Schedule I Condensed Financial Information of Parent Company

3 Months Ended

Mar. 31, 2022

Parent Company [Member]

Schedule I Condensed Financial Information of Parent Company [Line Items]

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

	December 31, 2020		December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	1,600	$	357,008
Prepaid expenses and other current assets		126		—
Amount due from subsidiaries		3,081		—
Total Current Assets		4,807		357,008
Property, plant and equipment, net		3		—
Other non-current assets		377		—
Investments in subsidiaries		6,122		690,032
Total Assets	$	11,309	$	1,047,040
Liabilities
Current liabilities:
Amount due to inter-company		—		359,202
Accrued expenses and other current liabilities		—		35
Income tax payables		557		—
Bonds payable		64,432		—
Total Current Liabilities		64,989		359,237
Deposit liability for Series B2 Preferred		21,792		—
Warrant liability		—		1,105
Total Liabilities	$	86,781	$	360,342

	December 31, 2020			December 31, 2021
Mezzanine Equity (Note 18 and Note 20)
Series C1 Preferred (US$0.0001 par value; 26,757,258 authorized, issued and outstanding as of December 31, 2020 and nil authorized, issued and outstanding as of December 31, 2021)	$	80,581		$	—
Series C2 Preferred (US$0.0001 par value; 20,249,450 authorized, issued and outstanding as of December 31, 2020 and nil authorized, issued and outstanding as of December 31, 2021)		81,966			—
Series D1 Preferred (US$0.0001 par value; 22,311,516 authorized, issued and outstanding as of December 31, 2020 and nil authorized, issued and outstanding as of December 30, 2021)		146,583			—
Total Mezzanine Equity	$	309,130		$	—
Shareholders’ Deficit
Common Stock (par value of US$0.0001 per share, 240,450,000 and 750,000,000 shares authorized as of December 31, 2020 and 2021; 99,028,297 and 300,530,516 shares issued, and 99,028,297 and 298,843,016 shares outstanding as of December 31, 2020 and 2021)	$	6		$	30
Additional paid-in capital		—			1,306,034
Statutory reserves		6,032			6,032
Accumulated deficit		(397,996	)		(632,099	)
Accumulated other comprehensive income		7,356			6,701
Total Shareholders’ (Deficit)/Equity		(384,602	)		686,698
Total Liabilities, Mezzanine Equity and Shareholders’ Equity	$	11,309		$	1,047,040

	Year Ended December 31,
	2019			2020			2021
Revenues from subsidiaries	$	289		$	199		$	—
Gross profit		289			199			—
Operating expenses:
General and administrative expenses		(2,360	)		(3,340	)		(2,424	)
Total operating expenses		(2,360	)		(3,340	)		(2,424	)
Subsidy income		—			224			—
Loss from operations		(2,071	)		(2,917	)		(2,424	)
Other income and expenses:
Interest income		134			38			10
Loss on changes in fair value of Bridge Notes		—			—			(9,861	)
Gain on change in fair value of warrant liability		—			—			2,469
Other expense, net		—			—			59
Loss before provision for income taxes		(1,937	)		(2,879	)		(9,747	)
Income tax expense		—			—			—
Loss from investment in subsidiaries		(55,603	)		(30,746	)		(196,736	)
Net loss attributable to Microvast Holdings, Inc.	$	(57,540	)	$	(33,625	)	$	(206,483	)

	Year Ended December 31,
	2019			2020			2021
Net loss	$	(57,540	)	$	(33,625	)	$	(206,483	)
Other comprehensive loss, net of tax of nil:
Foreign currency translation adjustment		(3,965	)		16,622			(655	)
Total comprehensive loss attributable to Microvast Holdings, Inc.	$	(61,505	)	$	(17,003	)	$	(207,138	)

	Year Ended December 31,
	2019			2020			2021
Net cash used in operating activities		(6,736	)		(3,398	)		(2,846	)
Cash flows from investing activities
Purchases of property, plant and equipment		—			(380	)		(18,465	)
Investment in subsidiaries		—			—			(354,014	)
Net cash used in investing activities		—			(380	)		(372,479	)
Cash flows from financing activities
Cash received from the trust account upon Merger, net of transaction costs		—			—			223,605
Cash received from PIPE investors upon Merger		—			—			482,500
Issuance of Bridge Notes		—			—			57,500
Payment to exited noncontrolling interests		—			—			(32,872	)
Net cash generated from financing activities		—			—			730,733
(Decrease)/increase in cash, cash equivalents and restricted cash		(6,736	)		(3,778	)		355,408
Cash, cash equivalents and restricted cash at beginning of the period		12,114			5,378			1,600
Cash, cash equivalents and restricted cash at end of the period	$	5,378		$	1,600		$	357,008