Phoenix Motor Inc. Files Q3 2024 10-Q

TL;DR

Phoenix Motor Inc. 10-Q filed: Q3 2024 financials out, check for EV truck updates.

AI Summary

Phoenix Motor Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which is involved in the truck and bus bodies industry. Specific financial figures and operational highlights are presented within the report.

Why It Matters

This filing provides investors and stakeholders with the latest financial health and operational status of Phoenix Motor Inc., crucial for understanding the company's trajectory in the electric vehicle sector.

Risk Assessment

Risk Level: medium — As a company in the manufacturing sector, particularly with a focus on electric vehicles, Phoenix Motor Inc. faces inherent market, technological, and regulatory risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (The 10-Q covers financial and operational data up to this date.)
• 2025-02-12 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Phoenix Motor Inc. (company) — Filer of the 10-Q
• 0001879848 (company) — Central Index Key for Phoenix Motor Inc.
• 20240930 (date) — End of reporting period for the 10-Q
• 20250212 (date) — Filing date of the 10-Q
• 3713 (industry_code) — Standard Industrial Classification for Truck & Bus Bodies

FAQ

Key Financial Figures

• $0.0004 — ch Registered Common Stock, par value $0.0004 per share PEV The Nasdaq Stock Mark
• $3,575, m — ch 1 transferred assets is made of: (i) $3,575, minus (ii) any payments received by the G
• $2,175, m — ch 2 transferred assets is made of: (i) $2,175, minus (ii) any payments received by the G

Filing Documents

• form10-q.htm (10-Q) — 1004KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32.htm (EX-32) — 10KB
• 0001493152-25-006005.txt ( ) — 5899KB
• pev-20240930.xsd (EX-101.SCH) — 52KB
• pev-20240930_cal.xml (EX-101.CAL) — 79KB
• pev-20240930_def.xml (EX-101.DEF) — 217KB
• pev-20240930_lab.xml (EX-101.LAB) — 403KB
• pev-20240930_pre.xml (EX-101.PRE) — 318KB
• form10-q_htm.xml (XML) — 764KB

Interim Financial Statements

Item 1. Interim Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 F-1 Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 F-2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Three and Nine Months Ended September 30, 2024 and 2023 F-3 Unaudited Condensed Consolidated Statements of Cash Flows for the Three and Nine Months Ended September 30, 2024 and 2023 F-4 Notes to Unaudited Condensed Consolidated Financial Statements F-5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 3

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 12

Controls and Procedures

Item 4. Controls and Procedures 12 Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 13

Risk Factors

Item 1A. Risk Factors 13

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 15

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 15

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 15

Other Information

Item 5. Other Information. 15

Exhibits

Item 6. Exhibits 15

Signatures

Signatures 16 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) (Unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 279 $ 31 Restricted cash - 3,252 Accounts receivable, net 5,592 451 Inventories 45,144 1,796 Prepaid expenses and other current assets, net 1,203 356 Amount due from a related party 23 130 Battery lease receivables 5,855 - Total current assets 58,096 6,016 Property and equipment, net 4,114 1,119 Operating lease right-of-use assets 1,944 - Net investment in leases 76 230 Goodwill - 4,271 Total assets $ 64,230 $ 11,636 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,156 $ 3,529 Accrued liabilities 5,414 926 Advance from customers, current 5,422 167 Deferred revenue 347 362 Warranty reserve, current 3,649 289 Lease liabilities, current 2,675 1,303 Amounts due to a related party - 863 Short-term borrowing 1,239 961 Warrant liability 2,103 - Derivative liability 237 1,156 Income tax payable 736 - Convertible notes, current 1,533 1,320 Long-term borrowing, current 10 5 Total current liabilities 26,521 10,881 Lease liabilities, noncurrent 2,838 2,696 Warranty reserve, noncurrent 10,699 - Advance from customers, noncurrent 1,885 2,214 Convertible notes, noncurrent - 540 Long-term borrowings 141 144 Deferred tax liabilities 7,240 - Total liabilities $ 49,324 16,475 Commitments and contingencies (Note 16) - - Equity: Common stock, par $ 0.0004 , 450,000,000 shares authorized, 37,169,420 and 21,900,918 shares issued and outstanding as of September 30, 2024, and December 31, 2023, respectively 15 9 Additional paid-in capital 49,962 44,359 Accumulated deficit ( 35,071 ) ( 49,207 ) T

Business

Business combinations are recorded using the acquisition method of accounting and, accordingly, the acquired assets and liabilities are recorded at their fair market value at the date of acquisition. Any excess of acquisition cost over the fair value of the acquired assets and liabilities, including identifiable intangible assets, is recorded as goodwill. The Group charges acquisition-related costs that are not part of the purchase price consideration to general and administrative expenses as they are incurred. Those costs typically include transaction and integration costs, such as legal, accounting, and other professional fees. F-7 According to Business Combination (Topic 805) the Group performs a screen test to evaluate whether a transaction should be accounted for as an acquisition and/or disposal of a business versus assets. In order for a purchase to be considered an acquisition of a business, and receive business combination accounting treatment, the set of transferred assets and activities must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. (e) Fair Value Measurement The Group measures at fair value certain of its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are: Level 1 — Quoted market prices in active markets for identical assets

View Full Filing

View this 10-Q filing on SEC EDGAR