2024 Q1 Form 10-Q Financial Statement

#000121465924008802 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $4.000K
YoY Change
Cost Of Revenue $21.00K
YoY Change
Gross Profit -$17.00K
YoY Change
Gross Profit Margin -425.0%
Selling, General & Admin $5.923M $10.72M
YoY Change -44.76% -43.5%
% of Gross Profit
Research & Development $395.0K $2.900M
YoY Change -86.38% 317.64%
% of Gross Profit
Depreciation & Amortization $270.0K $142.0K
YoY Change 90.14% 158.18%
% of Gross Profit
Operating Expenses $6.568M $13.62M
YoY Change -51.79% -30.75%
Operating Profit -$6.585M -$13.62M
YoY Change -51.66% -30.75%
Interest Expense $1.000K
YoY Change
% of Operating Profit
Other Income/Expense, Net $44.00K $1.314M
YoY Change -96.65% -10578.47%
Pretax Income -$6.541M -$12.31M
YoY Change -46.86% -37.47%
Income Tax $62.10M $53.00M
% Of Pretax Income
Net Earnings -$6.541M -$12.31M
YoY Change -46.86% -37.47%
Net Earnings / Revenue -163525.0%
Basic Earnings Per Share -$0.91 $0.66
Diluted Earnings Per Share -$0.91 -$0.66
COMMON SHARES
Basic Shares Outstanding 7.167M shares 18.73M shares
Diluted Shares Outstanding 7.167M shares 124.8K shares

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.90M
YoY Change
Cash & Equivalents $9.181M $12.90M
Short-Term Investments
Other Short-Term Assets $1.054M
YoY Change
Inventory $678.0K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $10.41M $14.63M
YoY Change -28.87%
LONG-TERM ASSETS
Property, Plant & Equipment $4.447M $2.393M
YoY Change 85.83%
Goodwill
YoY Change
Intangibles $10.00K
YoY Change
Long-Term Investments $291.0K
YoY Change
Other Assets $290.0K
YoY Change
Total Long-Term Assets $11.16M $3.416M
YoY Change 226.61%
TOTAL ASSETS
Total Short-Term Assets $10.41M $14.63M
Total Long-Term Assets $11.16M $3.416M
Total Assets $21.56M $18.05M
YoY Change 19.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.383M
YoY Change
Accrued Expenses $761.0K
YoY Change
Deferred Revenue $526.0K
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $119.0K
YoY Change
Total Short-Term Liabilities $6.956M $3.208M
YoY Change 116.83%
LONG-TERM LIABILITIES
Long-Term Debt $6.442M
YoY Change
Other Long-Term Liabilities $133.0K $470.0K
YoY Change -71.7%
Total Long-Term Liabilities $133.0K $6.912M
YoY Change -98.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.956M $3.208M
Total Long-Term Liabilities $133.0K $6.912M
Total Liabilities $8.410M $10.12M
YoY Change -16.9%
SHAREHOLDERS EQUITY
Retained Earnings -$266.2M -$230.9M
YoY Change 15.27%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.15M $7.927M
YoY Change
Total Liabilities & Shareholders Equity $21.56M $18.05M
YoY Change 19.49%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$6.541M -$12.31M
YoY Change -46.86% -37.47%
Depreciation, Depletion And Amortization $270.0K $142.0K
YoY Change 90.14% 158.18%
Cash From Operating Activities -$3.487M -$9.370M
YoY Change -62.79% 78.37%
INVESTING ACTIVITIES
Capital Expenditures $839.0K $94.00K
YoY Change 792.55%
Acquisitions
YoY Change
Other Investing Activities -$40.00K
YoY Change
Cash From Investing Activities -$850.0K -$134.0K
YoY Change 534.33% -22.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $10.67M $19.70M
YoY Change -45.83% 477.26%
NET CHANGE
Cash From Operating Activities -$3.487M -$9.370M
Cash From Investing Activities -$850.0K -$134.0K
Cash From Financing Activities $10.67M $19.70M
Net Change In Cash $6.335M $10.20M
YoY Change -37.88% -606.36%
FREE CASH FLOW
Cash From Operating Activities -$3.487M -$9.370M
Capital Expenditures $839.0K $94.00K
Free Cash Flow -$4.326M -$9.464M
YoY Change -54.29%

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CY2024Q1 NXU Stockbased Compensation Expense Capitalized To Property And Equipment
StockbasedCompensationExpenseCapitalizedToPropertyAndEquipment
67000 usd
CY2023Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-150 reverse stock split
CY2023Q1 NXU Increase In Research And Development Costs
IncreaseInResearchAndDevelopmentCosts
800000 usd
CY2023Q1 NXU Increase In Stock Based Compensation Expense
IncreaseInStockBasedCompensationExpense
100000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
6500000 usd
CY2024Q1 NXU Net Cash Flows Used In Operating Activities
NetCashFlowsUsedInOperatingActivities
3500000 usd
CY2024Q1 us-gaap Cash
Cash
9200000 usd
CY2024Q1 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
266200000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4447000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3865000 usd
CY2024Q1 us-gaap Depreciation
Depreciation
270000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
140000 usd
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zPRnSquQcBe9" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i><span id="xdx_861_z9FPMsDlcvab">Use of Estimates</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Due to uncertainties, actual results could differ from the estimates and assumptions used in preparation of the unaudited condensed consolidated financial statements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5514000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4763000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1168000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
898000 usd
CY2024Q1 NXU Property And Equipment Excluding Construction In Progress Net
PropertyAndEquipmentExcludingConstructionInProgressNet
4346000 usd
CY2023Q4 NXU Property And Equipment Excluding Construction In Progress Net
PropertyAndEquipmentExcludingConstructionInProgressNet
3865000 usd
CY2024Q1 NXU Charging Station Equipment Construction In Progress
ChargingStationEquipmentConstructionInProgress
101000 usd
CY2024Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
466000 usd
CY2023Q4 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
372000 usd
CY2024Q1 us-gaap Prepaid Insurance
PrepaidInsurance
300000 usd
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
302000 usd
CY2024Q1 us-gaap Prepaid Rent
PrepaidRent
130000 usd
CY2023Q4 us-gaap Prepaid Rent
PrepaidRent
98000 usd
CY2023Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
102000 usd
CY2024Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
80000 usd
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
125000 usd
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
976000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
999000 usd
CY2024Q1 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
2044000 usd
CY2023Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
2501000 usd
CY2024Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
726000 usd
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
153000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
728000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
717000 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
3498000 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
3371000 usd
CY2024Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
59100000 usd
CY2024Q1 NXU Operating Loss Carryforwards Expiration Date1
OperatingLossCarryforwardsExpirationDate1
2037
CY2017 NXU Corporate Tax Rate
CorporateTaxRate
0.21 pure
CY2024Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1600000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
62100000 usd
CY2024Q1 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 usd
CY2023Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
-6541000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-12170000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7166858 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7166858 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
124844 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124844 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.91
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.91
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-97.48
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-97.48
CY2024Q1 us-gaap Debt Instrument Term
DebtInstrumentTerm
P5Y
CY2024Q1 us-gaap Liabilities Subject To Compromise Early Contract Termination Fees
LiabilitiesSubjectToCompromiseEarlyContractTerminationFees
700000 usd
CY2024Q1 NXU Legal Liability Payment Term
LegalLiabilityPaymentTerm
P21M
CY2024Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
2723000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
5824000 usd
CY2024Q1 NXU Stockbased Compensation Capitalized To Property And Equipment
StockbasedCompensationCapitalizedToPropertyAndEquipment
-67000 usd
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2656000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5824000 usd
CY2024Q1 NXU Unrecognized Stockbased Compensation Related To Outstanding Awards
UnrecognizedStockbasedCompensationRelatedToOutstandingAwards
8900000 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P1Y
CY2024Q1 NXU Rsu Exchange Program Description
RsuExchangeProgramDescription
the Company granted 1,117,457 Exchange Options to employees, which will vest in equal amounts on March 31, 2024 and June 30, 2024. The Exchange Options have a fair value of $0.7 million, which is equal to the fair value of the Exchanged RSUs at the Exchange Date, and as such no additional compensation cost was recorded as a result of the modification on the Exchange Date. Concurrently with the grant of the Exchange Options, the Company granted 553,236 additional stock options with a fair value of $0.3 million to employees, which will vest in equal amounts on June 30, 2024 and September 30, 2024.
CY2024Q1 us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
Company has authority to issue is 5.0 billion shares, consisting of (1) 5.0 billion authorized shares of common stock, including (a) 4.0 billion authorized shares of Class A Common Stock, (b) 1.0 billion authorized shares of Class B common stock and (2) 10.0 million authorized shares of preferred stock, par value $0.0001 per share.
CY2023Q4 us-gaap Convertible Debt
ConvertibleDebt
10000 usd
CY2024Q1 us-gaap Convertible Debt
ConvertibleDebt
10000 usd
CY2023Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
55000 usd
CY2024Q1 NXU Change In Fair Value Measurement
ChangeInFairValueMeasurement
-44000 usd
CY2024Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
11000 usd
CY2024Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
21000 usd
CY2023Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
65000 usd
CY2024Q1 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
10000 usd
CY2023Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
10000 usd
CY2024Q1 NXU Convertible Notes Contractual Principal Outstanding
ConvertibleNotesContractualPrincipalOutstanding
10000 usd
CY2023Q4 NXU Convertible Notes Contractual Principal Outstanding
ConvertibleNotesContractualPrincipalOutstanding
10000 usd

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