Jul. 15 at 3:52 PM
$MVST some of this is fair. Revenue down 48% last quarter, no formal guidance, going-concern language in the filing, China subsidy rollback real. Nobody serious calls this low-risk.
The
$140M is total bank borrowings of
$138.8M, and only
$111M is short-term. It sits at MPS, the profitable China sub that’s rolled these lines for years at 2.4 to 4.85% with no default. The Wu note converted to equity May 28 and released the Acquiom liens. No balloon by year end.
No CFO. They named a permanent one in January, Worthen. The Chief Accounting Officer is the seat that opened in May.
On KAF, Microvast buys drivetrain parts, the way any powertrain integrator does. The battery is theirs.
Large format LFP. ME6 is a 565Ah LFP storage cell, UL-certified. Huzhou lists 290, 314, and 565Ah LFP, and they presented a ME7 storage system at CSPI. The 2022 10-K says they built the LFP program for a Chinese OEM and won it over one of the world’s biggest battery makers.
