What is PHOENIX MOTOR INC.'s earnings per share (EPS)?

PHOENIX MOTOR INC. (PEVMD) reported diluted earnings per share of $0.21 for fiscal year 2024. This represents a 121.6% 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.

PHOENIX MOTOR INC. Financials

PEVMD

Source SEC Filings (10-K/10-Q) Data as of Sep 30, 2025 Currency USD FYE December

This page shows PHOENIX MOTOR INC. (PEVMD) 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 PEVMD FY2024 2026-04-22

Revenue expansion finally produced positive gross profit, but Phoenix Motor still behaved like an inventory-funded cash user.

The least obvious shift is in earnings quality: positive net income of $7.9M arrived with negative operating cash flow of -$1.9M, so the reported profit did not represent cash generated by the core business. That gap fits an inventory-heavy working-capital build, with stock rising from $1.8M to $40.8M as the company scaled.

Product economics improved sharply: gross margin swung from -8.8% to 22.7%, which means the company was no longer selling below cost at the gross-profit line. But overhead still dominated the model, because SG&A of $33.8M was far larger than gross profit of $7.1M, so today's sales base still does not cover the fixed selling and administrative structure.

The balance sheet's headline liquidity looks better than its cash position because much of it is tied up in less liquid working capital. Current assets were concentrated in inventory at $40.8M while cash was only $764K, so near-term flexibility depended more on turning stock into sales or obtaining financing than on cash already on hand.

Financial Health Signals

Financial health score pending refresh

We are recalculating PHOENIX MOTOR 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.

Altman Z-Score Distress

-1.61

PHOENIX MOTOR INC. scores -1.61, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($7.4M) relative to total liabilities ($47.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

6/9

PHOENIX MOTOR INC. passes 6 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

-0.25x

For every $1 of reported earnings, PHOENIX MOTOR INC. generates $-0.25 in operating cash flow (-$1.9M OCF vs $7.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-238.2x

PHOENIX MOTOR INC. earns $-238.2 in operating income for every $1 of interest expense (-$31.0M vs $130K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$31.2M

YoY+897.9%

PHOENIX MOTOR INC. generated $31.2M in revenue in fiscal year 2024. This represents an increase of 897.9% from the prior year.

EBITDA

-$29.1M

YoY-50.8%

PHOENIX MOTOR INC.'s EBITDA was -$29.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 50.8% from the prior year.

Net Income

$7.9M

YoY+138.4%

PHOENIX MOTOR INC. reported $7.9M in net income in fiscal year 2024. This represents an increase of 138.4% from the prior year.

EPS (Diluted)

$0.21

YoY+121.6%

PHOENIX MOTOR INC. earned $0.21 per diluted share (EPS) in fiscal year 2024. This represents an increase of 121.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$2.1M

YoY+45.0%

PHOENIX MOTOR INC. generated -$2.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 45.0% from the prior year.

Cash & Debt

$764K

YoY+2364.5%

PHOENIX MOTOR INC. held $764K in cash against $138K in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

46M

YoY+108.9%

PHOENIX MOTOR INC. had 46M shares outstanding in fiscal year 2024. This represents an increase of 108.9% from the prior year.

Margins & Returns

Gross Margin

22.7%

YoY+31.5pp

PHOENIX MOTOR INC.'s gross margin was 22.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 31.5 percentage points from the prior year.

Operating Margin

-99.4%

YoY+557.4pp

PHOENIX MOTOR INC.'s operating margin was -99.4% in fiscal year 2024, reflecting core business profitability. This is up 557.4 percentage points from the prior year.

Net Margin

25.5%

YoY+686.7pp

PHOENIX MOTOR INC.'s net profit margin was 25.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 686.7 percentage points from the prior year.

Return on Equity

76.9%

PHOENIX MOTOR INC.'s ROE was 76.9% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$113K

YoY+21.5%

PHOENIX MOTOR INC. invested $113K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 21.5% from the prior year.

PEVMD Income Statement

Metric	FY24	FY23	FY22	FY21
Revenue	$31.2M+897.9%	$3.1M-27.9%	$4.3M+45.4%	$3.0M
Cost of Revenue	$24.1M+609.2%	$3.4M-3.2%	$3.5M-0.8%	$3.5M
Gross Profit	$7.1M+2656.2%	-$276K-133.7%	$820K+245.6%	-$563K
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	$33.8M+126.5%	$14.9M+6.7%	$14.0M+1.6%	$13.8M
Operating Income	-$31.0M-51.0%	-$20.5M-55.9%	-$13.2M+8.1%	-$14.3M
Interest Expense	$130K-11.6%	$147K	$0+100.0%	-$3K
Income Tax	$3.5M+15759.1%	$22K+144.4%	$9K-18.2%	$11K
Net Income	$7.9M+138.4%	-$20.6M-62.5%	-$12.7M+13.1%	-$14.6M
EPS (Diluted)	$0.21+121.6%	$-0.97-49.2%	$-0.65+22.6%	$-0.84

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$2.5M-9.2%	$2.7M-37.8%	$4.4M-10.5%	$4.9M+3.3%	$4.8M-60.3%	$12.0M+27.7%	$9.4M	N/A
Cost of Revenue	$1.8M-0.3%	$1.8M-40.0%	$3.0M-8.4%	$3.3M-9.1%	$3.7M-64.2%	$10.2M+47.5%	$6.9M	N/A
Gross Profit	$669K-26.9%	$915K-33.0%	$1.4M-15.0%	$1.6M+43.8%	$1.1M-39.0%	$1.8M-27.0%	$2.5M	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.6M+1.0%	$2.6M-21.1%	$3.3M-50.7%	$6.7M-29.3%	$9.5M+6.1%	$8.9M+3.2%	$8.6M	N/A
Operating Income	-$2.0M-16.2%	-$1.7M+12.8%	-$1.9M+62.0%	-$5.1M+39.1%	-$8.4M-17.7%	-$7.1M+31.8%	-$10.4M	N/A
Interest Expense	-$1.0M-30.5%	-$768K-174.6%	$1.0M+135.0%	-$2.9M-297.5%	$1.5M0.0%	$1.5M+1502.2%	$93K	N/A
Income Tax	N/A	$12K	N/A	$8.0M+312.4%	-$3.8M+33.8%	-$5.7M-214.8%	$4.9M	N/A
Net Income	-$3.7M-219.4%	-$1.2M+67.9%	-$3.6M+42.2%	-$6.2M-11.0%	-$5.6M-289.3%	$3.0M-82.4%	$16.8M	N/A
EPS (Diluted)	$-0.30	$-0.14-55.6%	$-0.09	N/A	$-0.75-341.9%	$0.31-36.7%	$0.49	N/A

PEVMD Balance Sheet

Metric	FY24	FY23	FY22	FY21
Total Assets	$57.6M+394.8%	$11.6M-43.1%	$20.4M+32.4%	$15.4M
Current Assets	$52.0M+764.4%	$6.0M-22.1%	$7.7M+16.3%	$6.6M
Cash & Equivalents	$764K+2364.5%	$31K-77.7%	$139K-94.8%	$2.7M
Inventory	$40.8M+2169.5%	$1.8M-60.6%	$4.6M+104.9%	$2.2M
Accounts Receivable	$4.0M+790.2%	$451K-70.1%	$1.5M+25.7%	$1.2M
Goodwill	N/A	$4.3M0.0%	$4.3M0.0%	$4.3M
Total Liabilities	$47.3M+186.8%	$16.5M+101.9%	$8.2M+56.7%	$5.2M
Current Liabilities	$26.2M+141.0%	$10.9M+127.2%	$4.8M+7.6%	$4.5M
Long-Term Debt	$138K-4.2%	$144K-2.0%	$147K-80.6%	$756K
Total Equity	$10.3M+313.3%	-$4.8M-139.4%	$12.3M+20.1%	$10.2M
Retained Earnings	-$41.3M+16.1%	-$49.2M-72.3%	-$28.6M-80.1%	-$15.9M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$51.8M-5.0%	$54.5M-5.2%	$57.5M-0.2%	$57.6M-10.4%	$64.2M-4.8%	$67.5M-14.3%	$78.7M+576.6%	$11.6M
Current Assets	$48.3M-4.0%	$50.3M-4.4%	$52.6M+1.2%	$52.0M-10.5%	$58.1M-4.0%	$60.5M-14.8%	$71.1M+1081.4%	$6.0M
Cash & Equivalents	$276K+146.4%	$112K-86.5%	$828K+8.4%	$764K+173.8%	$279K-80.1%	$1.4M-49.9%	$2.8M+8919.4%	$31K
Inventory	$38.4M-2.9%	$39.5M+0.2%	$39.4M-3.2%	$40.8M-9.7%	$45.1M-5.6%	$47.8M-14.9%	$56.2M+3030.1%	$1.8M
Accounts Receivable	$3.6M-8.8%	$4.0M-24.0%	$5.2M+30.2%	$4.0M-28.2%	$5.6M+53.0%	$3.7M-26.5%	$5.0M+1002.9%	$451K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$4.3M
Total Liabilities	$46.4M-0.5%	$46.7M-2.9%	$48.1M+1.8%	$47.3M-4.2%	$49.3M+3.8%	$47.5M-23.6%	$62.2M+277.3%	$16.5M
Current Liabilities	$32.3M+6.1%	$30.4M-3.2%	$31.4M+19.7%	$26.2M-1.1%	$26.5M+22.6%	$21.6M-33.4%	$32.5M+198.5%	$10.9M
Long-Term Debt	$138K+1.5%	$136K-1.4%	$138K0.0%	$138K-2.1%	$141K-1.4%	$143K0.0%	$143K-0.7%	$144K
Total Equity	$5.3M-31.7%	$7.8M-16.8%	$9.4M-9.1%	$10.3M-30.8%	$14.9M-25.4%	$20.0M+20.5%	$16.6M+442.5%	-$4.8M
Retained Earnings	-$49.7M-8.0%	-$46.0M-2.6%	-$44.9M-8.7%	-$41.3M-17.7%	-$35.1M-19.0%	-$29.5M+9.1%	-$32.4M+34.1%	-$49.2M

PEVMD Cash Flow Statement

Metric	FY24	FY23	FY22	FY21
Operating Cash Flow	-$1.9M+46.7%	-$3.7M+75.4%	-$14.9M-14.9%	-$12.9M
Capital Expenditures	$113K+21.5%	$93K-92.8%	$1.3M+101.3%	$638K
Free Cash Flow	-$2.1M+45.0%	-$3.7M+76.8%	-$16.1M-19.0%	-$13.6M
Investing Cash Flow	-$10.1M-10774.2%	-$93K+90.8%	-$1.0M-58.5%	-$638K
Financing Cash Flow	$9.5M+43.7%	$6.6M-51.1%	$13.6M+2321.2%	$561K
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$820K+65.5%	-$2.4M+8.5%	-$2.6M-399.2%	$868K+171.4%	-$1.2M-152.8%	$2.3M+159.0%	-$3.9M	N/A
Capital Expenditures	N/A	N/A	N/A	$0	$0	$0-100.0%	$113K	N/A
Free Cash Flow	N/A	N/A	N/A	$868K+171.4%	-$1.2M-152.8%	$2.3M+157.4%	-$4.0M	N/A
Investing Cash Flow	N/A	N/A	N/A	$0-100.0%	$766K+200.0%	-$766K+92.4%	-$10.1M	N/A
Financing Cash Flow	$984K-40.7%	$1.7M-37.6%	$2.7M+794.8%	-$383K+43.1%	-$673K+77.0%	-$2.9M-121.7%	$13.5M	N/A
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

PEVMD Financial Ratios

Metric	FY24	FY23	FY22	FY21
Gross Margin	22.7%+31.5pp	-8.8%-27.8pp	18.9%+37.9pp	-18.9%
Operating Margin	-99.4%+557.4pp	-656.8%-353.1pp	-303.7%+177.1pp	-480.8%
Net Margin	25.5%+686.7pp	-661.3%-367.9pp	-293.4%+197.5pp	-490.9%
Return on Equity	76.9%	N/A	-103.4%+39.4pp	-142.9%
Return on Assets	13.8%+191.2pp	-177.4%-115.3pp	-62.2%+32.5pp	-94.7%
Current Ratio	1.98+1.4	0.55-1.1	1.61+0.1	1.49
Debt-to-Equity	0.01	N/A	0.01-0.1	0.07
FCF Margin	-6.6%+113.3pp	-120.0%+253.0pp	-373.0%+83.1pp	-456.1%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	26.9%-6.5pp	33.4%+2.4pp	30.9%-1.6pp	32.6%+9.2pp	23.4%+8.2pp	15.2%-11.4pp	26.6%	N/A
Operating Margin	-78.8%-17.2pp	-61.6%-17.7pp	-43.9%+59.4pp	-103.3%+71.8pp	-175.2%-116.2pp	-59.0%+51.5pp	-110.6%	N/A
Net Margin	-147.7%-105.7pp	-42.0%+39.3pp	-81.3%+44.5pp	-125.8%-8.7pp	-117.2%-141.7pp	24.5%-153.5pp	178.1%	N/A
Return on Equity	-69.1%-54.3pp	-14.8%+23.4pp	-38.2%+21.9pp	-60.1%-22.6pp	-37.5%-52.3pp	14.8%-86.4pp	101.2%	N/A
Return on Assets	-7.1%-5.0pp	-2.1%+4.1pp	-6.2%+4.5pp	-10.8%-2.1pp	-8.7%-13.1pp	4.4%-16.9pp	21.3%	N/A
Current Ratio	1.50-0.2	1.66-0.0	1.68-0.3	1.98-0.2	2.19-0.6	2.80+0.6	2.19+1.6	0.55
Debt-to-Equity	0.030.0	0.020.0	0.010.0	0.010.0	0.010.0	0.010.0	0.01	N/A
FCF Margin	N/A	N/A	N/A	17.6%+43.1pp	-25.5%-44.6pp	19.1%+61.8pp	-42.6%	N/A

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Frequently Asked Questions

What is PHOENIX MOTOR INC.'s annual revenue?

PHOENIX MOTOR INC. (PEVMD) reported $31.2M in total revenue for fiscal year 2024. This represents a 897.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is PHOENIX MOTOR INC.'s revenue growing?

PHOENIX MOTOR INC. (PEVMD) revenue grew by 897.9% year-over-year, from $3.1M to $31.2M in fiscal year 2024.

Is PHOENIX MOTOR INC. profitable?

Yes, PHOENIX MOTOR INC. (PEVMD) reported a net income of $7.9M in fiscal year 2024, with a net profit margin of 25.5%.

What is PHOENIX MOTOR INC.'s EBITDA?

PHOENIX MOTOR INC. (PEVMD) had EBITDA of -$29.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does PHOENIX MOTOR INC. have?

As of fiscal year 2024, PHOENIX MOTOR INC. (PEVMD) had $764K in cash and equivalents against $138K in long-term debt.

What is PHOENIX MOTOR INC.'s gross margin?

PHOENIX MOTOR INC. (PEVMD) had a gross margin of 22.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is PHOENIX MOTOR INC.'s operating margin?

PHOENIX MOTOR INC. (PEVMD) had an operating margin of -99.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is PHOENIX MOTOR INC.'s net profit margin?

PHOENIX MOTOR INC. (PEVMD) had a net profit margin of 25.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is PHOENIX MOTOR INC.'s return on equity (ROE)?

PHOENIX MOTOR INC. (PEVMD) has a return on equity of 76.9% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is PHOENIX MOTOR INC.'s free cash flow?

PHOENIX MOTOR INC. (PEVMD) generated -$2.1M in free cash flow during fiscal year 2024. This represents a 45.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is PHOENIX MOTOR INC.'s operating cash flow?

PHOENIX MOTOR INC. (PEVMD) generated -$1.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are PHOENIX MOTOR INC.'s total assets?

PHOENIX MOTOR INC. (PEVMD) had $57.6M in total assets as of fiscal year 2024, including both current and long-term assets.

What are PHOENIX MOTOR INC.'s capital expenditures?

PHOENIX MOTOR INC. (PEVMD) invested $113K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does PHOENIX MOTOR INC. have outstanding?

PHOENIX MOTOR INC. (PEVMD) had 46M shares outstanding as of fiscal year 2024.

What is PHOENIX MOTOR INC.'s current ratio?

PHOENIX MOTOR INC. (PEVMD) had a current ratio of 1.98 as of fiscal year 2024, which is generally considered healthy.

What is PHOENIX MOTOR INC.'s debt-to-equity ratio?

PHOENIX MOTOR INC. (PEVMD) had a debt-to-equity ratio of 0.01 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is PHOENIX MOTOR INC.'s return on assets (ROA)?

PHOENIX MOTOR INC. (PEVMD) had a return on assets of 13.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is PHOENIX MOTOR INC.'s cash runway?

Based on fiscal year 2024 data, PHOENIX MOTOR INC. (PEVMD) had $764K in cash against an annual operating cash burn of $1.9M. This gives an estimated cash runway of approximately 5 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.

What is PHOENIX MOTOR INC.'s Altman Z-Score?

PHOENIX MOTOR INC. (PEVMD) has an Altman Z-Score of -1.61, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is PHOENIX MOTOR INC.'s Piotroski F-Score?

PHOENIX MOTOR INC. (PEVMD) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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.

Are PHOENIX MOTOR INC.'s earnings high quality?

PHOENIX MOTOR INC. (PEVMD) has an earnings quality ratio of -0.25x, 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.

Can PHOENIX MOTOR INC. cover its interest payments?

PHOENIX MOTOR INC. (PEVMD) has an interest coverage ratio of -238.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.