Phoenix Motor Reports Record $9.4 Million Revenue and $14.8 Million Net Income for First Quarter of 2024

ACCESSWIRE · (Phoenix Motor Inc.)
Phoenix Motor Inc.
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ANAHEIM, CA / ACCESSWIRE / October 3, 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 first quarter ended March 31, 2024.

First Quarter 2024 Financial Highlights

  • Net revenues increased to a record $9.4 million, up from $1.8 million in the prior year period.

  • Gross profit increased to a record $2.5 million, up from $0.2 million in the prior year period.

  • Net income increased to a record $14.8 million, or $0.49 per share, up from a net loss of $2.8 million, or ($0.13) per share, in the prior year period; diluted EPS increased to $0.44 per share, up from ($0.13) per share in the prior year period.

  • Total assets increased to $78.7 million, up from $11.6 million at December 31, 2023.

  • Stockholders' equity increased to $23.7 million, up from a negative $4.8 million at December 31, 2023.

Q1 and Recent Company Highlights

  • Completed the transformative acquisition of the Proterra's Transit business and battery lease portfolio, adding heavy-duty transit buses to Phoenix's existing product line of medium-duty shuttle and school buses.

  • Raleigh Durham International Airport (RDU) ordered six-zero emission electric buses in March 2024, marking Phoenix's first formal order after acquiring the Proterra Transit business line.

  • Formed long-term partnership with InductEV, a pioneer in wireless vehicle charging technology; Phoenix has already accepted orders for wireless charging of its Class 4 shuttles and expects to deploy its first wireless charging-capable shuttle buses later in 2024.

  • 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.

  • Raised approximately $11.1 million during Q1 through a series of private placements at an average price of $1.15 per share.

  • Unveiled new branding at the Advanced Clean Transportation (ACT) Expo.

  • Began production of fourth-generation drivetrain for Class-4 shuttle buses and trucks.

  • Announced plans to establish an Artificial Intelligence (AI) development center in Silicon Valley to focus on developing next-generation self-driving technology and advanced energy management systems for shuttle buses and transit buses.

  • Announced plans to accept Bitcoin as a payment option for purchases of EdisonFuture electric pick-up trucks and delivery vans once those products become available in the market.

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