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Thunder Power Holdings, Inc. Financials

AIEV
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Thunder Power Holdings, Inc. (AIEV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AIEV FY2025

External financing is covering operating cash burn as cash falls to $10K and leverage rises.

Between FY2024 and FY2025, net loss narrowed by about $383K while operating cash burn deepened by about $287K. That mismatch means the income statement looked slightly better even as the business consumed more day-to-day cash; with only cash on hand of $10K, FY2025 still needed external funding of $1.5M to bridge operations.

The current ratio looks passable, but it is not backed by cash: only $10K sat against $8.4M of current liabilities. Most short-term liquidity therefore sits in other current assets, so the apparent liquidity buffer depends on conversion or financing support rather than on an immediate cash cushion.

Even though SG&A spending fell from $2.5M to $1.9M, the balance-sheet cushion still weakened. Debt-to-equity rose from 1.1x to 1.7x as liabilities increased and equity fell, showing that cost cuts slowed losses but did not stop the capital base from being worn down.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating Thunder Power Holdings, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial
3/6

Thunder Power Holdings, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality
0.71x

For every $1 of reported earnings, Thunder Power Holdings, Inc. generates $0.71 in operating cash flow (-$1.5M OCF vs -$2.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
-$2.1M
YoY+15.3%

Thunder Power Holdings, Inc. reported -$2.1M in net income in fiscal year 2025. This represents an increase of 15.3% from the prior year.

EPS (Diluted)
$-0.04
YoY+33.3%

Thunder Power Holdings, Inc. earned $-0.04 per diluted share (EPS) in fiscal year 2025. This represents an increase of 33.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$10K
YoY-80.8%

Thunder Power Holdings, Inc. held $10K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
51M
YoY+0.0%

Thunder Power Holdings, Inc. had 51M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
-44.0%
YoY-5.6pp

Thunder Power Holdings, Inc.'s ROE was -44.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.6 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

AIEV Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $431K N/A $428K-14.9% $503K-33.3% $755K N/A $912K-32.3% $1.3M
Operating Income N/A N/A N/A N/A N/A N/A N/A N/A
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income -$494K N/A -$428K+15.0% -$504K+33.3% -$755K N/A -$912K+32.3% -$1.3M
EPS (Diluted) $-0.01 N/A $-0.010.0% $-0.01+50.0% $-0.02 N/A $-0.02+33.3% $-0.03

AIEV Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $13.2M-0.1% $13.2M-2.5% $13.5M-0.7% $13.6M+0.7% $13.5M-0.3% $13.6M+0.4% $13.5M-7.3% $14.6M
Current Assets $13.1M-0.1% $13.2M-2.5% $13.5M-0.7% $13.6M+0.7% $13.5M-0.5% $13.6M+0.5% $13.5M-7.3% $14.5M
Cash & Equivalents $9K-14.1% $10K-38.6% $16K-83.1% $97K+391.9% $20K-62.3% $53K+56.4% $34K-96.3% $921K
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $8.8M+5.7% $8.4M+1.1% $8.3M-1.0% $8.3M+7.7% $7.7M+10.2% $7.0M+1.2% $6.9M-1.6% $7.1M
Current Liabilities $8.8M+5.7% $8.4M+1.2% $8.3M-0.9% $8.3M+7.8% $7.7M+10.0% $7.0M+1.2% $6.9M-1.6% $7.1M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $4.3M-10.2% $4.8M-8.2% $5.2M-0.3% $5.3M-8.8% $5.8M-11.6% $6.5M-0.4% $6.6M-12.7% $7.5M
Retained Earnings -$39.5M-1.3% -$39.1M-1.1% -$38.6M-1.1% -$38.2M-1.3% -$37.7M-2.0% -$36.9M-0.1% -$36.9M-2.5% -$36.0M

AIEV Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$353K-142.4% -$146K+59.8% -$363K+5.3% -$383K+38.5% -$623K0.0% -$623K-71.3% -$364K-99.0% -$183K
Capital Expenditures N/A N/A N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A N/A N/A
Investing Cash Flow N/A $0 $0 $0+100.0% -$1K0.0% -$1K $0-100.0% $1.2M
Financing Cash Flow $350K+150.0% $140K-50.3% $282K-38.8% $460K-22.2% $591K0.0% $591K+212.7% -$525K-99.3% -$263K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

AIEV Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A N/A N/A N/A N/A
Net Margin N/A N/A N/A N/A N/A N/A N/A N/A
Return on Equity -11.4% N/A -8.2%+1.4pp -9.6%+3.5pp -13.1% N/A -13.9%+4.0pp -18.0%
Return on Assets -3.8% N/A -3.2%+0.5pp -3.7%+1.9pp -5.6% N/A -6.8%+2.5pp -9.3%
Current Ratio 1.49-0.1 1.57-0.1 1.630.0 1.63-0.1 1.74-0.2 1.93-0.0 1.94-0.1 2.06
Debt-to-Equity 2.04+0.3 1.74+0.2 1.57-0.0 1.59+0.2 1.34+0.3 1.08+0.0 1.06+0.1 0.94
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

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Frequently Asked Questions

No, Thunder Power Holdings, Inc. (AIEV) reported a net income of -$2.1M in fiscal year 2025.

Thunder Power Holdings, Inc. (AIEV) reported diluted earnings per share of $-0.04 for fiscal year 2025. This represents a 33.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Thunder Power Holdings, Inc. (AIEV) has a return on equity of -44.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Thunder Power Holdings, Inc. (AIEV) generated -$1.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Thunder Power Holdings, Inc. (AIEV) had $13.2M in total assets as of fiscal year 2025, including both current and long-term assets.

Thunder Power Holdings, Inc. (AIEV) had 51M shares outstanding as of fiscal year 2025.

Thunder Power Holdings, Inc. (AIEV) had a current ratio of 1.57 as of fiscal year 2025, which is generally considered healthy.

Thunder Power Holdings, Inc. (AIEV) had a debt-to-equity ratio of 1.74 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Thunder Power Holdings, Inc. (AIEV) had a return on assets of -16.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Thunder Power Holdings, Inc. (AIEV) had $10K in cash against an annual operating cash burn of $1.5M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Thunder Power Holdings, Inc. (AIEV) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Thunder Power Holdings, Inc. (AIEV) has an earnings quality ratio of 0.71x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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