ANAHEIM, CA / ACCESS Newswire / June 27, 2025 / Phoenix Motor Inc. (OTC:PEVM), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced financial results for the first quarter ended March 31, 2025.

Q1 2025 Financial Highlights

Revenue totaled $4.4 million, compared to $9.4 million in Q1 2024. The prior-year period benefited from one-time sales of pre-owned transit buses acquired through the Proterra Transit Business acquisition.
Gross margin expanded to 30.9%, compared to 26.6% in Q1 2024, driven by stronger unit economics on EV and transit bus sales and improved cost discipline.
Operating expenses decreased to $3.3 million, down from $8.6 million in Q1 2024, reflecting effective cost management and a leaner organizational structure.
Net loss was $2.8 million, compared to net income of $16.8 million in Q1 2024, which included a one-time $32.9 million gain related to the Proterra acquisition.
Cash and cash equivalents were $0.83 million as of March 31, 2025, up from $0.76 on December 31, 2024.
Total equity was $9.4 million as of March 31, 2025, compared to equity of $10.3 million on December 31, 2024.

Q1 2025 and Recent Company Highlights

Strategic Innovation & Product Leadership

Launched the world's first wirelessly charged, medium-duty electric shuttle bus, in partnership with InductEV-marking a major milestone in commercial EV innovation.
Unveiled 40-foot zero-emission automated buses in collaboration with ADASTEC Corp., reinforcing Phoenix's leadership in next-generation, autonomous transit solutions.
Expanded autonomous technology development, including AV systems for food and beverage delivery as well as last-mile package pickup and delivery robots.
Surpassed 60 million cumulative zero-emission miles driven, a testament to Phoenix's operational scale, customer trust, and product reliability.

Global Expansion & Strategic Alliances

Formed EdisonFuture International Co., Ltd., to lead international expansion efforts across Asia and other emerging EV markets.
Signed a strategic cooperation agreement with Guorun Venture Capital, establishing an RMB 1 billion M&A fund to support EV manufacturing site development in China.
Announced a strategic collaboration with Noodoe, a leader in EV charging infrastructure, to accelerate adoption of Phoenix's transit and medium-duty vehicles.

Commercial Momentum & Customer Wins

Awarded a statewide contract by the California Department of General Services (DGS) to supply zero-emission buses, expanding Phoenix's market presence with public agencies.
Secured a major fleet order from Los Angeles County, with five all-electric, zero-emission shuttle buses scheduled for delivery.

Corporate & Capital Structure Enhancements

Appointed Tony Zhou as Chief Technology Officer, strengthening Phoenix's innovation leadership across drivetrain, software, and autonomous systems.
Closed a $6 million loan financing agreement to support expansion, working capital, and increased production capacity.
Board approved a $5 million share repurchase program, reflecting confidence in long-term shareholder value.

"Phoenix Motor continues to chart a bold course in the electrification of commercial transportation," said Denton Peng, CEO of Phoenix Motor. "While Q1 results reflect a return to normalized delivery patterns following the extraordinary revenue from one-time fleet sales last year, we remain squarely focused on sustainable, long-term growth. Our expanded gross margin, leaner operations, and strengthened cost structure demonstrate the early returns of our post-acquisition integration and operational discipline."

"We are building one Phoenix-an agile, coast-to-coast organization with the scale, technology, and vision to lead in zero-emission mobility. As government mandates and incentive programs continue to accelerate electrification across the country, our Buy America-compliant platform, AI-driven innovation, and industry-proven vehicle portfolio position us at the forefront of this market transformation. With growing customer demand, a strong pipeline, and a clear strategic roadmap, we are executing from a position of strength-and remain confident that we will deliver between $40 and $50 million in revenue for 2025," Peng added.

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.

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Phoenix Motor Reports Q1 2025 Financial Results