American Marconi Wireless News - Phoenix Motor Reports Revenue Up 1,557% Year-over-Year to $4.77M for Third Quarter of 2024

Third Quarter 2024 Financial Highlights

• Revenue increased 1,557% to $4.77 million, up from $0.18 million in Q3 2023

• Gross profit increased to $1.12 million, up from a gross loss of $5,000 in Q3 2023

• Net loss was $5.59 million compared to a net loss of $2.71 million in Q3 2023

• Cash and cash equivalents were $0.3 million as of September 30, 2024, up from $31,000 on December 31, 2023

• Net accounts receivables increased to $5.59 million as of September 30, 2024, up from $0.45 million on December 31, 2024

• Total equity increased to $14.90 million as of September 30, 2024, up from negative equity of $4.84 million on December 31, 2023

Third Quarter and Recent Company Highlights

• Delivered five 40' ZX5 battery electric buses in May 2024 for the University of California, Irvine (UCI)

• Appointed Tony Zhou as Chief Technology Officer; Zhou brings more than 20 years of expertise in autonomous driving and artificial intelligence

• Launched strategic initiative to develop autonomous electric vehicles tailored for the food and beverage delivery industry, including pilot project in collaboration with a Silicon Valley-based food delivery service

• Partnered with the American Public Transportation Association (APTA), the nation's largest public transportation association, giving it access to a network of industry leaders, advocacy resources, and opportunities to collaborate on the future of public transportation

• Partnered with Bay Area Founders Club to advance AI development in Silicon Valley

"Phoenix Motor's strong revenue growth this quarter underscores the momentum we are building as we expand our market presence and execute on our strategic initiatives," said Denton Peng, CEO of Phoenix Motor. "The successful integration of our transit segment and key partnerships in AI and autonomous vehicle technology position us well for future opportunities. We are making meaningful progress in scaling our operations, enhancing innovation, and driving long-term value. With a growing demand for sustainable transportation solutions, we remain confident in Phoenix Motor's ability to capture market share and advance our mission of electrifying the future."

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:
[email protected]

Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
[email protected]

SOURCE: Phoenix Motor Inc.

View the original press release on ACCESS Newswire

Y.Nakamura--AMWN