Phoenix Motor acquisition of Proterra Transit shows $54.95M net loss in 2023

PHOENIX MOTOR INC.

Net loss of $54.95M on revenue of $115.78M in 2023; prior year net loss of $75.05M on revenue of $191.09M.
Auditor issued disclaimer of opinion; could not obtain sufficient evidence from Proterra's accounting records.
Proterra filed Chapter 11 in Aug 2023; Phoenix Motor paid $3.5M for transit assets and $6.5M for battery leases.
Accumulated deficit reached $130M as of Dec 31, 2023; stockholders' deficit of $130M.
Going concern uncertainty noted; operating cash flow was positive $9.9M in 2023 after negative $135.8M in 2022.

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