Phoenix Motor Reports Q3 2024 Revenue Up Over 1,500% Y-o-Y to $4.77M

February 13, 2025

DENVER, Colo., Feb 13, 2025 (247marketnews.com)- Phoenix Motor (NASDAQ:PEV) reported its third quarter 2024 financial and operational results.

Phoenix Motor’s Q3 highlights include 1,557% revenue growth, from $0.18 million in Q3 2023 to $4.77 million. Gross profit surged to $1.12 million, from a slight gross loss in Q3 2023. Its Q3 net loss was $5.59 million, which was larger than the $2.71 million net loss in Q3 2023. Cash and cash equivalents grew from $31,000 at the end of 2023 to $0.3 million by September 30, 2024. Accounts receivable grew to $5.59 million from $0.45 million, signaling greater business activity and demand. Total equity improved substantially to $14.90 million, reversing from negative equity of $4.84 million at the end of 2023.

Denton Peng, Phoenix Motor’s CEO, stated, “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. 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.”

The key operational milestones included delivering Five 40′ ZX5 battery electric buses to UC Irvine. Tony Zhou was appointed Chief Technology Officer, bringing over two decades of experience in autonomous driving and AI. Phoenix launched a new initiative to develop autonomous electric vehicles designed for the food and beverage delivery industry.

reported its third quarter 2024 financial and operational results.

Phoenix Motor’s Q3 highlights include 1,557% revenue growth, from $0.18 million in Q3 2023 to $4.77 million. Gross profit surged to $1.12 million, from a slight gross loss in Q3 2023. Its Q3 net loss was $5.59 million, which was larger than the $2.71 million net loss in Q3 2023. Cash and cash equivalents grew from $31,000 at the end of 2023 to $0.3 million by September 30, 2024. Accounts receivable grew to $5.59 million from $0.45 million, signaling greater business activity and demand. Total equity improved substantially to $14.90 million, reversing from negative equity of $4.84 million at the end of 2023.

Denton Peng, Phoenix Motor’s CEO, stated, “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. 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.”

The key operational milestones included delivering Five 40′ ZX5 battery electric buses to UC Irvine. Tony Zhou was appointed Chief Technology Officer, bringing over two decades of experience in autonomous driving and AI. Phoenix launched a new initiative to develop autonomous electric vehicles designed for the food and beverage delivery industry.

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