Phoenix Motor Q2 revenue $1.2M down 23% YoY; net loss widens to $3.2M

PHOENIX MOTOR INC.

2023-Q2 EPS reported -$0.28 revenue$2,939,000

Net revenue $1.2M vs $1.5M in Q2 2022; electric vehicle sales up ~80% but offset by forklift decline.
Gross loss of $61K compared to gross profit of $325K in prior year; net loss $(3.2)M vs $(2.0)M.
Over half of vehicle deliveries were leases; if classified as sales, revenue would have been ~$2.2M.
Secured purchase order for 13 zero-emission vehicles from Los Angeles World Airports (LAWA).
Gen 4 start-of-production expected in 2023; Gen 5 ground-up chassis targeted for 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PHOENIX MOTOR INC. reported the quarter ended June 30, 2023 results: revenue $1.2 million, net income $3.2 million.

Period: the quarter ended June 30, 2023
Revenue: $1.2 million
Net income: $3.2 million
Result: reported results

Exact text from the filing

Net revenues decreased 23% to $1.2 million, compared to $1.5 million in Q2 2022, as a significant increase in revenue from electric vehicle sales was more than offset by a decline in forklift sales.

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Source: SEC EDGAR

accession 0001104659-23-093596

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