Microvast Holdings, Inc.

Greetings and welcome to the MicroVAS Holdings fourth quarter 2022 earnings call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to our host, Cassidy Fuller, Investor Relations for MicroVAS. Thank you. You may begin.

Thank you, Operator, and thanks to the audience for joining us today. Wayne Yu, Founder, Chairman, President, and CEO, Sasha Kettleborn, Chief Revenue Officer, and Craig Webster, Chief Financial Officer, will host today's call. Ahead of this call, MicroVAS issued its fourth quarter and full year 2022 earnings press release, which can be found on the Investor Relations section of the company's website, ir.microbast.com. In addition, we have posted a slide presentation to the website to accompany management's prepared remarks. As a reminder, please note that management will be making forward-looking statements on this call. These statements are based on current expectations and assumptions and reflect the company's view only as of today. They should not be relied upon as representative about views as of any subsequent date and management undertakes no obligation to revise or publicly release results of any revisions 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 the company's financial results, please refer to Microvast's filings with the SEC. including the annual report on Form 10-K and 8-K filed earlier today. In addition, during today's call, management may discuss non-GAAP financial measures, including adjusted gross profit, adjusted net loss, and adjusted EBITDA, which the company believes are useful as supplemental measures of micro-GAAP 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 metrics in the tables included at the end of the company's press release. A webcast replay of this call will also be available on the investor relations section of Microbeth's website. With that, I will turn the call over to Mr. Wu for some opening remarks.

Thank you, Cassidy, and thank you all for joining us today. I would like to start off with a high-level overview of the quarter. Before providing the key highlights for 2022, I will then turn the call over to Sacha Calabon, our Chief Revenue Officer, who will discuss some of our key wins in the quarter, followed by Craig Webster, our Chief Financial Officer, who will discuss our financials in more detail. I will then address our outlook for 2023 before opening the call-up to your questions. Please turn to slide three as I cover a few highlights from the first quarter of 2022 and the full year. We recorded revenue of $64.8 million in Q4 2022 and $204.5 million for the full year. We ended the fourth quarter with a record backlog of 410.5 million, driving by a robust order intake of 364.7 million, led by the large win we announced in December for our Energy Storage Division, or ESS, and a strong demand across multiple commercial vehicle platforms in Europe. We are proud of our achievements last year and are looking forward to executing on the many opportunities ahead of us in 2023. Some of our most notable achievements last year include the establishment of the Microvirus Energy Division in Colorado and the introduction of our new ESS container offering. This expands our addressable market to include energy storage sector, where annual deployments in the US alone reached to 13.5 gigawatt hour in 2022, and our large 1.2 gigawatt hour utility scale project has been a big boost for our push into this market. In our commercial vehicle business, we expanded our partnership with EVeco, one of the largest commercial vehicle manufacturers in Europe, for a number of additional vehicle platforms and expect to ramp production and begin deliveries this year. We were also selected for a $200 million grant by the U.S. Department of Energy to build our most advanced high-temperature separator plant in the United States to help enhance battery safety for the industry. And we continued to expand our industry leading technology. We introduced our 53.5 amp hour high energy cells and began initial shipments in the fourth quarter. We anticipated this solution to be a key driver of our growth in 2023. led by demand across commercial vehicle applications, including light commercial vehicles, electric buses, or e-bus, and commercial trucks, as well as ESS. To meet this demand, we expanded our production capacity in Huzhou by adding a fully automated two gigawatt hour cell module and a pack line dedicated to the production of 53.5 amp hour battery products. And our two gigawatt hour capacity expansion at our new U.S. facility in Clarksville, Tennessee is in full construction mode with start of production targeted for Q4 this year. I would now like to turn the call over to our Chief Revenue Officer, Shasha Kelleburn, who will discuss some of our key wins and achievements in the quarter.