PHOENIX MOTOR INC. SEC 10-Q Report

Phoenix Motor Inc., a leading manufacturer of electric vehicles (EVs) and transit buses, has released its Form 10-Q report for the first quarter of 2025. The report provides a comprehensive overview of the company's financial performance and operational highlights, reflecting both challenges and strategic initiatives aimed at future growth.

Financial Highlights

Revenues: Phoenix Motor Inc. reported revenues of $4.4 million, a decrease of 53% from the previous year. This decline was primarily due to a reduction in transit bus sales.

Gross Profit: The company achieved a gross profit of $1.4 million, with a gross margin of 30.9%. This represents an increase from the previous year's margin of 26.6%, driven by higher margins on EV and transit bus sales.

Operating Loss: The operating loss for the quarter was $(1.9) million, an improvement from a loss of $(10.4) million in the previous year. This improvement was largely due to reduced selling, general, and administrative expenses.

Net (Loss) Income: The company reported a net loss of $(3.6) million, compared to a net income of $16.8 million in the previous year. The significant change was influenced by the absence of a prior year's bargain purchase gain.

Net (Loss) Income Per Share - Basic: The net loss per share was $(0.09), compared to $0.55 in the previous year, reflecting the overall decrease in net income.

Business Highlights

Revenue Segments: Phoenix Motor Inc. reported revenue from various segments, including sales of transit buses, EVs, parts, service revenue, lease of EVs, and sales of forklifts. The sales of transit buses were the largest contributor, followed by sales of EVs and parts.

Sales Units: As of March 31, 2025, the company delivered a total of 140 EVs to more than 48 customers, marking a significant deployment of Class 4 cutaway medium-duty electric shuttle buses in the U.S. Additionally, 34 transit buses were delivered to various customers following the acquisition of the Proterra transit business unit.

New Product Launches: In 2024, Phoenix Motor Inc. released its fourth generation (Gen 4) drivetrain, which has allowed for substantially higher production volumes and significant cost reduction.

Future Outlook: The company plans to continue pursuing strategies to improve liquidity and raise additional funds while implementing various measures to cut costs. This includes driving operational integration under the 'ONE Phoenix' initiative, re-aligning operating units, and right-sizing the workforce. The company also aims to expand and strengthen strategic partnerships to outsource a significant portion of design and engineering work.

SEC Filing: PHOENIX MOTOR INC. [ PEV ] - 10-Q - Jun. 27, 2025