Phoenix Motor Reports Record $12M Revenue for Second Quarter of 2024
Phoenix Motor (NASDAQ:PEV) reported strong Q2 2024 financial results with revenue surging 937% to $12.03 million from $1.16 million in Q2 2023. Gross profit improved to $1.83 million from a loss of $0.06 million, while net loss decreased to $2.26 million from $3.18 million year-over-year. The company delivered five electric buses to UC Irvine and secured a contract for four buses with UC San Diego. Cash position strengthened to $1.40 million, and total equity reached $21.86 million. The company also appointed new COO and CFO, while successfully negotiating a waiver eliminating a potential $12 million convertible note issuance.
Phoenix Motor (NASDAQ:PEV) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un aumento dei ricavi del 937%, che sono saliti a 12,03 milioni di dollari rispetto a 1,16 milioni di dollari nel secondo trimestre del 2023. Il profitto lordo è migliorato a 1,83 milioni di dollari, rispetto a una perdita di 0,06 milioni di dollari, mentre la perdita netta è diminuita a 2,26 milioni di dollari, rispetto ai 3,18 milioni di dollari dell'anno scorso. L'azienda ha consegnato cinque autobus elettrici all'UC Irvine e ha ottenuto un contratto per quattro autobus con l'UC San Diego. La posizione di cassa è migliorata a 1,40 milioni di dollari, mentre il patrimonio totale ha raggiunto 21,86 milioni di dollari. L'azienda ha anche nominato un nuovo COO e CFO, negoziando con successo una deroga che elimina un'emissione potenziale di note convertibili da 12 milioni di dollari.
Phoenix Motor (NASDAQ:PEV) reportó resultados financieros sólidos en el segundo trimestre de 2024, con ingresos que aumentaron un 937%, alcanzando 12,03 millones de dólares en comparación con 1,16 millones de dólares en el segundo trimestre de 2023. La ganancia bruta mejoró a 1,83 millones de dólares, frente a una pérdida de 0,06 millones de dólares, mientras que la pérdida neta disminuyó a 2,26 millones de dólares desde 3,18 millones de dólares en el año anterior. La empresa entregó cinco autobuses eléctricos a UC Irvine y aseguró un contrato para cuatro autobuses con UC San Diego. La posición de efectivo se fortaleció a 1,40 millones de dólares y el patrimonio total alcanzó 21,86 millones de dólares. La compañía también nombró un nuevo COO y CFO, mientras que negociaba con éxito una exención que elimina una posible emisión de notas convertibles de 12 millones de dólares.
피닉스 모터 (NASDAQ:PEV)는 2024년 2분기 재무 결과가 매우 좋았으며, 매출이 937% 증가하여 1,203만 달러에 달한다고 보고했습니다. 2023년 2분기의 116만 달러에서 크게 증가한 수치입니다. 총 이익은 6만 달러의 손실에서 183만 달러로 개선되었고, 순손실은 지난해 318만 달러에서 226만 달러로 감소했습니다. 회사는 UC 어바인에 전기 버스 5대를 인도하고 UC 샌디에이고와 4대의 버스를 위한 계약을 체결했습니다. 현금 보유액은 140만 달러로 강화되었고, 총 자본금은 2,186만 달러에 도달했습니다. 회사는 새로운 COO 및 CFO를 임명했으며, 1,200만 달러의 전환 사채 발행 가능성을 없애는 면제를 성공적으로 협상했습니다.
Phoenix Motor (NASDAQ:PEV) a annoncé de solides résultats financiers pour le deuxième trimestre 2024, avec des revenus en forte hausse de 937 %, atteignant 12,03 millions de dollars contre 1,16 million de dollars au deuxième trimestre 2023. Le bénéfice brut s'est amélioré à 1,83 million de dollars, comparé à une perte de 0,06 million de dollars, tandis que la perte nette a diminué à 2,26 millions de dollars, contre 3,18 millions de dollars l'année précédente. L'entreprise a livré cinq autobus électriques à UC Irvine et a obtenu un contrat pour quatre autobus avec UC San Diego. La position de trésorerie s'est renforcée à 1,40 million de dollars et les capitaux propres totaux ont atteint 21,86 millions de dollars. L'entreprise a également nommé un nouveau COO et CFO et a négocié avec succès une dérogation éliminant une émission potentielle de billets convertibles de 12 millions de dollars.
Phoenix Motor (NASDAQ:PEV) hat starke finanzielle Ergebnisse für das zweite Quartal 2024 gemeldet, mit einem Umsatzanstieg von 937 % auf 12,03 Millionen Dollar, gegenüber 1,16 Millionen Dollar im zweiten Quartal 2023. Der Bruttogewinn verbesserte sich auf 1,83 Millionen Dollar, verglichen mit einem Verlust von 0,06 Millionen Dollar, während der Nettoverlust auf 2,26 Millionen Dollar von 3,18 Millionen Dollar im Vorjahr sank. Das Unternehmen lieferte fünf Elektrobusse an die UC Irvine und sicherte sich einen Vertrag über vier Busse mit der UC San Diego. Die Liquidität verbesserte sich auf 1,40 Millionen Dollar und das Gesamteigenkapital erreichte 21,86 Millionen Dollar. Das Unternehmen ernannte auch einen neuen COO und CFO und verhandelte erfolgreich einen Verzicht, der die potenzielle Emission von wandelbaren Schuldscheinen in Höhe von 12 Millionen Dollar ausschließt.
- Revenue increased 937% YoY to $12.03M in Q2 2024
- Gross profit improved to $1.83M from previous loss
- Net loss reduced by 29% to $2.26M
- Cash position improved to $1.40M from $0.03M
- Total equity increased to $21.86M from negative $4.84M
- Secured new contract with UC San Diego for four electric buses
- Successfully eliminated $12M potential convertible note issuance
- Company still operating at a net loss of $2.26M
- Low cash position of $1.40M relative to quarterly revenue
Insights
Phoenix Motor's Q2 2024 results showcase remarkable growth with revenue surging
The successful delivery of electric buses to UC Irvine and new contracts with UC San Diego demonstrate market validation and growing institutional adoption. The negotiated waiver eliminating a potential
The strategic pivot towards the transit segment is proving successful, with the company establishing a foothold in the educational institution market. The development of fourth-generation drivetrains for Class-4 vehicles indicates technological progression and market expansion beyond transit buses. The partnership with Bay Area Founders Club for AI development suggests forward-thinking adaptation to emerging technologies.
However, competition in the electric bus market is intensifying with established players like Proterra and BYD. Phoenix's relatively small market cap of
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 2023Gross profit increased to
$1.83 million , up from a gross loss of ($0.06) million in Q2 2023Net loss improved to
$2.26 million compared to a net loss of$3.18 million in Q2 2023Cash and cash equivalents were
$1.40 million as of June 30, 2024, up from$0.03 million on December 31, 2023Total 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 2023Partnered 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.
View the original press release on accesswire.com
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