortium led by Shell, whose goal is to offer an end-to-end modular truck solution for the mining industry. Microbus is developing a custom high-powered battery solution with ultra-fast charging capabilities. This ultra-high voltage LTO battery system will have an extremely high C-rate capability and long life of up to 20,000 cycles under normal operation conditions. which will be critical to enable the high-power, ultra-fast charging and heavy-duty use solution that the consortium is targeted to deliver. Calma is part of Cargotech, which offers a wide range of cargo handling solutions and services to ports, terminals, distribution centers, and heavy industries across the globe, extended their supply and purchase agreement with Microbus through 2026. Calma will use our new MVB and MVC Generation 4 packs, to power their full electric and hybrid portfolio. Shang-Chi Automobile Group, a commercial vehicle OEM, formed a partnership with MicroVast to support a 49-ton hybrid truck tractor with anticipated deliveries of 23 megawatt hours in Q4 2022. SinoSynergy, the leading fuel cell battery system manufacturer in China, is collaborating with MicroVast for its 49-ton hydrogen truck tractor with anticipated deliveries of up to five megabit hours in Q4 2022. I will now turn the call over to Craig to review our financial performance.