ANAHEIM, CA / ACCESSWIRE / October 31, 2024 / Phoenix Motor Inc. (NASDAQ:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today reported financial and operational results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial Highlights
Revenue increased 937% to $12.03 million, up from $1.16 million in Q2 2023
Gross profit increased to $1.83 million, up from a gross loss of ($0.06) million in Q2 2023
Net loss improved to $2.26 million compared to a net loss of $3.18 million in Q2 2023
Cash and cash equivalents were $1.40 million as of June 30, 2024, up from $0.03 million on December 31, 2023
Total equity increased to $21.86 million as of June 30, 2024, up from negative equity of $4.84 million on December 31, 2023
Second Quarter and Recent Company Highlights
Delivered five 40' ZX5 battery electric buses in May 2024 for the University of California, Irvine (UCI)
Signed contract to supply four all-electric transit buses for the University of California San Diego, to be delivered in early 2025.
Unveiled new branding at the Advanced Clean Transportation (ACT) Expo
Began production of fourth-generation drivetrain for Class-4 shuttle buses and trucks
Appointed Dr. Lewis Liu as Chief Operating Officer; prior to his new role, Dr. Liu demonstrated exemplary leadership and innovation as the Senior Vice President (SVP) of Operations and SVP of Vehicle Program & Business Development at Phoenix Motor
Appointed Michael Yung as Chief Financial Officer (CFO), effective April 17, 2024; Yung brings over 25 years of financial leadership and strategic business acumen to Phoenix Motor
Strengthened capital structure by negotiating key waiver with note holder, eliminating a potential $12 million convertible promissory note issuance related to a Securities Purchase Agreement (SPA) signed in November 2023
Partnered with Bay Area Founders Club to advance AI development in Silicon Valley
"We are pleased to report another quarter of strong growth and improved financial performance," said Denton Peng, CEO of Phoenix Motor. "This success is largely attributed to the rapid integration of our new transit segment, which currently forms the cornerstone of our operations. As we move forward, we are committed to leveraging this foundation, accelerating innovation, and scaling our production capabilities across all operating segments. With the electric vehicle market continuing to grow, we believe Phoenix Motor is well-positioned to meet the rising demand for clean energy solutions, creating sustainable value for our shareholders and driving long-term growth."
About Phoenix Motor Inc.
Phoenix Motor, a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and manufactures heavy duty transit buses and medium and light duty commercial EVs. Phoenix operates two primary brands, "Phoenix", which is focused on commercial products including heavy and medium duty EVs (transit buses, shuttle buses, school buses and delivery trucks, among others) and "EdisonFuture", which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. To learn more, please visit: phoenixev.ai.
Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These risk factors include, among others, those related to our ability to raise additional capital necessary to grow our business, operations and business and financial performance, our ability to grow demand for our products and revenue, our ability to become profitable, our ability to have access to an adequate supply of parts and materials and other critical components for our vehicles on the timeline we expect, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
Contact:
IR@phoenixev.ai
Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
PEV@redchip.com
SOURCE: Phoenix Motor Inc.
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