Phoenix Motor Reschedules Q1 Earnings Call to October 3

Rhea-AI Summary

Phoenix Motor Inc. (NASDAQ:PEV), a manufacturer of heavy-duty transit buses and electrification solutions provider, has rescheduled its Q1 2024 earnings call to October 3, 2024. The company reiterated its guidance for Q1 2024, expecting to report record revenue of $9.4 million, surpassing the previous guidance of $8-9 million. This represents a significant increase from the $1.8 million recorded in Q1 2023. Phoenix Motor also anticipates reporting record gross profit and net income for Q1 2024.

The earnings call is scheduled for October 3, 2024, at 4:30 p.m. ET. Interested parties can join via phone or webcast. A replay of the call will be available until October 17, 2024.

Positive

• Expected record revenue of $9.4 million for Q1 2024, exceeding previous guidance
• Significant revenue increase from $1.8 million in Q1 2023 to $9.4 million in Q1 2024
• Anticipated record gross profit for Q1 2024
• Projected record net income for Q1 2024

Negative

• None.

Insights

Financial Analyst

Phoenix Motor's Q1 2024 guidance is remarkably positive, signaling a substantial turnaround. The projected $9.4 million revenue represents a staggering 422% year-over-year increase from Q1 2023. This dramatic growth suggests the company's strategic initiatives in the EV sector are gaining significant traction.

The anticipated record gross profit and net income indicate improved operational efficiency and potentially higher margins. This could be due to economies of scale, better cost management, or a shift towards higher-margin products. For a small-cap company ($14.4 million market cap), such rapid growth could attract investor attention and potentially lead to a re-evaluation of the company's valuation.

However, investors should exercise caution. The company's ability to sustain this growth rate and translate it into consistent profitability will be crucial. It's also important to consider the broader EV market conditions, potential supply chain challenges and the company's cash position to fund future growth.

Market Research Analyst

The EV market, particularly in the medium and heavy-duty vehicle segment, is showing signs of accelerated adoption. Phoenix Motor's impressive growth aligns with this trend, potentially indicating they're capturing a significant market share in their niche.

The 422% year-over-year revenue growth far outpaces the overall EV market growth, suggesting Phoenix Motor might be outperforming competitors or benefiting from specific contracts or market segments. This could position them as a potential leader in the electrification of commercial fleets.

Investors should watch for details on order backlog, customer diversification and product mix in the upcoming earnings call. These factors will be important in assessing the sustainability of this growth trajectory and the company's long-term competitive position in the rapidly evolving EV landscape.

ANAHEIM, CA / ACCESSWIRE / September 23, 2024 / Phoenix Motor Inc. (NASDAQ:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today reiterated its guidance for the first quarter of 2024. The Company expects to report a record $9.4 million in revenue for the first quarter, exceeding the previously issued guidance range of $8 million to $9 million. The record quarterly revenue represents a significant increase from the $1.8 million recorded in the first quarter of 2023, which was the company's previous record revenue quarter. Phoenix Motor also expects to report record gross profit and record net income for the first quarter of 2024.

Updated Q1 2024 Conference Call Details:

The Company has rescheduled its first quarter 2024 earnings call to Thursday, October 3, 2024, at 4:30 p.m. ET.

Event:	Phoenix Motor First Quarter 2024 Financial Results Conference Call
Date:	Thursday, October 3, 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 October 17, 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 Motor Inc.

View the original press release on accesswire.com

FAQ

What is Phoenix Motor's (PEV) expected revenue for Q1 2024?

Phoenix Motor (PEV) expects to report record revenue of $9.4 million for Q1 2024, exceeding their previous guidance range of $8 million to $9 million.

When is Phoenix Motor (PEV) holding its Q1 2024 earnings call?

Phoenix Motor (PEV) has rescheduled its Q1 2024 earnings call to Thursday, October 3, 2024, at 4:30 p.m. ET.

How does Phoenix Motor's (PEV) Q1 2024 revenue compare to Q1 2023?

Phoenix Motor's expected Q1 2024 revenue of $9.4 million represents a significant increase from the $1.8 million recorded in Q1 2023, which was the company's previous record revenue quarter.

What financial records does Phoenix Motor (PEV) expect to set in Q1 2024?

Phoenix Motor (PEV) expects to report record revenue, record gross profit, and record net income for the first quarter of 2024.