M&A - PHOENIX MOTOR INC.

Form Type: 10-Q

Filing Date: 2025-06-27

Corporate Action: Acquisition

Type: Update

Accession Number: 000164117225016888

Filing Summary: Phoenix Motor Inc. reported its financial performance for the quarter ended March 31, 2025, revealing a net loss of $3,586,000 compared to a net income of $16,774,000 in the same period of the previous year. The company recognized revenues of $4,411,000, significantly lower than the prior year's $9,420,000, primarily due to reduced sales and increased operating expenses, which totaled $3,301,000. The total liabilities increased to $48,085,000, while stockholders' equity decreased to $9,385,000. The company highlighted the acquisition of the Proterra transit business unit and related battery lease contracts, which are strategic alignments aimed at enhancing its product offerings in the electric vehicle sector. This acquisition positions Phoenix Motor as a significant player in the public transit and electric vehicle markets. Following these developments, trading of the company's common stock on Nasdaq was suspended, leading to quotation on the OTC Pink Market. The report also provides insights into cash flow activities, indicating expenses for operational activities while highlighting cash-efficient financing strategies, including proceeds from borrowings and private placements.