$PEV
PHOENIX MOTOR INC.

2022 Q3 Form 10-Q Financial Statement

#000141057822002611 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $409.0K $1.499M $671.0K
YoY Change -75.65% 129.56% 42.77%
Cost Of Revenue $288.0K $1.174M $551.0K
YoY Change -84.31% 44.58% 31.19%
Gross Profit $121.0K $325.0K $120.0K
YoY Change -177.56% -304.4% 140.0%
Gross Profit Margin 29.58% 21.68% 17.88%
Selling, General & Admin $3.847M $2.290M $3.023M
YoY Change -38.11% 6.91% 54.23%
% of Gross Profit 3179.34% 704.62% 2519.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $450.0K $855.0K $427.0K
YoY Change 90.0% 4.15%
% of Gross Profit 371.9% 263.08% 355.83%
Operating Expenses $3.847M $2.290M $3.023M
YoY Change -38.11% 6.91% 54.23%
Operating Profit -$3.726M -$1.965M -$2.903M
YoY Change -41.53% -14.6% 51.99%
Interest Expense -$2.000K -$2.000K -$2.000K
YoY Change 0.0%
% of Operating Profit
Other Income/Expense, Net -$204.0K $52.00K $585.0K
YoY Change -20500.0% 5100.0%
Pretax Income -$3.930M -$1.913M -$2.320M
YoY Change -38.33% -16.83% 22.11%
Income Tax $0.00 $12.00K $2.000K
% Of Pretax Income
Net Earnings -$3.930M -$1.925M -$2.322M
YoY Change -38.36% -16.34% 21.83%
Net Earnings / Revenue -960.88% -128.42% -346.05%
Basic Earnings Per Share -$0.20 -$0.11 -$0.13
Diluted Earnings Per Share -$0.20 -$0.11 -$115.0K
COMMON SHARES
Basic Shares Outstanding 0.000 17.98M 17.50M
Diluted Shares Outstanding 19.66M 17.98M 17.50M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.317M $7.764M $66.00K
YoY Change -77.96%
Cash & Equivalents $1.317M $7.764M $66.00K
Short-Term Investments
Other Short-Term Assets $78.00K $57.00K $781.0K
YoY Change -98.22%
Inventory $5.682M $3.796M $2.632M
Prepaid Expenses
Receivables $1.422M $1.250M $856.0K
Other Receivables $103.0K $0.00 $6.000K
Total Short-Term Assets $11.99M $16.55M $4.341M
YoY Change -12.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.942M $1.484M $1.968M
YoY Change -23.12%
Goodwill $4.271M $4.271M
YoY Change
Intangibles $1.859M $2.014M
YoY Change
Long-Term Investments $209.0K
YoY Change
Other Assets $250.0K $250.0K
YoY Change 303.23%
Total Long-Term Assets $8.531M $8.019M $8.407M
YoY Change -8.62%
TOTAL ASSETS
Total Short-Term Assets $11.99M $16.55M $4.341M
Total Long-Term Assets $8.531M $8.019M $8.407M
Total Assets $20.52M $24.57M $12.75M
YoY Change -10.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.245M $2.353M $2.228M
YoY Change 30.09%
Accrued Expenses $594.0K $880.0K $609.0K
YoY Change 24.79%
Deferred Revenue $1.124M $794.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $25.00K $10.00K $11.00K
YoY Change 177.78%
Total Short-Term Liabilities $3.790M $4.864M $4.612M
YoY Change 1.39%
LONG-TERM LIABILITIES
Long-Term Debt $148.0K $165.0K $167.0K
YoY Change -80.65%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $148.0K $165.0K $167.0K
YoY Change -80.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.790M $4.864M $4.612M
Total Long-Term Liabilities $148.0K $165.0K $167.0K
Total Liabilities $3.938M $5.029M $4.779M
YoY Change -12.55%
SHAREHOLDERS EQUITY
Retained Earnings -$24.03M -$20.10M
YoY Change
Common Stock $8.000K $8.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.58M $19.54M $7.969M
YoY Change
Total Liabilities & Shareholders Equity $20.52M $24.57M $12.75M
YoY Change -10.65%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.930M -$1.925M -$2.322M
YoY Change -38.36% -16.34% 21.83%
Depreciation, Depletion And Amortization $450.0K $855.0K $427.0K
YoY Change 90.0% 4.15%
Cash From Operating Activities -$5.869M $1.238M -$2.692M
YoY Change -38.94% -137.18% -6.85%
INVESTING ACTIVITIES
Capital Expenditures -$714.0K $672.0K $0.00
YoY Change 5.0% 380.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $273.0K
YoY Change
Cash From Investing Activities -$714.0K $945.0K $0.00
YoY Change 5.0% -775.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 136.0K 12.87M 75.00K
YoY Change -76.1% -87.07%
NET CHANGE
Cash From Operating Activities -5.869M 1.238M -2.692M
Cash From Investing Activities -714.0K 945.0K 0.000
Cash From Financing Activities 136.0K 12.87M 75.00K
Net Change In Cash -6.447M 15.05M -2.617M
YoY Change -33.69% -533.83% -0.49%
FREE CASH FLOW
Cash From Operating Activities -$5.869M $1.238M -$2.692M
Capital Expenditures -$714.0K $672.0K $0.00
Free Cash Flow -$5.155M $566.0K -$2.692M
YoY Change -42.29% -116.31% -16.14%

Facts In Submission

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6099000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2683000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15699000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8014000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9600000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7764000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9600000
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
250000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8014000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9600000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3000
pev Inventories Transferred To Property And Equipment
InventoriesTransferredToPropertyAndEquipment
36000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-1925000
us-gaap Net Income Loss
NetIncomeLoss
-4247000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8374000
CY2022Q2 pev Working Capital
WorkingCapital
11687000
pev Number Of Primary Categories
NumberOfPrimaryCategories
4
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1499000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
653000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2170000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1126000
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
794000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
803000
CY2022Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1285000
CY2021Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1236000
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
35000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
35000
CY2022Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1250000
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1201000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2021Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2022Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1351000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
924000
CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
692000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
582000
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1753000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
719000
CY2022Q2 us-gaap Inventory Net
InventoryNet
3796000
CY2021Q4 us-gaap Inventory Net
InventoryNet
2225000
us-gaap Inventory Write Down
InventoryWriteDown
0
CY2021Q2 us-gaap Inventory Write Down
InventoryWriteDown
0
us-gaap Inventory Write Down
InventoryWriteDown
0
CY2022Q2 us-gaap Inventory Write Down
InventoryWriteDown
0
CY2022Q2 us-gaap Deposits Assets Current
DepositsAssetsCurrent
1086000
CY2021Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
267000
CY2022Q2 us-gaap Prepaid Insurance
PrepaidInsurance
449000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
144000
CY2022Q2 pev Prepaid Expenses Current
PrepaidExpensesCurrent
2149000
CY2021Q4 pev Prepaid Expenses Current
PrepaidExpensesCurrent
41000
CY2022Q2 us-gaap Other Assets Current
OtherAssetsCurrent
57000
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
76000
CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3741000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
528000
CY2022Q2 pev Prepaid Payments For Show Car Model Development Current
PrepaidPaymentsForShowCarModelDevelopmentCurrent
1000000
CY2022Q2 pev Prepaid Payments For Assets Acquisition Current
PrepaidPaymentsForAssetsAcquisitionCurrent
1146000
CY2021Q3 pev Number Of Shares Authorized
NumberOfSharesAuthorized
500000000
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
70000
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
17500000
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0004
us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
301000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
52000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
115000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
45000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1147000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M2D
CY2022Q2 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
1676000
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
0
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1676000
pev Withholding Payroll Taxes Paid On Behalf Of Ultimate Parent Company
WithholdingPayrollTaxesPaidOnBehalfOfUltimateParentCompany
123000
CY2022Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
126000
CY2021Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
74000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
253000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
148000
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
379000
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
942000
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
981000
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1021000
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1064000
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
520000
CY2022Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
4907000
CY2022Q2 pev Payments Of Commitments
PaymentsOfCommitments
2350000

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