Thunder Power Reports Unaudited Second Quarter 2024 Financial Results
PR Newswire
WILMINGTON, Del., Sept. 4, 2024
WILMINGTON, Del., Sept. 4, 2024 /PRNewswire/ -- Thunder Power Holdings, Inc. (Nasdaq: AIEV) ("Thunder Power" or the "Company"), a technology innovator and a developer of premium passenger EVs, today announced its unaudited financial results for the three months ended June 30, 2024 ("Second Quarter 2024").
Second Quarter 2024 Financial Highlights
-- Revenues were nil, consistent with the same period in 2023.
-- Operating expenses were approximately $1.3 million, compared to $0.7
million in the prior year. This increase was mainly due to a one-time
share-based compensation expense of about $1.0 million from issuing
shares to three independent directors of Feutune Light Acquisition
Corporation ("FLFV") as part of the Company's recent business
combination. This rise was partially offset by a decrease of around $0.5
million in share-based settlement expenses compared to the same quarter
last year, when shares were issued to its controlling shareholder to
settle liabilities.
-- As a result, net loss was approximately $1.3 million, compared to $0.7
million for the same period in 2023.
Wellen Sham, Founder of Thunder Power, commented, "Our mission is to power the future of sustainable transportation by creating stylish, innovative and cost-efficient premium EVs centered around differentiated designs and solutions tailored for every lifestyle. With our recent business combination and a forward stock purchase facility set up in August as summarized below and reported in a current report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on August 21, 2024, we endeavor to leverage our proprietary technologies and modular designs. This may enable us to be able to produce eco-friendly EVs that prioritize quality, comfort, and performance, allowing us to capture meaningful market share in the growing EV sector in the foreseeable future."
Recent Developments
On June 21, 2024, the Company successfully completed its business combination with FLFV, marking a significant milestone in its growth strategy. Following the merger, its common stock began trading on the Nasdaq Global Market under the symbol "AIEV."
On August 20, 2024, the Company entered into certain Common Stock Purchase Agreement with Westwood Capital Group LLC, allowing the Company to issue and sell up to $100 million in newly issued shares of common stock over a 36-month period, subject to specific conditions, including the filing and effectiveness of a resale registration statement with the SEC.
About Thunder Power Holdings, Inc.
Thunder Power is a technology innovator and a developer of premium 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 the EV markets in the U.S., Europe and Asia.
Safe Harbor Statement
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 could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's final proxy statement/prospectus pursuant to rule 424(b)(3) filed with the SEC on May 17, 2024 and the subsequent periodic reports that are filed with the SEC and available on the SEC's website . All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. 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 the applicable law, regulations or rules.
THUNDER POWER HOLDINGS, INC.
(f/k/a Feutune Light Acquisition Corporation)
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2024 and December 31, 2023
(Expressed in U.S. dollar, except for the number of shares)
June 30, December 31,
2024 2023
------------- -------------
(Audited)
ASSETS
Current Assets
Cash $ 921,349 $ 196,907
Deferred offering costs -- 429,750
Prepaid expenses for forward
purchase contract 13,264,964 --
Other current assets 359,175 623,221
------------ ------------
Total Current Assets 14,545,488 1,249,878
Non-current Assets
Property and equipment, net 860 1,974
Right of use assets 18,109 5,740
------------ ------------
Total Non-current Assets 18,969 7,714
Total Assets $ 14,564,457 $ 1,257,592
============ ============
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities
Advance of subscription fees from
shareholders $ -- $ 590,000
Amount due to related parties 978,021 68,992
Other payable and accrued expenses 2,644,518 97,297
Lease liabilities 16,956 --
Deferred underwriter's discount 3,421,250 --
------------ ------------
Total Current Liabilities 7,060,745 756,289
------------ ------------
Total Liabilities 7,060,745 756,289
------------ ------------
Commitments and Contingencies (Note
11)
Shareholders' Equity
Common stock ($0.0001 par value,
1,000,000,000 shares authorized;
46,859,633 and 37,488,807 shares
issued and outstanding at June 30,
2024 and December 31, 2023,
respectively)* 4,686 3,749
Additional paid-in capital* 43,490,860 34,927,449
Accumulated loss (35,991,834) (34,429,895)
------------ ------------
Total Shareholders' Equity 7,503,712 501,303
------------ ------------
Total Liabilities and Shareholders'
Equity $ 14,564,457 $ 1,257,592
============ ============
* The share information and additional paid-in capital are presented on a
retroactive basis to reflect the reverse recapitalization on June 21,
2024 (see the discussion under the heading "Reverse Recapitalization" in
"Note 1 -- Organization and Business Description" of the filed 10-Q).
The accompanying notes in the filed 10-Q are an integral part of the unaudited consolidated financial statements.
THUNDER POWER HOLDINGS, INC.
(f/k/a Feutune Light Acquisition Corporation)
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
For the Three and Six Months Ended June 30, 2024 and 2023
(Expressed in U.S. dollar, except for the number of shares and loss per
share)
For the Three For the Six
Months Ended Months Ended
June 30, June 30,
------------------------- -------------------------
2024 2023 2024 2023
------------ ----------- ------------ -----------
Revenues $ -- $ -- $ -- $ --
----------- ---------- ----------- ----------
Operating
expenses
General and
administrative
expenses (1,347,897) (738,442) (1,561,729) (948,577)
----------- ---------- ----------- ----------
Total operating
expenses (1,347,897) (738,442) (1,561,729) (948,577)
----------- ---------- ----------- ----------
Other income
(expenses), net
Foreign currency
exchange gain
(loss) 1 (1) (210) (1)
----------- ---------- ----------- ----------
Total other
income
(expenses), net 1 (1) (210) (1)
----------- ---------- ----------- ----------
Loss before
income taxes (1,347,896) (738,443) (1,561,939) (948,578)
Income tax
expenses -- -- -- --
----------- ---------- ----------- ----------
Net loss and
comprehensive
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