$PEV
PHOENIX MOTOR INC.

2022 Q4 Form 10-Q Financial Statement

#000141057822003407 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $1.751M $409.0K $1.680M
YoY Change 35.0% -75.65% -55.81%
Cost Of Revenue $1.497M $288.0K $1.836M
YoY Change -12.15% -84.31% -55.85%
Gross Profit $254.0K $121.0K -$156.0K
YoY Change -162.41% -177.56% -56.3%
Gross Profit Margin 14.51% 29.58% -9.29%
Selling, General & Admin $4.810M $3.847M $6.216M
YoY Change -36.16% -38.11% 119.34%
% of Gross Profit 1893.7% 3179.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $277.0K $450.0K
YoY Change -83.59%
% of Gross Profit 109.06% 371.9%
Operating Expenses $4.810M $3.847M $6.216M
YoY Change -36.16% -38.11% 119.34%
Operating Profit -$4.556M -$3.726M -$6.372M
YoY Change -42.63% -41.53% 99.69%
Interest Expense -$1.000K -$2.000K -$2.000K
YoY Change 0.0% 0.0% -98.56%
% of Operating Profit
Other Income/Expense, Net $24.00K -$204.0K $1.000K
YoY Change -108.33% -20500.0% -97.78%
Pretax Income -$4.533M -$3.930M -$6.373M
YoY Change -44.92% -38.33% 94.0%
Income Tax -$5.000K $0.00 $3.000K
% Of Pretax Income
Net Earnings -$4.528M -$3.930M -$6.376M
YoY Change -45.04% -38.36% 94.09%
Net Earnings / Revenue -258.6% -960.88% -379.52%
Basic Earnings Per Share -$0.20 -$0.12
Diluted Earnings Per Share -$0.19 -$0.20 -$91.09K
COMMON SHARES
Basic Shares Outstanding 20.19M 0.000 17.50M
Diluted Shares Outstanding 19.66M 17.50M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.0K $1.317M $5.976M
YoY Change -94.82% -77.96%
Cash & Equivalents $139.0K $1.317M $5.976M
Short-Term Investments
Other Short-Term Assets $28.00K $78.00K $4.372M
YoY Change -63.16% -98.22%
Inventory $4.560M $5.682M $2.145M
Prepaid Expenses
Receivables $1.510M $1.422M $1.137M
Other Receivables $168.0K $103.0K $0.00
Total Short-Term Assets $7.721M $11.99M $13.63M
YoY Change 16.33% -12.05%
LONG-TERM ASSETS
Property, Plant & Equipment $2.492M $1.942M $2.526M
YoY Change 13.02% -23.12%
Goodwill $4.271M $4.271M
YoY Change 0.0%
Intangibles $1.704M $1.859M
YoY Change -26.65%
Long-Term Investments $209.0K
YoY Change
Other Assets $458.0K $250.0K $62.00K
YoY Change 303.23%
Total Long-Term Assets $12.72M $8.531M $9.336M
YoY Change 44.58% -8.62%
TOTAL ASSETS
Total Short-Term Assets $7.721M $11.99M $13.63M
Total Long-Term Assets $12.72M $8.531M $9.336M
Total Assets $20.44M $20.52M $22.97M
YoY Change 32.44% -10.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.359M $1.245M $957.0K
YoY Change -23.91% 30.09%
Accrued Expenses $650.0K $594.0K $476.0K
YoY Change -16.56% 24.79%
Deferred Revenue $1.230M $1.124M
YoY Change 53.18%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000K $25.00K $9.000K
YoY Change -70.0% 177.78%
Total Short-Term Liabilities $4.789M $3.790M $3.738M
YoY Change 7.57% 1.39%
LONG-TERM LIABILITIES
Long-Term Debt $147.0K $148.0K $765.0K
YoY Change -80.56% -80.65%
Other Long-Term Liabilities $3.225M
YoY Change
Total Long-Term Liabilities $147.0K $148.0K $765.0K
YoY Change -80.56% -80.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.789M $3.790M $3.738M
Total Long-Term Liabilities $147.0K $148.0K $765.0K
Total Liabilities $8.161M $3.938M $4.503M
YoY Change 56.7% -12.55%
SHAREHOLDERS EQUITY
Retained Earnings -$28.56M -$24.03M
YoY Change 80.12%
Common Stock $8.000K $8.000K
YoY Change 14.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.28M $16.58M $18.46M
YoY Change
Total Liabilities & Shareholders Equity $20.44M $20.52M $22.97M
YoY Change 32.44% -10.65%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$4.528M -$3.930M -$6.376M
YoY Change -45.04% -38.36% 94.09%
Depreciation, Depletion And Amortization $277.0K $450.0K
YoY Change -83.59%
Cash From Operating Activities -$623.0K -$5.869M -$9.612M
YoY Change -81.27% -38.94% -8531.58%
INVESTING ACTIVITIES
Capital Expenditures $562.0K -$714.0K -$680.0K
YoY Change 1238.1% 5.0% 6.42%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$562.0K -$714.0K -$680.0K
YoY Change -1438.1% 5.0% 6.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.000K 136.0K 569.0K
YoY Change -187.5% -76.1% -22.9%
NET CHANGE
Cash From Operating Activities -623.0K -5.869M -9.612M
Cash From Investing Activities -562.0K -714.0K -680.0K
Cash From Financing Activities 7.000K 136.0K 569.0K
Net Change In Cash -1.178M -6.447M -9.723M
YoY Change -64.23% -33.69% -4664.79%
FREE CASH FLOW
Cash From Operating Activities -$623.0K -$5.869M -$9.612M
Capital Expenditures $562.0K -$714.0K -$680.0K
Free Cash Flow -$1.185M -$5.155M -$8.932M
YoY Change -64.83% -42.29% -1286.19%

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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
321000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-102000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-14243000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9612000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
273000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
722000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
680000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-449000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-680000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
586000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
1676000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
1676000
us-gaap Repayments Of Debt
RepaymentsOfDebt
7000
us-gaap Repayments Of Debt
RepaymentsOfDebt
17000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
13438000
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
7000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
138000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13576000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
569000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1116000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5976000
us-gaap Interest Paid Net
InterestPaidNet
6000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-9723000
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
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1567000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5976000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1317000
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5976000
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
250000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1567000
us-gaap Interest Paid Net
InterestPaidNet
7000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
7000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3000
pev Inventories Transferred To Property And Equipment
InventoriesTransferredToPropertyAndEquipment
75000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-3930000
us-gaap Net Income Loss
NetIncomeLoss
-8177000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-14243000
CY2022Q3 pev Working Capital
WorkingCapital
8198000
pev Number Of Primary Categories
NumberOfPrimaryCategories
4
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
144000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
554000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2579000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
409000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1680000
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1124000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
803000
CY2022Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1457000
CY2021Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1236000
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
35000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
35000
CY2022Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1422000
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1201000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2021Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2022Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2022Q3 us-gaap Deposits Assets Current
DepositsAssetsCurrent
554000
CY2021Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
267000
CY2022Q3 us-gaap Prepaid Insurance
PrepaidInsurance
332000
CY2022Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2519000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
924000
CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1420000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
582000
CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1743000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
719000
CY2022Q3 us-gaap Inventory Net
InventoryNet
5682000
CY2021Q4 us-gaap Inventory Net
InventoryNet
2225000
us-gaap Inventory Write Down
InventoryWriteDown
0
CY2021Q3 us-gaap Inventory Write Down
InventoryWriteDown
0
us-gaap Inventory Write Down
InventoryWriteDown
0
CY2022Q3 us-gaap Inventory Write Down
InventoryWriteDown
0
CY2022Q3 pev Prepaid Expenses Current
PrepaidExpensesCurrent
2500000
CY2021Q4 pev Prepaid Expenses Current
PrepaidExpensesCurrent
41000
CY2022Q3 us-gaap Other Assets Current
OtherAssetsCurrent
78000
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
76000
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3464000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
528000
CY2022Q3 pev Prepaid Payments For Show Car Model Development Current
PrepaidPaymentsForShowCarModelDevelopmentCurrent
2500000
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
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
450000000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0004
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1436000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
CY2022Q3 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
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
103000
CY2022Q3 us-gaap Due From Related Parties Current
DueFromRelatedPartiesCurrent
103000
CY2022Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
263000
CY2021Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
87000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
515000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
236000
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1107000
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
264000
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1068000
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1147000
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1190000
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
608000
CY2022Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
5384000
CY2022Q3 pev Payments Of Commitments
PaymentsOfCommitments
850000
us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
301000

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0001410578-22-003407.txt Edgar Link pending
0001410578-22-003407-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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pev-20220930.xsd Edgar Link pending
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