Phoenix Motor Expects to Exceed its Previously Issued Record Revenue Guidance for Q1 2024
The Company has rescheduled its Q1 earnings call to August 15
ANAHEIM, CA / ACCESSWIRE / July 11, 2024 / Phoenix Motor Inc. (NASDAQ:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced updated guidance for the first quarter of 2024. The Company now expects to report a record $9.4 million in revenue for the first quarter, exceeding the previously issued guidance range of $8 million to $9 million. The record quarterly revenue represents a significant increase from the $1.8 million recorded in the first quarter of 2023, which was the company's previous record revenue quarter. Phoenix Motor also expects to report record gross profit and record net income for the first quarter of 2024.
"Our record first quarter performance underscores the strength and scalability of our business model," said Denton Peng, CEO of Phoenix Motor. "The transformative acquisition of Proterra's Transit business and battery lease portfolio during the first quarter, which added heavy-duty transit buses to Phoenix's existing product line of medium-duty shuttle and school buses, has been a key driver behind our substantial year-over-year performance improvements, but has also led to unexpected delays related to our filing requirements. Our team is working diligently to complete our quarterly filing with the SEC, and we anticipate the process will be completed soon."
Updated Q1 2024 Conference Call Details:
The Company has rescheduled its first quarter 2024 earnings call to Thursday, August 15, 2024, at 4:30 p.m. ET.
Event: | Phoenix Motor First Quarter 2024 Financial Results Conference Call |
Date: | Thursday, August 15, 2024 |
Time: | 4:30 p.m. Eastern Time |
Live Call: | +1-877-407-9039 (U.S. Toll-Free) or +1-201-689-8470 (International) |
Webcast (audio only) | https://viavid.webcasts.com/starthere.jsp?ei=1672558&tp_key=9373f16cb7 |
Conf. ID: | 13747425 |
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until August 29, 2024 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13747425.
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, "PhoenixEV", 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: www.phoenixmotorcars.com.
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 Motorcars Inc.
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