Phoenix Motor Inc. Files Q1 2024 10-Q Amendment

TL;DR

Phoenix Motor Inc. amended its Q1 2024 10-Q, updating financial details for common stock and retained earnings.

AI Summary

Phoenix Motor Inc. filed an amended 10-Q for the period ending March 31, 2024, on February 10, 2025. The filing details financial information including common stock, additional paid-in capital, and retained earnings for various periods in 2022, 2023, and 2024. Specific dollar amounts for these accounts are provided for the quarters ending March 31, 2023, and March 31, 2024, as well as year-end 2022 and 2023.

Why It Matters

This amended filing provides updated financial data for Phoenix Motor Inc., crucial for investors and analysts assessing the company's financial health and performance in early 2024.

Risk Assessment

Risk Level: low — This is a routine amendment to a quarterly filing, primarily updating financial statement details without indicating new material events.

Key Numbers

• Q1 2024 — Reporting Period (The amended quarterly period covered by the filing.)
• 2022-12-31 — Year-End Date (Financial data provided for this period.)
• 2023-12-31 — Year-End Date (Financial data provided for this period.)

Key Players & Entities

• Phoenix Motor Inc. (company) — Filer of the 10-Q/A
• 0001493152-25-005634 (accession_number) — Unique identifier for the filing
• 20250210 (date) — Filing date of the amendment
• 20240331 (date) — Period of report for the 10-Q

FAQ

Key Financial Figures

• $0.0004 — ch Registered Common Stock, par value $0.0004 per share PEV The Nasdaq Stock Mark

Filing Documents

• form10-qa.htm (10-Q/A) — 919KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32.htm (EX-32) — 11KB
• 0001493152-25-005634.txt ( ) — 6011KB
• pev-20240331.xsd (EX-101.SCH) — 56KB
• pev-20240331_cal.xml (EX-101.CAL) — 82KB
• pev-20240331_def.xml (EX-101.DEF) — 204KB
• pev-20240331_lab.xml (EX-101.LAB) — 405KB
• pev-20240331_pre.xml (EX-101.PRE) — 330KB
• form10-qa_htm.xml (XML) — 803KB

Interim Financial Statements

Item 1. Interim Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 (As Restated) F-1 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024, and 2023 (As Restated) F-2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024, and 2023 (As Restated) F-3 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024, and 2023 (As Restated) F-4 Notes to Unaudited Condensed Consolidated Financial Statements (As Restated) F-5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (As Restated) 3

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 11

Controls and Procedures

Item 4. Controls and Procedures 11 Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 12 Item 1A. Risk Factors 12

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 14

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 14

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 14

Other Information

Item 5. Other Information. 14

Exhibits

Item 6. Exhibits 14

Signatures

Signatures 15 2 PART I - FINANCIAL INFORMATION Item 1. Interim Financial Statements PHOENIX MOTOR INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data) March 31, 2024 December 31, 2023 (Unaudited) (As Restated) ASSETS Current assets: Cash and cash equivalents $ 2,796 $ 31 Restricted cash — 3,252 Accounts receivable, net 4,974 451 Inventories 56,216 1,796 Prepaid expenses and other current assets, net 633 356 Amount due from a related party 84 130 Assets held-for-sale 6,370 — Total current assets 71,073 6,016 Property and equipment, net 5,054 1,119 Operating lease right-of-use assets 2,431 — Net investment in leases 176 230 Goodwill — 4,271 Total assets $ 78,734 $ 11,636 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,629 $ 3,529 Accrued liabilities 1,781 926 Advance from customers, current 733 167 Deferred income 357 362 Warranty reserve, current 4,222 289 Lease liabilities, current 2,296 1,303 Amounts due to a related party 178 863 Short-term borrowing 4,262 961 Warrant liability 7,098 — Derivative liability 1,070 1,156 Convertible note, current 2,910 1,320 Income tax payable 4,943 — Long-term borrowing, current 6 5 Total current liabilities 32,485 10,881 Lease liabilities, noncurrent 3,883 2,696 Warranty reserve, noncurrent 10,796 — Advance from customers, noncurrent 2,066 2,214 Convertible notes, noncurrent — 540 Long-term borrowings 143 144 Deferred tax liabilities 12,787 — Total liabilities $ 62,160 16,475 Commitments and contingencies (Note 16) - - Equity: Common stock, par $ 0.0004 , 450,000,000 shares authorized, 34,452,220 and 21,900,918 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively 14 9 Additional paid-in capital 48,993 44,359 Accumulated deficit ( 32,433 ) ( 49,207

View Full Filing

View this 10-Q/A filing on SEC EDGAR