At last check, shares of Phoenix Motor Inc. (NASDAQ: PEV) were up 5.13%, trading at $1.64. Since the firm revealed its quarterly results last week, the PEV stock appears to be rebounding after hours.
How did PEV fare during the quarter that was reported?
The third quarter ending September 30, 2022, financial results for Phoenix Motor (PEV) were released on Monday.
Third-quarter financial highlights include:
- Phoenix Motor’s third-quarter revenue came to $409,000, down around 26% from the same time a year earlier when it was $554,000 in total. The delivery of electric cars (or “EVs”) was postponed from the third quarter of 2022 into the fourth quarter and the first quarter of 2023 as a consequence of software-related problems and battery supply difficulties, which were the main causes of the reduction.
- PEV reported a gross profit of $121,000 in the third quarter of 2022 as opposed to a loss of $49,000 in the same period the previous year. That rise was caused by a change in the product mix toward items with greater gross margins, notably lithium ion-powered electric forklifts.
- PEV’s net losses rose to $3.9 million in the third quarter of 2022 from a loss of $2.2 million in the same quarter the previous year.
- PEV had $20.5 million in total assets as of September 30, 2022.
- As of September 30, 2022, PEV has $1.3 million in cash and cash equivalents.
Recent Business Highlights:
- The biggest EV battery producer in the world, CATL (Contemporary Amperex Technology Co., Limited), has just sent PEV a nomination letter defining the parameters of strategic collaboration and the purchase of K-Pack batteries and related goods for Phoenix Motorcars’ product lines.
- Phoenix Motor (PEV) and Pegasus Specialty Vehicles announced their strategic alliance to create Class A electric school buses with a focus on the North American market in October.
- In order to achieve cost economies, shorten the time to market, and guarantee the highest quality standards, PEV also hired IAT in October to accelerate engineering and design work for Phoenix’s Gen 4 EVs.