[SCHEDULE 13G/A] Pheton Holdings Ltd SEC Filing

Rhea-AI Filing Summary

Quad/Graphics (Q2 25 10-Q): Net sales fell 9.8% YoY to $571.9 m as product sales declined 10% and services 9%. Gross profit slipped to $123.8 m (21.6% margin), yet tight cost control kept operating income at $13.7 m (2.4% margin, –9% YoY). Interest expense dropped 23% to $13.2 m, resulting in essentially breakeven EPS ($0.00 vs -$0.06). Six-month figures show a sharper turnaround: sales –6.8% to $1.20 bn but operating income up 7.5× to $33.3 m; net earnings swung to $5.7 m profit (EPS $0.12) from a $30.9 m loss.

Liquidity & leverage: Cash fell to $6.7 m (vs $29.2 m YE) after -$41.6 m operating cash outflow and $38.2 m investing spend, including $27 m for Enru assets. Long-term debt rose to $420.5 m, but total liabilities declined 7.6% to $1.15 bn; equity improved to $87.0 m on OCI gains. Revolver usage remains active; leverage covenants were amended in Oct-24.

Strategic moves: 1) Acquired Enru co-mail assets to expand logistics platform. 2) Divested European operations for $24.1 m (note receivable) with a $0.5 m loss, lowering international exposure. 3) Restructuring/impairment charges dropped to $15.8 m YTD (-63%), supporting margin recovery. Capital returns resumed: $7.6 m buybacks & $0.075/sh quarterly dividend.

Positive

• Returned to profitability: YTD net income $5.7 m vs -$30.9 m prior year.
• Operating income up 7.5× to $33.3 m YTD despite lower revenue.
• Restructuring costs down 63%, signalling completion of major cost actions.
• Equity improved to $87 m from $49.9 m, strengthening balance sheet.
• Shareholder returns resumed: $7.6 m buybacks plus $0.075 dividend.

Negative

• Q2 sales -10% YoY as print volumes continue to contract.
• Cash balance fell to $6.7 m; YTD operating cash flow -$41.6 m.
• Long-term debt up $71 m to $420.5 m and interest coverage remains thin.
• Ongoing restructuring and impairment highlight structural industry pressure.

Insights

Sell-Side Financial Analyst

TL;DR: Revenue down, but cost actions restore profitability; cash tight.

Quad’s 7% YTD revenue contraction reflects ongoing secular print decline, yet SG&A cuts, plant rationalisation and lower interest expense pushed EBIT and EPS positive. The $6.7 m cash balance and higher term debt leave limited cushion, although working-capital seasonality and amended covenants mitigate near-term risk. Enru should be modestly accretive, while exiting Europe reduces complexity. Overall trajectory is stabilising, but growth catalysts outside print remain unproven.

Corporate Restructuring Specialist

TL;DR: Cost-takeout strategy delivering; restructuring spend falling fast.

Management has slashed restructuring, impairment and transaction charges to $15.8 m YTD from $42.6 m, evidencing completion of major plant closures. Operating margin held at 2.4% despite 10% top-line erosion, confirming efficiency gains. Balance-sheet equity nearly doubled to $87 m thanks to FX gains and profitability. Liquidity is the weak spot, but seasonal inflows in H2 and revolver headroom provide runway. Impact: modestly positive.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Pheton Holdings Ltd

(Name of Issuer)

Class A Ordinary Shares

(Title of Class of Securities)

G71399102

(CUSIP Number)

05/01/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G71399102

1

Names of Reporting Persons

Tan Cheng Hoe

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SINGAPORE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Pheton Holdings Ltd
(b)	Address of issuer's principal executive offices: Room 306, NET Building, Hong Jun Ying South Road, Chaoyang District, Beijing, China
Item 2.
(a)	Name of person filing: Tan Cheng Hoe
(b)	Address or principal business office or, if none, residence: 31/F East Tower Baidu International Building, Shenzhen City, Guangdong Province, China
(c)	Citizenship: Singapore
(d)	Title of class of securities: Class A Ordinary Shares
(e)	CUSIP No.: G71399102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Tan Cheng Hoe

Signature:	/s/ Tan Cheng Hoe
Name/Title:	Tan Cheng Hoe
Date:	07/30/2025

FAQ

How did QUAD's revenue perform in Q2 2025?

Total net sales declined 9.8% to $571.9 million, with products down 10% and services down 9%.

Did Quad/Graphics return to profitability in 2025?

Yes. Six-month net earnings were $5.7 million (EPS $0.12) versus a $30.9 million loss a year earlier.

What is QUAD's current debt level?

Long-term debt stood at $420.5 million on 30 Jun 25, up from $349.1 million at year-end.

How much cash does QUAD have on hand?

Cash and equivalents were $6.7 million at quarter-end, down from $29.2 million at 31 Dec 24.

What strategic transactions occurred in 2025?

Quad bought Enru’s co-mail assets for $27 million and sold its European operations for a $24.1 million consideration.

Is the company repurchasing shares or paying dividends?

Yes. It repurchased 1.4 million shares for $7.6 million YTD and pays a $0.075 quarterly dividend.