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Thunder Power (Nasdaq: AIEV) reported its Q3 2024 unaudited financial results. The company recorded zero revenue, unchanged from the same period in 2023. Operating expenses increased to $0.9 million from $0.6 million year-over-year, primarily due to a $0.4 million increase in professional expenses related to Business Combination closing and a $0.1 million increase in insurance expenses. These increases were partially offset by a $0.2 million decrease in share-based compensation. The net loss widened to $0.9 million compared to $0.6 million in Q3 2023.
Thunder Power Holdings (Nasdaq: AIEV) reported its Q2 2024 unaudited financial results. Key highlights include:
- Zero revenues, unchanged from Q2 2023
- Operating expenses increased to $1.3 million from $0.7 million, mainly due to a one-time $1.0 million share-based compensation expense
- Net loss of $1.3 million, up from $0.7 million in Q2 2023
Recent developments:
- Completed business combination with Feutune Light Acquisition on June 21, 2024
- Entered into a $100 million Common Stock Purchase Agreement with Westwood Capital Group on August 20, 2024
Thunder Power Holdings, Inc. (Nasdaq: AIEV) has entered into a $100 million committed equity facility agreement. This 36-month facility gives Thunder Power the right, but not the obligation, to issue and sell up to $100 million in newly issued common stock shares. The company has full control over the timing and amount of any drawdowns, subject to certain conditions. Proceeds from the facility, if utilized, will be used for working capital and general corporate purposes.
The agreement is subject to SEC registration of the shares for resale. Thunder Power emphasizes that this announcement is for informational purposes only and does not constitute an offer to sell securities. The company plans to file a registration statement with the SEC for the shares issuable under the facility.
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