Phoenix Motor Reschedules Q1 Earnings Call to September 9

Rhea-AI Summary

Phoenix Motor Inc. (Nasdaq: PEV) has rescheduled its Q1 2024 earnings call to September 9, 2024, at 4:30 p.m. ET. The company reiterates its guidance for record revenue of $9.4 million in Q1 2024, surpassing the previously issued range of $8-9 million. This represents a significant increase from the $1.8 million recorded in Q1 2023, which was the previous record quarter. Phoenix Motor, a leading manufacturer of heavy-duty transit buses and electrification solutions provider, also expects to report record gross profit and net income for Q1 2024. The earnings call will be accessible via phone and webcast, with a replay available until September 23, 2024.

Positive

• Record revenue of $9.4 million expected for Q1 2024, exceeding previous guidance
• Significant revenue increase from $1.8 million in Q1 2023 to $9.4 million in Q1 2024
• Record gross profit and net income anticipated for Q1 2024

Negative

• None.

Financial Analyst

Phoenix Motor's preliminary Q1 2024 results are extremely impressive. The company is projecting $9.4 million in revenue, a staggering 422% increase from Q1 2023. This substantial growth suggests a significant uptick in demand for their electric vehicles and electrification solutions. The fact that they're expecting record gross profit and net income indicates improved operational efficiency and potentially higher margins. However, investors should exercise caution. The electric vehicle market is highly competitive and sustaining such rapid growth may be challenging. It's important to see the full financial report to understand the drivers behind this growth and assess its sustainability.

Market Research Analyst

The rescheduling of the earnings call to September 9 is intriguing. While delays can sometimes raise red flags, Phoenix Motor's reiteration of record revenue guidance suggests confidence in their results. The electric vehicle sector, particularly in the medium and heavy-duty segments, is experiencing robust growth. Phoenix's performance could indicate they're successfully capitalizing on this trend. Investors should watch for key metrics like order backlog, production capacity and any updates on market share during the earnings call. These factors will be important in determining whether this quarter's performance is a one-off or the beginning of a sustained growth trajectory.

Tech Expert

Phoenix Motor's focus on heavy-duty transit buses and medium-duty vehicle electrification positions them well in a rapidly evolving market. The significant revenue jump likely indicates successful product launches or major contract wins. Key areas to monitor include their technology advancements, particularly in battery efficiency and charging solutions. The transition to electric vehicles in the commercial and public transport sectors is gaining momentum, driven by environmental regulations and cost-efficiency considerations. Phoenix's ability to innovate and scale will be critical. Investors should look for details on R&D investments, partnerships and the company's roadmap for expanding their product line during the upcoming earnings call.

The Company reiterates its record revenue guidance for Q1 2024

ANAHEIM, CA / ACCESSWIRE / August 14, 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 Monday, September 9, 2024, at 4:30 p.m. ET.

Event:	Phoenix Motor First Quarter 2024 Financial Results Conference Call
Date:	Monday, September 9, 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 September 23, 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 $8-9 million.

When is Phoenix Motor (PEV) scheduled to hold its Q1 2024 earnings call?

Phoenix Motor (PEV) has rescheduled its Q1 2024 earnings call to Monday, September 9, 2024, at 4:30 p.m. ET.

How does Phoenix Motor's Q1 2024 expected 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 other financial metrics does Phoenix Motor (PEV) expect to report for Q1 2024?

In addition to record revenue, Phoenix Motor (PEV) expects to report record gross profit and record net income for Q1 2024.