Thunder Power Holdings, Inc. Announces Financial Results and Provides Strategic Operational Update

Rhea-AI Summary

Thunder Power Holdings (OTCQB: AIEV), a developer of premium electric vehicles, provided key operational updates and Q2 2025 financial results. The company is advancing a significant share exchange with its Taiwan affiliate Electric Power Technology Limited, where shareholders approved exchanging 31.6M ordinary shares for 37.6M newly issued Thunder Power shares.

The company is expanding into clean energy through planned acquisitions of 16 solar power plants in Taiwan, expected to generate NT$24M in annual revenue. Thunder Power is also evaluating EPC solar provider acquisitions and seven additional solar projects with capacities between 300kW to 1.5MW.

Q2 2025 financials revealed zero revenue, with a net loss of $0.5M for the quarter and $1.3M for H1 2025. With only $97,454 in cash, management expressed substantial doubt about the company's ability to continue as a going concern, following its recent Nasdaq delisting.

Positive

• Strategic share exchange with Taiwan affiliate approved by shareholders
• Planned acquisition of 16 solar power plants expected to generate NT$24M annual revenue
• Potential vertical integration through EPC solar provider acquisitions
• Evaluation of seven additional solar projects with up to 1.5MW capacity
• Reduced general and administrative expenses compared to previous year

Negative

• Zero revenue generation as company remains pre-commercial
• Net loss of $0.5M in Q2 and $1.3M in H1 2025
• Critical liquidity concerns with only $97,454 cash on hand
• Recent delisting from Nasdaq to OTC markets
• Going concern warning issued by management
• Legal proceedings involving principal shareholder threatening future financial support

Progress on Taiwan Share Exchange and Strategic Partnerships

WILMINGTON, Del., Sept. 22, 2025 /PRNewswire/ -- Thunder Power Holdings, Inc. (OTCQB: AIEV) ("Thunder Power" or the "Company"), a technology innovator and developer of premium passenger Electric Vehicles (EVs), today announced several important operational updates and strategic developments to expand its position in clean energy markets and support its long-term growth objectives. 

Update on Share Exchange with Taiwan Affiliate (Electric Power Technology Limited)

Thunder Power Holdings, Inc. ("the Company") recently achieved a significant milestone in its strategic expansion with the advancement of its planned share exchange with Electric Power Technology Limited ("TW Company"), its Taiwan-based affiliate. As previously reported, on December 19, 2024, the Company entered into a Share Exchange Agreement with certain shareholders of TW Company, later amended on January 27, 2025, to revise the exchange ratio to 119 shares of Thunder Power common stock for every 100 ordinary shares of TW Company. Under the agreement, TW Company shareholders will exchange an aggregate 31,626,082 ordinary shares for 37,635,039 newly issued shares of the Company, subject to customary closing conditions and necessary regulatory and shareholder approvals.

Notably, at its 2025 Annual Meeting of Stockholders held on June 26, 2025, the Company's shareholders approved the share exchange, positioning Thunder Power to consolidate its operations and further align its global growth strategy with advanced electric vehicle technologies sourced from Taiwan.

Latest Strategic Developments

The Company continues to assess new investments in solar power generation and energy storage technologies in line with government renewable energy targets for Taiwan. As previously reported, in alignment with government policy, Taiwan aims to achieve a 15% share of renewables in total electricity generation by 2025, with further expansion to 35% of installed generation capacity targeted by 2035.

• Thunder Power has completed due diligence for the acquisition of 100% equity in 16 solar power plants located in Kaohsiung and Pingtung. If completed, this acquisition is expected to generate an additional annual operating revenue of NT$24 million.
  
  
• The Company is also actively evaluating the acquisition of two or more engineering, procurement, and construction (EPC) solar providers. These EPC acquisitions would allow Thunder Power to vertically integrate its solar businesses, ensuring end-to-end project management—from system design and equipment procurement to direct construction and installation. This approach aims to reduce costs, increase quality assurance, and improve power generation efficiency and profitability.
  
  
• In addition, Thunder Power is reviewing seven solar power plant projects, primarily located in southern Taiwan. These projects include rooftop and ground-mounted installations, with capacities ranging from 300 kW to 1.5 MW.

Period (2025)	Key Activities
January–February	-  Identification and preliminary assessment of target power plants -  Collection of market intelligence and operational performance data -  Initial engagement with the seller and establishment of communication channels
March–May	-  Execution of Share Purchase Agreement (SPA) -  Commencement of due diligence (legal and financial) and preparation of valuation report -  Preliminary assessment of key risks and opportunities associated with the acquisition
June–September	-  Finalization of financing structure (equity, debt, or a combination thereof) -  Advanced negotiations with the seller on transaction terms -  Submission for Board review and approval
September–December	-  Execution of the definitive acquisition agreement -  Completion of final Board approval procedures -  Capital settlement and transfer of assets -  Closing and completion of the acquisition

"We are committed to advancing every aspect of Thunder Power's strategy—including both EV mobility and distributed energy, and I am pleased to report on our rigorous progress," said Christopher Nicoll, Chief Executive Officer of Thunder Power. "The Company continues to execute on its vision to offer end-to-end clean energy solutions and to enhance its green energy revenue mix. Our team is systematically applying measurable criteria to project evaluation, including in-depth analysis of annual solar irradiance in southern Taiwan and granular modeling of anticipated returns for each megawatt of capacity. These disciplined methods ensure that each installation aligns with local market conditions and maximizes returns—whether via government feed-in-tariff programs or open market power sales. As we work to secure additional financing and establish stable revenue streams, we are simultaneously exploring promising new opportunities in both energy storage and next-generation green energy technologies to capture value as Taiwan's renewable sector accelerates."

Second Quarter 2025 Financial Highlights:

• Revenues were nil, as Thunder Power continued to focus on pre-commercial development of premium electric vehicles.
• General and administrative expenses were $0.5 million for the quarter and $1.3 million for the six months, primarily reflecting the Company's investment in organizational infrastructure, professional services, and supporting the public company structure.
• Net loss for the three months ended June 30, 2025 was $0.5 million; for the six-month period ended June 30, 2025, net loss totaled $1.3 million.
• Cash on hand as of June 30, 2025 was $97,454; management has identified substantial doubt regarding the Company's ability to continue as a going concern, due to limited liquidity, ongoing operating losses, recent delisting from Nasdaq, and uncertainty in capital market access.
• As previously disclosed, the Company's principal shareholder remains involved in ongoing legal proceedings, which could impact future financial support and governance. See Thunder Power's latest quarterly report for further details.

Commenting on the Company's financial results, Mr. Nicoll continued, "During the second quarter of 2025, Thunder Power remained disciplined in managing operating expenses despite challenging market conditions and our ongoing public reporting company requirements. Although we have not yet generated revenue and continue to report net losses, we reduced general and administrative expenses compared to last year, reflecting proactive control of our cost base as we prepare for future growth. Our team remains focused on securing additional financing and advancing our product roadmap, while we work to resolve near-term uncertainties and lay the groundwork for long–term value creation."

About Thunder Power Holdings, Inc. 

Thunder Power is a technology innovator and a developer of innovative electric vehicles ("EVs"). The Company has developed several proprietary technologies, which are the building blocks of the Thunder Power family of EVs. The Company is focused on design and development of high-performance EVs, targeting markets initially in Asia & Europe. Thunder Power's acquisition strategy is focused on addressing strategic gaps in the EV sector combined with a diversified approach across the clean energy value chain. For more information, please visit: https://aiev.ai/.

Contact:

AIEV Investor Relations
AIEV@dennardlascar.com
713-529-6600

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminologies such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results or outcomes could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including but not limited to, (i) operational risks, such as the Company's ability to successfully execute on its business plan, its ability to complete the acquisition of Electric Power Technology Limited, including receipt of regulatory approvals and satisfaction of other closing conditions; its ability to successfully acquire assets on terms that are favorable to the Company; its ability to integrate acquired assets effectively; and its ability to adapt operations in response to accidents, extreme weather events, natural disasters, and related economic effects; (ii) regulatory and compliance risks, such as the impact of new or amended governmental laws and regulations, including tariffs, clean energy policies, and environmental standards; changes in tax laws or tax-related matters; and its ability to receive a successful audit outcome under Generally Accepted Accounting Standards; risks and uncertainties associated with maintaining compliance as an over-the-counter ("OTC") listed company following the delisting of its securities from The Nasdaq Stock Market in July 2025, and related reduced market liquidity and access to capital; (iii) financial risks, such as the Company's liquidity position and ability to obtain additional financing, if necessary; foreign currency exchange rate fluctuations; interest rate volatility; the Company's current pre–revenue status and uncertainties surrounding its ability to generate revenue in the future, including potential delays in product development, market acceptance, or achieving profitability; (iv) market and industry risks, such as fluctuations in consumer acceptance and demand for electric vehicles; competition within the EV sector; the Company's ability to successfully develop, market, and deliver new vehicle models and to integrate clean energy or solar technology into its product offerings; fluctuations in the availability and cost of raw materials critical for EV production; and advancements in battery technology or alternative energy solutions that may impact market dynamics, and (v) other known factors described in the Company's final proxy statement/prospectus pursuant to rule 424(b)(3) filed with the Securities and Exchange Commission on May 17, 2024, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission, and in other reports filed by the Company from time to time and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf, including those relating to expected returns, planned increases in capacity, anticipated acquisition closings, and other projections referenced in this press release, are expressly qualified in their entirety by these risk factors as well as those disclosed in the Company's filings with the Securities and Exchange Commission. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements, except as required by applicable laws, regulations or rules.

 

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SOURCE Thunder Power Holdings, Inc.

FAQ

What were Thunder Power Holdings (AIEV) Q2 2025 financial results?

Thunder Power reported zero revenue, a net loss of $0.5 million for Q2 2025, and had $97,454 cash on hand as of June 30, 2025.

What is the share exchange agreement between Thunder Power and Electric Power Technology Limited?

The agreement involves exchanging 31.6 million ordinary shares of Electric Power Technology for 37.6 million newly issued shares of Thunder Power at a ratio of 119:100.

How many solar power plants is Thunder Power planning to acquire in Taiwan?

Thunder Power plans to acquire 16 solar power plants in Kaohsiung and Pingtung, expected to generate NT$24 million in annual operating revenue.

Why did Thunder Power Holdings issue a going concern warning in 2025?

The warning was issued due to limited liquidity, ongoing operating losses, recent delisting from Nasdaq, and uncertainty in capital market access.

What are Thunder Power's expansion plans in Taiwan's renewable energy sector?

The company plans to acquire 16 solar power plants, is evaluating EPC solar provider acquisitions, and reviewing seven additional solar projects with capacities from 300kW to 1.5MW.