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Consolidated Statements of Changes in Shareholders’ (Deficit)/Equity - USD ($)
$ in Thousands
Common Stock
Additional paid-in capital
Accumulated deficit
Accumulated other Comprehensive income (loss)
Statutory reserves
Total Microvast Holdings, Inc. Shareholders’ Deficit
Noncontrolling interest
Total
Balance at Dec. 31, 2018 $ 6 $ (261,655) $ (5,301) $ 6,032 $ (260,918) $ (5,664) $ (266,582)
Balance (in Shares) at Dec. 31, 2018 99,028,297              
Net loss (57,540) (57,540) (2,123) (59,663)
Accretion for Series A1/C1 Preferred (4,102) (4,102) (4,102)
Accretion for Series B1/C2 Preferred (7,948) (7,948) (7,948)
Accretion for Series EEL/D1 Preferred (30,839) (30,839) (30,839)
Accretion for the exiting noncontrolling interests (5,805) (5,805) (5,805)
Foreign currency translation adjustments (3,965) (3,965) 16 (3,949)
Cumulative effect adjustment related to opening retained earnings for adoption of ASC 606 (1,565) (1,565) (1,565)
Fair value change of preferred shares due to extinguishment 61,138 61,138 61,138
Fair value change of redeemable noncontrolling interests due to extinguishment 8,299 8,299 8,299
Accretion of redeemable noncontrolling interests (9,245) (9,245) (9,245)
Acquisition of noncontrolling interest (7,771) (7,771) 7,771
Balance at Dec. 31, 2019 $ 6 3,727 (320,760) (9,266) 6,032 (320,261) (320,261)
Balance (in Shares) at Dec. 31, 2019 99,028,297              
Net loss (33,625) (33,625)   (33,625)
Accretion for Series C1 Preferred (3,727) (170) (3,897)    
Accretion for Series C2 Preferred (8,866) (8,866)    
Accretion for Series D1 Preferred (18,648) (18,648)    
Accretion for the exiting noncontrolling interests (5,668) (5,668)    
Foreign currency translation adjustments 16,622 16,622    
Accretion of redeemable noncontrolling interests (10,259) (10,259)    
Balance at Dec. 31, 2020 $ 6 (397,996) 7,356 6,032 (384,602)    
Balance (in Shares) at Dec. 31, 2020 99,028,297              
Net loss (206,483) (206,483)   $ (206,483)
Accretion for Series C1 Preferred (2,257) (2,257)    
Accretion for Series C2 Preferred (5,132) (5,132)    
Accretion for Series D1 Preferred (10,708) (10,708)    
Accretion for redeemable noncontrolling interests (5,841) (5,841)    
Accretion for the exiting noncontrolling interests (3,682) (3,682)    
Issuance of common stock upon the reverse recapitalization, net of issuance costs (Note 3) $ 23 1,241,828 1,241,851    
Issuance of common stock upon the reverse recapitalization, net of issuance costs (Note 3) (in Shares) 191,254,950              
Issuance of common stock in connection with vesting of restricted stock units and stock options (including the conversion and vesting of Series B2 preferred) $ 1 39,532 39,533    
Issuance of common stock in connection with vesting of restricted stock units and stock options (including the conversion and vesting of Series B2 preferred) (in Shares) 8,559,769              
Share-based compensation(Note 21) 24,674 24,674    
Foreign currency translation adjustments (655) (655)    
Balance at Dec. 31, 2021 $ 30 $ 1,306,034 $ (632,099) $ 6,701 $ 6,032 $ 686,698    
Balance (in Shares) at Dec. 31, 2021 298,843,016