ANAHEIM, Calif.–(BUSINESS WIRE)–Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leader in manufacturing of all-electric, medium-duty vehicles, today announced its unaudited results for the fourth quarter and full year ended December 31, 2022. The audited financial statements for the year ended December 31, 2022 will be publicly filed by March 31, 2023.
Financial Highlights for the Fourth Quarter of 2022
Financial Highlights for the Years Ended December 31
Recent Company Highlights
1 The financial statements for the fourth quarter and full year ended December 31, 2022 herein the press release have not been audited or reviewed by the Company’s independent registered accounting firm. The audited financial statements for the year ended December 31, 2022 to be disclosed in the Company’s Form 10-K may have discrepancies with the above-mentioned unaudited and unreviewed financial statements.
“The commencement of production for our fourth-generation vehicles, as well as the expectation to achieve first delivery during the summer of 2023, is an exciting milestone for Phoenix,” Phoenix’s CEO, Dr. Lance Zhou commented. “We are executing on time and on budget and have built a strong order book for our Gen 4 vehicles. Our latest vehicle development provides a number of advantages compared with prior generations, such as lower costs and the ability to achieve mass production and is the bridge to our Gen 5 ground-up chassis vehicles, which will enable the Company to achieve chassis independence and is expected to begin production and sales during 2024.”
Start of Production of Gen 4 Vehicles this Summer
In the summer of 2023, Phoenix anticipates the start of production of its fourth generation vehicles for the medium-duty EV market. The Gen 4 development will provide several advantages versus our current Gen 3 models, specifically:
Gen 5 Will Offer Chassis Independence in 2024
Design, development and production planning for Phoenix’s Gen 5 vehicles will leverage on Phoenix’s experience and benefit from the development of its Gen 4 line of vehicles. Unique highlights of Gen 5 are expected to include:
EdisonFuture: The Platform for Growth in 2025 and Beyond
Phoenix continues to make progress in the design and development of its EdisonFuture line of light-duty electric vehicles. This product line is anticipated to provide the market with both consumer and commercial pick-up trucks, SUVs and delivery vans. The development of EdisonFuture will, much like Gen 5, benefit greatly from the development of prior generations, which will further lower costs and speed time-to-market.
Conference Call Information
Phoenix Motor will host a conference call today at 5:00 PM ET to discuss these results. Interested investors and other parties may access a live webcast of the conference call which will be available on the Events and Presentations page on the Investor Relations section of Phoenix’s website at https://phoenixmotorcars.com/investor-relations/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (888) 660-6373 or for international callers (929) 203-1975 and referencing Phoenix Motorcars.
An archive of the webcast will be available after the call on the Events and Presentations page on the Investor Relations section of Phoenix’s website, along with Company’s earnings press release.
About Phoenix Motor Inc.
Phoenix Motor Inc., a pioneer in the electric vehicle (“EV”) industry, designs, builds, and integrates electric drive systems and light and medium duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets. Phoenix operates two primary brands, “Phoenix Motorcars”, which is focused on commercial products including medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others), electric vehicle chargers and electric forklifts, 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. For more information, please visit: www.phoenixmotorcars.com.
Forward-Looking Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. No assurance can be given that the net proceeds of the Offering will be used as indicated. Forward-looking statements are no guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the Company’s product development timeline and expected start of production; development of competitive trucks and vans manufactured and sold by the Company’s competitors and major industry vehicle companies; the Company’s ability to scale in a cost-effective manner; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks contained in the Offering prospectus and reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, including those set forth in the Risk Factors section of the Company’s registration statement and Offering prospectus, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Phoenix Motor, Inc.
Unaudited Consolidated Statement of Operations
For the Year Ended December 31, 2022 and December 31, 2021
(Dollars in thousands, except per share data)
Year Ended
Year ended
December 31,
December 31,
2022
2021
Net revenues
$
4,330
$
2,977
Cost of revenues
3,510
3,540
Gross profit (loss):
820
(563
)
Operating expenses:
Selling, general and administrative
13,970
13,750
Operating loss
(13,150
)
(14,313
)
Other income (expense):
Interest expense, net
(7
)
(3
)
Others
461
(287
)
Total other income (expense), net
454
(290
)
Loss before income taxes
(12,696
)
(14,603
)
Income tax provision
(9
)
(11
)
Net loss
$
(12,705
)
$
(14,614
)
Net loss per share of common stock:
Basic and Diluted
$
(0.65
)
(0.84
)
Weighted average shares outstanding
19,664,273
17,500,000
Phoenix Motor, Inc.
Unaudited Consolidated Balance Sheet
As of December 31, 2022, and December 31, 2021
December 31,
December 31,
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
139
$
2,683
Accounts receivable, net
1,510
1,201
Inventories
4,560
2,225
Prepaid expenses and other current assets
1,344
528
Amount due from related party
168
—
Total current assets
7,721
6,637
Restricted cash, noncurrent
250
—
Property and equipment, net
2,492
2,205
Security deposits
208
—
Right-of-use assets
3,797
—
Intangible assets, net
1,704
2,323
Goodwill
4,271
4,271
Total assets
$
20,443
$
15,436
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
1,359
$
1,786
Accrued liabilities
650
779
Advance from customers
1,230
803
Deferred income
503
714
Warranty reserve
325
360
Lease liabilities – current portion
719
—
Long-term borrowing, current portion
3
10
Total current liabilities
4,789
4,452
Lease liabilities – non-current portion
3,225
—
Long-term borrowings
147
756
Total liabilities
8,161
5,208
Commitments and contingencies
Equity:
Common stock, par $0.0004, 450,000,000 shares authorized, 20,277,046 and 17,500,000 shares issued and outstanding as of December 31, 2022 and 2021, respectively
8
7
Subscription receivable
—
(7
)
Additional paid-in capital
40,836
26,085
Accumulated deficit
(28,562
)
(15,857
)
Total stockholders’ equity
12,282
10,228
Total liabilities and stockholders’ equity
$
20,443
$
15,436
Investor Relations Contacts:
Mark Hastings, SVP & Head of Investor Relations
Sioban Hickie, ICR Inc.
PhoenixIR@icrinc.com
Phoenix Motor Inc. Announces Unaudited Fourth Quarter and Full Year 2022 Financial Results
Investor Relations Contacts:
Mark Hastings, SVP & Head of Investor Relations
Sioban Hickie, ICR Inc.
PhoenixIR@icrinc.com
