2024 Q2 Form 10-Q Financial Statement

#000176068924000016 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $83.68M $81.35M
YoY Change 11.64% 73.19%
Cost Of Revenue $56.48M $64.13M
YoY Change -11.04% 52.26%
Gross Profit $27.20M $17.23M
YoY Change 137.28% 254.57%
Gross Profit Margin 32.5% 21.17%
Selling, General & Admin $28.54M $29.39M
YoY Change -3.12% 15.81%
% of Gross Profit 104.93% 170.6%
Research & Development $10.11M $11.49M
YoY Change 6.31% 5.81%
% of Gross Profit 37.16% 66.72%
Depreciation & Amortization $7.708M $7.591M
YoY Change 51.17% 48.93%
% of Gross Profit 28.34% 44.07%
Operating Expenses $103.6M $40.88M
YoY Change 165.77% 12.81%
Operating Profit -$75.63M -$23.12M
YoY Change 181.49% -26.14%
Interest Expense -$1.848M $1.732M
YoY Change -479.47% 277.34%
% of Operating Profit
Other Income/Expense, Net $601.0K -$136.0K
YoY Change -347.33% -117.24%
Pretax Income -$78.44M -$24.83M
YoY Change 200.79% -16.05%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$78.44M -$24.83M
YoY Change 200.67% -16.08%
Net Earnings / Revenue -93.74% -30.52%
Basic Earnings Per Share -$0.25 -$0.08
Diluted Earnings Per Share -$0.25 -$0.08
COMMON SHARES
Basic Shares Outstanding 317.2M shares 317.2M shares
Diluted Shares Outstanding 315.5M shares 315.4M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.18M $39.45M
YoY Change -59.48% -82.51%
Cash & Equivalents $68.18M $39.45M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $81.51M $65.67M
YoY Change 69.24% -10.82%
Inventory $152.5M $137.3M
Prepaid Expenses
Receivables $105.0M $123.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $418.0M $378.2M
YoY Change -2.1% -23.92%
LONG-TERM ASSETS
Property, Plant & Equipment $519.4M $616.5M
YoY Change 4.34% 39.15%
Goodwill
YoY Change
Intangibles $2.854M $2.985M
YoY Change -14.63% -19.13%
Long-Term Investments
YoY Change
Other Assets $11.49M $9.954M
YoY Change -68.59% -65.81%
Total Long-Term Assets $566.5M $662.5M
YoY Change -0.73% 30.68%
TOTAL ASSETS
Total Short-Term Assets $418.0M $378.2M
Total Long-Term Assets $566.5M $662.5M
Total Assets $984.6M $1.041B
YoY Change -1.31% 3.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.89M $83.07M
YoY Change 47.08% 101.42%
Accrued Expenses $28.40M $27.18M
YoY Change 157.43% 164.46%
Deferred Revenue $40.81M $41.28M
YoY Change -23.08% -22.21%
Short-Term Debt $60.03M $41.03M
YoY Change 231.37% 87.87%
Long-Term Debt Due $60.03M
YoY Change
Total Short-Term Liabilities $372.5M $366.6M
YoY Change 27.28% 31.99%
LONG-TERM LIABILITIES
Long-Term Debt $90.67M $86.19M
YoY Change 21.03% 18.05%
Other Long-Term Liabilities $26.68M $25.24M
YoY Change -16.75% -19.41%
Total Long-Term Liabilities $26.68M $25.24M
YoY Change -16.75% -19.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $372.5M $366.6M
Total Long-Term Liabilities $26.68M $25.24M
Total Liabilities $506.5M $494.5M
YoY Change 21.17% 24.2%
SHAREHOLDERS EQUITY
Retained Earnings -$1.001B -$922.3M
YoY Change 18.18% 12.38%
Common Stock $32.00K $32.00K
YoY Change 3.23% 3.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $478.1M $546.1M
YoY Change
Total Liabilities & Shareholders Equity $984.6M $1.041B
YoY Change -1.31% 3.65%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$78.44M -$24.83M
YoY Change 200.67% -16.08%
Depreciation, Depletion And Amortization $7.708M $7.591M
YoY Change 51.17% 48.93%
Cash From Operating Activities $111.0K $2.031M
YoY Change -100.37% -118.19%
INVESTING ACTIVITIES
Capital Expenditures $2.945M $10.24M
YoY Change -94.9% -71.49%
Acquisitions
YoY Change
Other Investing Activities $28.00K $5.716M
YoY Change -78.79% 5792.78%
Cash From Investing Activities -$2.917M -$4.525M
YoY Change -94.93% -87.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.23M $6.260M
YoY Change 2345.32% 42.79%
NET CHANGE
Cash From Operating Activities 111.0K $2.031M
Cash From Investing Activities -2.917M -$4.525M
Cash From Financing Activities 22.23M $6.260M
Net Change In Cash 19.42M -$1.485M
YoY Change -122.45% -96.48%
FREE CASH FLOW
Cash From Operating Activities $111.0K $2.031M
Capital Expenditures $2.945M $10.24M
Free Cash Flow -$2.834M -$8.210M
YoY Change -96.76% -82.56%

Facts In Submission

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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35922000 usd
CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10241000 usd
CY2023Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
243000 usd
CY2024Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0 usd
CY2023Q1 mvst Proceeds On Disposal Of Property Plant And Equipment
ProceedsOnDisposalOfPropertyPlantAndEquipment
340000 usd
CY2024Q1 mvst Proceeds On Disposal Of Property Plant And Equipment
ProceedsOnDisposalOfPropertyPlantAndEquipment
152000 usd
CY2023Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0 usd
CY2024Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
5564000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-35825000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4525000 usd
CY2023Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
4384000 usd
CY2024Q1 us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
18780000 usd
CY2023Q1 us-gaap Repayments Of Bank Debt
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0 usd
CY2024Q1 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
12520000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4384000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6260000 usd
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
470000 usd
CY2024Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-5251000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-42137000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1485000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
302617000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
88189000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
260480000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
86704000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
200305000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
39451000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
60175000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
47253000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
260480000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
86704000 usd
CY2023Q1 mvst Payable For Purchase Of Property Plant And Equipment
PayableForPurchaseOfPropertyPlantAndEquipment
58121000 usd
CY2024Q1 mvst Payable For Purchase Of Property Plant And Equipment
PayableForPurchaseOfPropertyPlantAndEquipment
92817000 usd
CY2024Q1 us-gaap Nature Of Operations
NatureOfOperations
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Microvast, Inc. was incorporated under the laws of the State of Texas in the United States of America on October 12, 2006 and re-domiciled to the State of Delaware on December 31, 2015. On July 23, 2021 (the “Closing Date”), Microvast, Inc. and Tuscan Holdings Corp.(“Tuscan”) consummated the previously announced merger (the “Merger” or the "Business Combination"), pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated February 1, 2021, between Tuscan, Microvast, Inc. and TSCN Merger Sub Inc., a Delaware corporation (“Merger Sub”).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Pursuant to the Merger Agreement, the Merger Sub merged with and into Microvast, Inc., with Microvast, Inc. surviving the Merger. As a result of the Merger, Tuscan was renamed “Microvast Holdings, Inc.” (the “Company”). The Merger was accounted for as a reverse recapitalization as Microvast, Inc. was determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company and its subsidiaries (collectively, the “Group”) are primarily engaged in developing, manufacturing, and selling electronic power products for electric vehicles and energy storage across the globe.</span></div>
CY2023Q1 us-gaap Revenues
Revenues
46973000 usd
CY2024Q1 us-gaap Revenues
Revenues
81351000 usd
CY2023Q1 us-gaap Gross Profit
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4858000 usd
CY2024Q1 us-gaap Gross Profit
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17225000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-29571000 usd
CY2023Q4 mvst Accrued Payroll And Welfare
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8089000 usd
CY2024Q1 us-gaap Profit Loss
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-24825000 usd
CY2024Q1 mvst Working Capital
WorkingCapital
11532000 usd
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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546146000 usd
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-922326000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
39451000 usd
CY2024Q1 mvst Bank Borrowings Ending Balance
BankBorrowingsEndingBalance
84065000 usd
CY2024Q1 us-gaap Short Term Borrowings
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41034000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
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325586000 usd
CY2024Q1 us-gaap Debt Default Longterm Debt Amount
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5456000 usd
CY2024Q1 mvst Liens Amount
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31713000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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46973000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
81351000 usd
CY2023Q1 mvst Revenue Related To Contracts Balance
RevenueRelatedToContractsBalance
1788000 usd
CY2024Q1 mvst Revenue Related To Contracts Balance
RevenueRelatedToContractsBalance
3922000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
18777000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
18760000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2526000 usd
CY2023Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
143288000 usd
CY2024Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
128608000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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4571000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
5065000 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
138717000 usd
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
123543000 usd
CY2022Q4 mvst Allowance For Doubtful Account Receivable
AllowanceForDoubtfulAccountReceivable
4407000 usd
CY2023Q4 mvst Allowance For Doubtful Account Receivable
AllowanceForDoubtfulAccountReceivable
4571000 usd
CY2024Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
578000 usd
CY2023Q1 mvst Accounts Receivable Write Off
AccountsReceivableWriteOff
66000 usd
CY2024Q1 mvst Accounts Receivable Write Off
AccountsReceivableWriteOff
0 usd
CY2023Q1 mvst Accounts Receivable Exchange Difference
AccountsReceivableExchangeDifference
23000 usd
CY2024Q1 mvst Accounts Receivable Exchange Difference
AccountsReceivableExchangeDifference
-84000 usd
CY2023Q1 mvst Allowance For Doubtful Account Receivable
AllowanceForDoubtfulAccountReceivable
3270000 usd
CY2024Q1 mvst Allowance For Doubtful Account Receivable
AllowanceForDoubtfulAccountReceivable
5065000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
86379000 usd
CY2024Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
82681000 usd
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
35867000 usd
CY2024Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
37043000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
27503000 usd
CY2024Q1 us-gaap Inventory Finished Goods Net Of Reserves
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17606000 usd
CY2023Q4 us-gaap Inventory Net
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149749000 usd
CY2024Q1 us-gaap Inventory Net
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137330000 usd
CY2023Q1 us-gaap Inventory Write Down
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CY2024Q1 us-gaap Inventory Write Down
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CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
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5472000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
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5431000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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2336000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2446000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
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3136000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2985000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
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129000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
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121000 usd
CY2023Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0 usd
CY2024Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
362000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
480000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
478000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
472000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
382000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
376000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
435000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
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2985000 usd
CY2023Q4 us-gaap Product Warranty Accrual Classified Current
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13738000 usd
CY2024Q1 us-gaap Product Warranty Accrual Classified Current
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13401000 usd
CY2023Q4 mvst Payables For Purchase Of Property Plant And Equipment
PayablesForPurchaseOfPropertyPlantAndEquipment
96350000 usd
CY2024Q1 mvst Payables For Purchase Of Property Plant And Equipment
PayablesForPurchaseOfPropertyPlantAndEquipment
92817000 usd
CY2023Q4 us-gaap Other Liabilities Current
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14312000 usd
CY2024Q1 us-gaap Other Liabilities Current
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16666000 usd
CY2024Q1 mvst Accrued Payroll And Welfare
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5966000 usd
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
6224000 usd
CY2024Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
4872000 usd
CY2023Q4 us-gaap Interest Payable Current
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41000 usd
CY2024Q1 us-gaap Interest Payable Current
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411000 usd
CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
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7117000 usd
CY2024Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current And Noncurrent
AccrualForTaxesOtherThanIncomeTaxesCurrentAndNoncurrent
572000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
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2413000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
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2526000 usd
CY2023Q4 mvst Accrued Expense And Other Liabilities Current
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148284000 usd
CY2024Q1 mvst Accrued Expense And Other Liabilities Current
AccruedExpenseAndOtherLiabilitiesCurrent
137231000 usd
CY2022Q4 mvst Movement Of Product Warranty Opening Balance
MovementOfProductWarrantyOpeningBalance
42060000 usd
CY2023Q4 mvst Movement Of Product Warranty Opening Balance
MovementOfProductWarrantyOpeningBalance
35217000 usd
CY2023Q1 mvst Warranty Expense Provided During The Period
WarrantyExpenseProvidedDuringThePeriod
2530000 usd
CY2024Q1 mvst Warranty Expense Provided During The Period
WarrantyExpenseProvidedDuringThePeriod
3269000 usd
CY2023Q1 mvst Utilization Of The Product Warranty During The Period
UtilizationOfTheProductWarrantyDuringThePeriod
5172000 usd
CY2024Q1 mvst Utilization Of The Product Warranty During The Period
UtilizationOfTheProductWarrantyDuringThePeriod
2448000 usd
CY2023Q1 mvst Warranty Expense Exchange Difference During The Period
WarrantyExpenseExchangeDifferenceDuringThePeriod
192000 usd
CY2024Q1 mvst Warranty Expense Exchange Difference During The Period
WarrantyExpenseExchangeDifferenceDuringThePeriod
-590000 usd
CY2023Q1 mvst Movement Of Product Warranty Ending Balance
MovementOfProductWarrantyEndingBalance
39610000 usd
CY2024Q1 mvst Movement Of Product Warranty Ending Balance
MovementOfProductWarrantyEndingBalance
35448000 usd
CY2023Q4 us-gaap Product Warranty Accrual Classified Current
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13738000 usd
CY2024Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
13401000 usd
CY2023Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
21479000 usd
CY2024Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
22047000 usd
CY2023Q4 mvst Product Warranty Total
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35217000 usd
CY2024Q1 mvst Product Warranty Total
ProductWarrantyTotal
35448000 usd
CY2023Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
524000 usd
CY2024Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
0 usd
CY2022Q4 mvst Bank Borrowings Beginning Balance
BankBorrowingsBeginningBalance
46395000 usd
CY2023Q4 mvst Bank Borrowings Beginning Balance
BankBorrowingsBeginningBalance
79153000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Debt
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4384000 usd
CY2024Q1 us-gaap Proceeds From Issuance Of Debt
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18780000 usd
CY2023Q1 mvst Repayments Of Principal
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0 usd
CY2024Q1 mvst Repayments Of Principal
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12520000 usd
CY2023Q1 mvst Exchange Difference
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185000 usd
CY2024Q1 mvst Exchange Difference
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-1348000 usd
CY2023Q1 mvst Bank Borrowings Ending Balance
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50964000 usd
CY2024Q1 mvst Bank Borrowings Ending Balance
BankBorrowingsEndingBalance
84065000 usd
CY2023Q4 us-gaap Short Term Borrowings
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35392000 usd
CY2024Q1 us-gaap Short Term Borrowings
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41034000 usd
CY2023Q4 us-gaap Long Term Debt
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43761000 usd
CY2024Q1 us-gaap Long Term Debt
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43031000 usd
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79153000 usd
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84065000 usd
CY2023Q4 mvst Pledged Buildings
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124565000 usd
CY2024Q1 mvst Pledged Buildings
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120960000 usd
CY2023Q4 mvst Pledged Machinery And Equipment
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0 usd
CY2024Q1 mvst Pledged Machinery And Equipment
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7768000 usd
CY2023Q4 mvst Pledged Land Use Rights
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11984000 usd
CY2024Q1 mvst Pledged Land Use Rights
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11712000 usd
CY2023Q4 mvst Pledged Construction In Progress
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0 usd
CY2024Q1 mvst Pledged Construction In Progress
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599000 usd
CY2023Q4 mvst Pledged Total Asset
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136549000 usd
CY2024Q1 mvst Pledged Total Asset
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141039000 usd
CY2023Q4 us-gaap Product Warranty Accrual Noncurrent
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21479000 usd
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22047000 usd
CY2023Q4 mvst Deferred Subsidy Income Noncurrent
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3382000 usd
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3191000 usd
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24861000 usd
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25238000 usd
CY2023Q4 mvst Long Term Bonds Payable
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43157000 usd
CY2024Q1 mvst Long Term Bonds Payable
LongTermBondsPayable
43157000 usd
CY2018Q4 mvst Bond Loan
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87776000 usd
CY2018Q4 mvst Bond Loan
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600000000 cny
CY2018Q4 mvst Equity Holding Pledged Percentage
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950000000 usd
CY2022Q4 us-gaap Repayments Of Convertible Debt
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14629000 usd
CY2022Q4 us-gaap Repayments Of Convertible Debt
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100000000 cny
CY2022Q4 us-gaap Repayments Of Convertible Debt
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14630000 usd
CY2022Q4 us-gaap Repayments Of Convertible Debt
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100000000 cny
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CY2024Q1 mvst Debt Instrument Of Subscribed Amount
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43157000 usd
CY2024Q1 mvst Debt Instrument Of Subscribed Amount
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295000000 cny
CY2021Q3 us-gaap Stock Issued During Period Shares Purchase Of Assets
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CY2021Q3 mvst Class Of Warrant Or Right Exercisable Period
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CY2021Q3 mvst Warrant Term
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CY2023Q4 us-gaap Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Restricted Cash
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CY2023Q4 us-gaap Assets Fair Value Disclosure
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CY2023Q4 us-gaap Derivative Liabilities
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67000 usd
CY2023Q4 us-gaap Financial Liabilities Fair Value Disclosure
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39451000 usd
CY2024Q1 us-gaap Restricted Cash
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47253000 usd
CY2024Q1 us-gaap Assets Fair Value Disclosure
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86704000 usd
CY2024Q1 us-gaap Derivative Liabilities
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25000 usd
CY2024Q1 us-gaap Financial Liabilities Fair Value Disclosure
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CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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126000 usd
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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67000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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17000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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42000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
109000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
25000 usd
CY2024Q1 us-gaap Operating Lease Cost
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860000 usd
CY2024Q1 us-gaap Short Term Lease Cost
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159000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
869000 usd
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
466000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2661000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2810000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2539000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2396000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1820000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1628000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
9901000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
23755000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4995000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
18760000 usd
CY2021Q3 us-gaap Standby Bond Purchase Commitment Expiration Period
StandbyBondPurchaseCommitmentExpirationPeriod
P10Y
CY2021Q3 mvst Exchange Ratio
ExchangeRatio
160.3
CY2021Q3 mvst Common Stock Reserved For Esop Plan
CommonStockReservedForESOPPlan
0.05
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
36091071 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.08
CY2022Q4 mvst Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValueOutstanding
4.80
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M18D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
240000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.25
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.67
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
128239 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.28
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
4.86
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
36202832 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.05
CY2023Q1 mvst Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValueOutstanding
4.77
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
36202832 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
6.05
CY2023Q1 mvst Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value Expected To Vest And Exercisable
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValueExpectedToVestAndExercisable
4.77
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y7M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
11779651 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.19
CY2023Q1 mvst Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue
5.00
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y8M12D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
32876682 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.01
CY2023Q4 mvst Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValueOutstanding
4.73
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M12D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
884470 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.11
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
2.68
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
31992212 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.06
CY2024Q1 mvst Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value Outstanding
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValueOutstanding
4.78
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y6M
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
31992212 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
6.06
CY2024Q1 mvst Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Grant Date Fair Value Expected To Vest And Exercisable
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageGrantDateFairValueExpectedToVestAndExercisable
4.78
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P5Y6M
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
20875499 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.13
CY2024Q1 mvst Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageGrantDateFairValue
4.88
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y6M
CY2024Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
17104000 usd
CY2024Q1 us-gaap Net Amount At Risk By Product And Guarantee Weighted Average Period Remaining1
NetAmountAtRiskByProductAndGuaranteeWeightedAveragePeriodRemaining1
P0Y4M24D
CY2024Q1 mvst Aggregate Intrinsic Value Of The Share Options
AggregateIntrinsicValueOfTheShareOptions
0 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1557000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
4196000 usd
CY2023Q1 mvst Share Based Compensation Cost Of Sales
ShareBasedCompensationCostOfSales
1504000 usd
CY2024Q1 mvst Share Based Compensation Cost Of Sales
ShareBasedCompensationCostOfSales
1138000 usd
CY2023Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
12168000 usd
CY2024Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
8167000 usd
CY2023Q1 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
3014000 usd
CY2024Q1 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
1777000 usd
CY2023Q1 us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
1243000 usd
CY2024Q1 us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
783000 usd
CY2023Q1 mvst Share Based Compensation Construction In Process
ShareBasedCompensationConstructionInProcess
140000 usd
CY2024Q1 mvst Share Based Compensation Construction In Process
ShareBasedCompensationConstructionInProcess
31000 usd
CY2023Q1 mvst Stock Based Compensation Total
StockBasedCompensationTotal
18069000 usd
CY2024Q1 mvst Stock Based Compensation Total
StockBasedCompensationTotal
11896000 usd
CY2023Q1 mvst Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
-29581000 usd
CY2024Q1 mvst Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
-24825000 usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
307714841 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
307714841 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
315367121 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
315367121 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2024Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
1251000 usd
CY2024Q1 mvst Liens Amount
LiensAmount
31713000 usd
CY2024Q1 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
5456000 usd

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