Phoenix Motor Reports Revenue Up 898% Year-over-Year to $31.1M for Fiscal Year 2024

Rhea-AI Summary

Phoenix Motor (PEV) reported exceptional financial results for FY2024, with revenue surging 898% to $31.1M from $3.1M in FY2023. The company achieved a remarkable turnaround with net income of $7.9M, compared to a $20.6M loss in the previous year. Gross profit improved to $7.1M with a 23.6% margin. Key developments include the acquisition of Proterra's transit business, securing major customer orders, launching wireless charging technology, and establishing an AI R&D center. The company strengthened its leadership team, raised $17.1M through financing, and initiated a $5M share repurchase program. Management projects FY2025 revenue of $40-50M as Phoenix expands its presence in the commercial EV market.

Positive

• Revenue grew dramatically by 898% year-over-year to $31.1M
• Achieved profitability with $7.9M net income, a $28.5M improvement from previous year's loss
• Gross margin expanded significantly to 23.6% from negative 8.8%
• Successfully acquired Proterra's transit business, expanding into heavy-duty electric buses
• Secured multiple high-profile customer orders from institutions and government entities
• Raised $17.1M through private placements and loan financing
• Eliminated $12M convertible note risk
• Launched $5M share buyback program

Negative

• Low cash position of only $0.76M as of December 31, 2024
• Significant reliance on external financing for growth
• Trading on OTC Pink market rather than major exchange

Insights

Financial Analyst specializing in EV and Transportation Markets

Phoenix Motor achieved remarkable turnaround with 898% revenue growth, profitability after losses, and expanded into heavy-duty EV buses.

Phoenix Motor's fiscal 2024 results represent a dramatic financial transformation for this commercial EV manufacturer. The 898% revenue increase to $31.1 million signals a step-change in business scale, while the company successfully reversed its previous losses to generate $7.9 million in net income—an exceptional $28.5 million year-over-year improvement.

The acquisition of Proterra's transit business has proven strategically significant, expanding Phoenix's product portfolio from medium-duty vehicles into the high-growth heavy-duty electric bus market. This move has helped secure new institutional and government customers including RDU Airport, UC San Diego, and Los Angeles County—entities with predictable procurement cycles and potential for repeat orders.

From an operational perspective, the 3,240% basis point expansion in gross margin (from negative 8.8% to positive 23.6%) demonstrates substantially improved manufacturing efficiency and economies of scale. While the balance sheet shows positive momentum with equity now at $10.3 million (versus negative $4.84 million previously), the relatively modest cash position of $760,000 bears watching despite its improvement from year-end 2023.

The company's innovations in wireless charging technology and autonomous driving development could create additional competitive differentiation in an increasingly crowded EV market. Management's $40-50 million revenue guidance for 2025 suggests continued strong growth, representing a 28-61% year-over-year increase and building on the momentum established in 2024.

ANAHEIM, CA / ACCESS Newswire / May 30, 2025 / Phoenix Motor Inc. (OTC PINK:PEVM), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today reported financial and operational results for the fiscal year ended December 31, 2024.

Fiscal Year 2024 Financial Highlights

• Revenue increased 898% to $31.1 million, up from $3.1 million in FY 2023

• Gross profit increased to $7.1 million, up from a gross loss of $276k in FY 2023

• Gross margin expanded 3,240 basis points to 23.6%, up from negative 8.8% in FY 2023

• Net income improved by $28.5 million year-over-year to $7.9 million, up from a net loss of $20.6 million in FY 2023

• Cash and cash equivalents were $0.76 million as of December 31, 2024, up from $31,000 on December 31, 2023

• Total equity increased to $10.3 million as of December 31, 2024, up from negative equity of $4.84 million on December 31, 2023

Fiscal Year 2024 and Recent Company Highlights

• Expanded Product Portfolio: Acquired Proterra's transit business, adding heavy-duty electric buses to existing medium-duty lineup

• Customer Wins: Secured orders from RDU Airport, UC San Diego, County of Los Angeles, and UC Irvine for electric transit buses

• Technology & Innovation:

  • Launched world's first wirelessly charged medium-duty shuttle in partnership with InductEV

  • Introduced 4th-gen drivetrain and began AI R&D center focused on autonomous EVs

  • Partnered with ADASTEC for development of Level 4 automated driving solutions

• Leadership Strengthened: Appointed Dr. Lewis Liu (COO), Michael Yung (CFO), and Tony Zhou (CTO)

• Capital & Growth:

  • Raised $11.1 million via private placements

  • Secured $6 million in loan financing

  • Eliminated $12 million convertible note risk

  • Launched $5 million share repurchase program

• Building Market Momentum: Surpassed 60 million zero-emission miles driven; awarded California DGS contract for zero-emission buses

• Global Expansion: Formed EdisonFuture International Co. in Hong Kong to support international growth

"2024 was a transformational year for Phoenix Motor," said Denton Peng, CEO of Phoenix Motor. "We dramatically expanded our revenue, integrated a game-changing acquisition, and made major strides in product development, operations, and strategic partnerships. The addition of our new transit bus division, combined with growing demand for zero-emission vehicles and breakthrough innovations like wireless charging and autonomous technologies, has positioned us to compete at a much higher level. With the foundation now set, we're charging through 2025 with a clear goal of delivering $40 to $50 million in revenue-and firmly establishing Phoenix as a rising force in the commercial EV space."

About Phoenix Motor Inc.

Phoenix Motor, a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and manufactures heavy duty transit buses and medium and light duty commercial EVs. Phoenix operates two primary brands, "Phoenix", which is focused on commercial products including heavy and medium duty EVs (transit buses, shuttle buses, school buses and delivery trucks, among others) 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. To learn more, please visit: phoenixev.ai.

Forward-Looking Statements

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These risk factors include, among others, those related to our ability to raise additional capital necessary to grow our business, operations and business and financial performance, our ability to grow demand for our products and revenue, our ability to become profitable, our ability to have access to an adequate supply of parts and materials and other critical components for our vehicles on the timeline we expect, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.

Contact:
IR@phoenixev.ai

Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
PEV@redchip.com

SOURCE: Phoenix Motor Inc.

View the original press release on ACCESS Newswire

FAQ

What was Phoenix Motor's (PEV) revenue growth in fiscal year 2024?

Phoenix Motor's revenue grew by 898% to $31.1 million in FY2024, up from $3.1 million in FY2023.

How much profit did Phoenix Motor (PEV) make in FY2024?

Phoenix Motor reported a net income of $7.9 million in FY2024, a $28.5 million improvement from the previous year's net loss of $20.6 million.

What major acquisition did Phoenix Motor (PEV) complete in 2024?

Phoenix Motor acquired Proterra's transit business, adding heavy-duty electric buses to their existing medium-duty vehicle lineup.

What is Phoenix Motor's (PEV) revenue guidance for 2025?

Phoenix Motor projects revenue of $40 to $50 million for fiscal year 2025.

How much capital did Phoenix Motor (PEV) raise in 2024?

Phoenix Motor raised a total of $17.1 million, consisting of $11.1 million through private placements and $6 million in loan financing.