Microvast Holdings, Inc.

Thank you for standing by. This is the conference operator. Welcome to the MicroVast third 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 MicroVast investor relations. Please go ahead.

Thank you, operator, and thank you, everyone, for joining our quarterly update today. With me on today's call are Mr. Yang Wu, founder, chairman, and CEO, and Ms. Faryal Kanbabi, CFO. Mr. Wu will start off with a high-level overview of the quarter before providing some operational and business updates. Ms. Kanbabi will then discuss our financial results in detail before handing it back to Mr. Wu to wrap up our 2024 outlook and closing remarks. Ahead of this call, MicroVAS issued its third quarter earnings press release, which can be found on the investor relations section of our website. We have also posted a slide presentation to accompany management's prepared remarks. As a reminder, please note that this call may include forward-looking statements. These statements are based on current expectations and assumptions and should not be relied upon as representative of views for subsequent dates. 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 results. Actual results may differ materially from expectations due to a variety of risks and uncertainties. For more information on material risks 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 an 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 Microbath'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, and I will cover the key messages from our third quarter. As we communicated earlier this year, we have keenly focused on improving both efficiency and profitability. Throughout 2024, Microbots has been executing on the strategies of our solid business in EMEA and APAC, while implementing strategic cost-cutting measures in the U.S. Despite the challenging environment in the U.S., I'm excited to announce we have achieved the profitability in the quarter. with a net profit of $13.2 million and adjusted EBITDA of $29 million. This is a historical milestone for us. I want to thank the entire team here at MicroVast that made it happen. This is an incredible achievement for both the company and the domestic lithium battery segment in the U.S. The lithium battery manufacturing industry is a difficult business with a long-term investment horizon. We have learned much during our rapid growth period. MicroVAS has commercialized the products across our technology stack and industrialized the manufacturing process many times over. We aim to continue innovating and focusing on our business strategy as we grow both in the U.S. and globally. To reiterate to our shareholders what our business strategy includes, I'd like to briefly touch on it. First and foremost, MicroVast is a vertical integrated battery technology company. The core driver of our business is innovation. We remain focused on technology and product development. With many exciting products on the way, our newest product including our industry-first overhaulable ME6 LFPSS containers, and silicon-enhanced cell technologies. We have also made material progress on our all solid-state battery. We are continually seeking to broaden our revenue stream through products and services that support the global energy transformation. To achieve our goals, we must also capture future market shares. Microbots continue to invest in commercialization of both current and future high-demand advanced products. With our focus on the product innovation and capturing market share, Microbots strives to achieve further growth. We continue to optimize our core business and aim to attain sustained profitability. Now, if you will please join me on slide five. Microbots continues to be successful in expanding our commercial vehicle reach, particularly in EMEA. Highlights from the quarter, including our successful unveiling of a new silicon-based cell technologies at a premier electric mobility exhibition in Germany. This enhanced the cells have improved energy density for ever-evolving performance requirements of our customers. While we are very excited about the trajectory we are on, this quarter wasn't without its challenges. Global uncertainty around policy shifts in Europe and within the U.S. has accelerated rollout of certain light commercial vehicle platforms. In addition, Rapidly growing markets such as India and Thailand have prioritized LFP chemistries for their affordability versus high performance. Overall, in addition to being a historic quarter achieving probability, the business posted record step quarter revenue with 27% growth year over year, delivering $101.4 million. We achieved this growth while maintaining a growth margin of 33.2%, a 10.9-point improvement year-over-year. This incredible growth comes largely from sales increase in EMEA. We want more so triple-digit percentage growth of 212% for EMEA year-over-year. Now, if you will join me on slide six, we have some exciting new business developments in our commercial vehicle segment. Propel is a leading Indian industry mining, crashing, screening, and construction company. Microbus will be fulfilling orders to power their mining and dump trucks. FCMG was founded in 1943 and has stood at the forefront of the construction and machinery industry in China. We are proud to partner with them and expect to start serial production of our battery packs for use in their construction equipment next year. And finally, LGMG is a major player in the mining and auxiliary equipment industry. Microbus will be supplying them with our battery packs, and we expect to see revenues by the end of the year. This customer will utilize Gen4Pak with both our 53.5 amp hour and 48 amp hour cell technologies. The heavy industry segment has increasingly adapted our high-performance cells for their applications. We also continue to find a success in adaption by hybrid and a few cell OEMs as well as the agriculture segment. I would now like to turn the call over to Ms. Kababi to discuss our financials in more detail.