Phoenix Motor Inc. has announced its financial results for the first quarter of 2025, reporting a total revenue of $4.4 million, a decrease from $9.4 million in the same period last year. This decline is attributed to the previous year's one-time sales of pre-owned transit buses following the acquisition of the Proterra Transit Business. The company, however, achieved a gross margin expansion to 30.9% from 26.6% in Q1 2024, driven by improved unit economics on electric vehicle and transit bus sales. Operating expenses were reduced significantly to $3.3 million from $8.6 million in the prior-year period, reflecting the company's effective cost management and a leaner organizational structure. Phoenix Motor reported a net loss of $2.8 million, compared to a net income of $16.8 million in Q1 2024, which included a one-time gain of $32.9 million related to the Proterra acquisition. The company ended the quarter with cash and cash equivalents of $0.83 million, up from $0.76 million as of December 31, 2024. Total equity stood at $9.4 million, down from $10.3 million at the end of the previous year. Phoenix Motor has also launched the world's first wirelessly charged, medium-duty electric shuttle bus in partnership with InductEV, marking a significant milestone in commercial electric vehicle innovation. Looking ahead, the company has expressed confidence in achieving $40 to $50 million in revenue for the full year 2025, citing growing customer demand and a strong strategic roadmap. Additionally, the board has approved a $5 million share repurchase program, indicating confidence in long-term shareholder value.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Phoenix Motor Inc. published the original content used to generate this news brief via ACCESS Newswire (Ref. ID: 1043969) on June 27, 2025, and is solely responsible for the information contained therein.
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