Phoenix Motor Expects to Exceed its Previously Issued Record Revenue Guidance for Q1 2024
Phoenix Motor has updated its guidance for Q1 2024, expecting record revenue of $9.4 million, surpassing the previous guidance of $8 million to $9 million. This marks a substantial increase from the $1.8 million recorded in Q1 2023.
The company also anticipates reporting record gross profit and net income for the quarter.
The first quarter's performance was driven by the acquisition of Proterra's Transit business, which added heavy-duty transit buses to Phoenix's product lineup and boosted overall results despite filing requirement delays.
The Q1 earnings call has been rescheduled to August 15, 2024 at 4:30 p.m. ET.
- Record revenue of $9.4 million expected for Q1 2024.
- Significant increase from $1.8 million in Q1 2023.
- Expected record gross profit and net income for Q1 2024.
- Acquisition of Proterra's Transit business enhancing product line and driving performance.
- Delays related to filing requirements due to the acquisition.
Insights
Phoenix Motor's updated guidance for the first quarter of 2024 is noteworthy, indicating
From a financial perspective, the significant jump in revenue highlights the effectiveness of the company's expansion strategies, including the transformative acquisition of Proterra's Transit business. This acquisition appears to be a driving factor behind the substantial year-over-year improvement, indicating a solid integration and utilization of newly acquired assets.
However, investors should be cautious about the potential risks associated with unexpected delays in filing requirements. Although the company is working diligently to complete the quarterly filing with the SEC, delays can sometimes signal underlying operational challenges. It's important for investors to monitor the situation closely and ensure timely compliance in future quarters to maintain confidence.
Additionally, the scheduled Q1 earnings call on August 15 will be an important event for shareholders to gain deeper insights into the financial performance and strategic direction of the company. Investors should pay attention to details on profitability, margin improvements and any guidance for the upcoming quarters.
The strong revenue growth reported by Phoenix Motor is a positive indicator for the company’s future potential in the heavy-duty and medium-duty electrification markets. The acquisition of Proterra's Transit business and battery lease portfolio has evidently bolstered Phoenix Motor’s product offerings, potentially leading to greater market share and competitiveness.
From a market perspective, the increased adoption of electric vehicles (EVs), supported by government incentives and a global shift towards sustainability, provides a favorable backdrop for Phoenix Motor's growth. Their ability to integrate and leverage Proterra’s assets efficiently will be key to capturing more market opportunities and achieving long-term growth.
However, it is also essential for investors to consider the competitive landscape and technological advancements in the EV sector. Phoenix Motor must continually innovate and streamline its operations to stay ahead of competitors. The upcoming earnings call will likely shed light on their strategic initiatives and market positioning, providing valuable information for future investment decisions.
The Company has rescheduled its Q1 earnings call to August 15
ANAHEIM, CA / ACCESSWIRE / July 11, 2024 / Phoenix Motor Inc. (NASDAQ:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced updated guidance for the first quarter of 2024. The Company now expects to report a record
"Our record first quarter performance underscores the strength and scalability of our business model," said Denton Peng, CEO of Phoenix Motor. "The transformative acquisition of Proterra's Transit business and battery lease portfolio during the first quarter, which added heavy-duty transit buses to Phoenix's existing product line of medium-duty shuttle and school buses, has been a key driver behind our substantial year-over-year performance improvements, but has also led to unexpected delays related to our filing requirements. Our team is working diligently to complete our quarterly filing with the SEC, and we anticipate the process will be completed soon."
Updated Q1 2024 Conference Call Details:
The Company has rescheduled its first quarter 2024 earnings call to Thursday, August 15, 2024, at 4:30 p.m. ET.
Event: | Phoenix Motor First Quarter 2024 Financial Results Conference Call |
Date: | Thursday, August 15, 2024 |
Time: | 4:30 p.m. Eastern Time |
Live Call: | +1-877-407-9039 (U.S. Toll-Free) or +1-201-689-8470 (International) |
Webcast (audio only) | https://viavid.webcasts.com/starthere.jsp?ei=1672558&tp_key=9373f16cb7 |
Conf. ID: | 13747425 |
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until August 29, 2024 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13747425.
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, "PhoenixEV", 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: www.phoenixmotorcars.com.
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:
marketing@phoenixmotorcars.com
Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
PEV@redchip.com
SOURCE: Phoenix Motorcars Inc.
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