Microvast Holdings, Inc.

Thank you for standing by. This is the conference operator. Welcome to the MicroVast second quarter 2024 earnings call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. I would now like to turn the conference over to Mr. Yasser Ali, Chief Financial Officer of MicroVast Holdings. Please go ahead.

Thank you, operator, and thank you, everyone, for joining us today. Joining me on today's call is Mr. Yang Wu, founder, chairman, and CEO of MicroVast Holdings. Mr. Wu will start off with a high-level overview of the quarter before providing some operational updates. I will then discuss our financials in more detail before handing it back to Mr. Wu to wrap up with our second quarter 2024 outlook. Ahead of this call, Microvast issued its second quarter earnings press release, which can be found on the investor relations section of the company's website, ir.microvast.com. In addition, we have posted a slide presentation to the company's website to accompany management's prepared remarks. As a reminder, please note that statements made in this call may include forward-looking statements and based on current expectations and assumptions. They should not be relied upon as representative of views for subsequent dates and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements due to new information or future events. Actual results may differ materially from expectations due to a variety of risks and uncertainties. For more information on material risk and other important factors that could affect our financial results, please refer to our filings with the SEC. We may also discuss non-GAAP financial measures during this call. These 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 our press release. After the conclusion of this call, a webcast replay will be available on the Investor Relations section of Microvast's website. And now I will turn the call over to Mr. Wu for opening remarks.

Thank you, and thank you, everyone, for joining today's call. Please turn to slide three as I cover a few highlights from the second quarter. The business posted a record second quarter revenue with 12 percent growth year over year in Q2 2024, delivering revenue of $83.7 million. We achieved this growth while maintaining a growth margin of 32.5%, a 17.2% improvement year over year. This incredible growth comes largely from sales increases in EMEA business year over year. We saw triple digit percentage growth of 401% for EMEA. Please join me on slide five. The company was successful in further expanding its commercial vehicle footprint. We have entered into a strategic partnership with Envoy, a Norwegian pioneer in electric boat motor system. We have begun to tap into the Korean market and have secured a 40 million order from a Korean e-bus customer. We closed the second quarter with a backlog of $278.6 million and continue to strive for operational efficiency. The company posted significant improvements to adjust the growth margin at 34.3%, a 17 percentage point increase year over year. The company posted yet another banner quarter, and we expect continued growth and successes. So this also comes with challenges. In addition, to decelerate the rollout of light commercial vehicle platforms in European market, we experienced delay in CV customer deliveries pushed into second half of this year. Turning to slide six, We have some exciting new customers globally in various commercial vehicle segments. These customers will utilize GIN4 packs and MV iPack with our 53 point amp hour and a 48 amp hour cell technology. While we aren't quite ready to announce the projects publicly, we have made significant progress with the customers on ramp-up and prototype development. Additionally, we are excited to be working with employees on e-boat motor systems. I would now like to turn the call over to Mr. Ali to discuss our financials in more detail.