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Phoenix Motor Reports Revenue Up 898% Year-over-Year to $31.1M for Fiscal Year 2024

ANAHEIM, CA / / May 30, 2025 / Phoenix Motor Inc. (OTC PINK:PEVM), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today reported financial and operational results for the fiscal year ended December 31, 2024.

Fiscal Year 2024 Financial Highlights

• Revenue increased 898% to $31.1 million, up from $3.1 million in FY 2023

• Gross profit increased to $7.1 million, up from a gross loss of $276k in FY 2023

• Gross margin expanded 3,240 basis points to 23.6%, up from negative 8.8% in FY 2023

• Net income improved by $28.5 million year-over-year to $7.9 million, up from a net loss of $20.6 million in FY 2023

• Cash and cash equivalents were $0.76 million as of December 31, 2024, up from $31,000 on December 31, 2023

• Total equity increased to $10.3 million as of December 31, 2024, up from negative equity of $4.84 million on December 31, 2023

Fiscal Year 2024 and Recent Company Highlights

• Expanded Product Portfolio: Acquired Proterra's transit business, adding heavy-duty electric buses to existing medium-duty lineup

• Customer Wins: Secured orders from RDU Airport, UC San Diego, County of Los Angeles, and UC Irvine for electric transit buses

• Technology & Innovation:

  • Launched world's first wirelessly charged medium-duty shuttle in partnership with InductEV

  • Introduced 4th-gen drivetrain and began AI R&D center focused on autonomous EVs

  • Partnered with ADASTEC for development of Level 4 automated driving solutions

• Leadership Strengthened: Appointed Dr. Lewis Liu (COO), Michael Yung (CFO), and Tony Zhou (CTO)

• Capital & Growth:

  • Raised $11.1 million via private placements

  • Secured $6 million in loan financing

  • Eliminated $12 million convertible note risk

  • Launched $5 million share repurchase program

• Building Market Momentum: Surpassed 60 million zero-emission miles driven; awarded California DGS contract for zero-emission buses

• Global Expansion: Formed EdisonFuture International Co. in Hong Kong to support international growth

"2024 was a transformational year for Phoenix Motor," said Denton Peng, CEO of Phoenix Motor. "We dramatically expanded our revenue, integrated a game-changing acquisition, and made major strides in product development, operations, and strategic partnerships. The addition of our new transit bus division, combined with growing demand for zero-emission vehicles and breakthrough innovations like wireless charging and autonomous technologies, has positioned us to compete at a much higher level. With the foundation now set, we're charging through 2025 with a clear goal of delivering $40 to $50 million in revenue-and firmly establishing Phoenix as a rising force in the commercial EV space."

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: .

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:
[email protected]

Dave Gentry, CEO
RedChip Companies, Inc.
1-407-644-4256
[email protected]

SOURCE: Phoenix Motor Inc.