Phoenix Motor Inc
phoenixmotorcars.comWhat Do They Do?
Sells electric transit buses and commercial electric vehicles to public transit agencies, airports, universities and other commercial fleets.
10-K for FY2024, filed May 30, 2025On January 11, 2024, we completed the acquisition of the Proterra transit business unit, which is the business unit of Proterra that…View ↗
We have product and service offerings for both electric transit buses and the commercial trucks with purpose build and electrified…View ↗
Our transit buses are already being used by many of the most prominent transit agencies across North America. Additionally, our buses are…View ↗
How Do They Make Money?
Transit bus and EV buyers pay when the vehicle is delivered or accepted. EV leases and maintenance and warranty services generate revenue over the contract term; forklift and parts sales, and training, are counted when delivered or accepted.
10-K for FY2024, filed May 30, 2025The Group recognizes revenue on sales of transit buses at a point in time following the transfer of control of such products to the…View ↗
The Group recognizes revenue on sales of EVs and kits at a point in time following the transfer of control of such products to the…View ↗
EV leasing revenue includes revenue recognized under lease accounting guidance for direct leasing programs. The Group accounts for most of…View ↗
Revenue on sale of forklifts is recognized at a point in time following the transfer of control of such products to the customer, which…View ↗
Revenue on sale of parts for transit buses or EVs is recognized at a point in time following the transfer of control of such products to…View ↗
Service revenue consists of maintenance, warranty, training and other services. For maintenance and warranty services, revenues are…View ↗
-
10-K for FY2024, filed May 30, 2025
FY2024 revenue by product or service ↗
$31.2M
-
10-K for FY2024, filed May 30, 2025
$31.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Sales of Transit Buses
Sold outright
10-K for FY2024, filed May 30, 2025 |
79% |
Sales of Transit Buses, FY2024
$24.6M Sources
|
Sold outright |
|
Sales of EVs
Sold outright
|
2.6%
FY2021: 59%
|
Sales of EVs, FY2024
$806K Sources
|
Sold outright |
|
Lease of Evs
Recurring
|
0.4%
FY2021: 20%
|
Lease of Evs, FY2024
$116K Sources
|
Recurring |
|
Sales of Forklifts
Sold outright
|
0.1%
FY2021: 22%
|
Sales of Forklifts, FY2024
$45K Sources
|
Sold outright |
|
Sales of Parts
Sold outright
|
5.1% |
Sales of Parts, FY2024
$1.6M Sources
|
Sold outright |
|
Service Revenue
|
8.5% |
Service Revenue, FY2024
$2.6M Sources
|
|
|
Others
Sold outright
|
4.3% |
Others, FY2024
$1.3M Sources
|
Sold outright |
Who Are Their Customers?
Public transit agencies, universities, airports and other fleets buy the company's buses and trucks. It sells vehicles directly to fleet customers and through commercial-vehicle partners.
10-K for FY2024, filed May 30, 2025
10-K for FY2024, filed May 30, 2025
For the year ended December 31, 2024, there was three customers representing 39.3%, 13.5% and 12.5%, respectively, of total net revenues.…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 25 cents of every revenue dollar as net income in FY2024, but spent more cash than it brought in: free cash flow was −$2.1M.
10-K for FY2024, filed May 30, 2025
−$31MView ↗
10-K for FY2024, filed May 30, 2025
$7.9MView ↗
10-K for FY2024, filed May 30, 2025
−$2.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2025, filed Nov 12, 2025
−$3.7MView ↗
- ▼ −34% (Loss)
- vs −$5.6M in Q3 FY2024
10-Q for Q3 FY2025, filed Nov 12, 2025
Open tableView ↗
-
Sep 5, 2025
Appointed Tony Shen chief financial officer
He took the role effective September 2, 2025.
Sources
8-K, filed Sep 5, 2025
Phoenix Motor Inc. (the “Company”) has appointed Tony Shen as the Company’s Chief Financial Officer, effective as of September 2, 2025.View ↗
-
Aug 5, 2025
Chief financial officer Michael Yung resigned
His resignation was effective August 2, 2025.
Sources
8-K, filed Aug 5, 2025
On August 2, 2025, Phoenix Motor Inc. (the “Company”) accepted the resignation of Mr. Michael Yung as Chief Financial Officer of the…View ↗
Who Do They Compete With?
Competes with Lightning eMotors, Green Power Motor, BYD, Ford, General Motors, Tesla, Daimler, Volvo, Hyundai, Honda, and Fiat
10-K for FY2024, filed May 30, 2025Phoenix competes with a number of commercial EV manufacturers, such as Lightning eMotors and Green Power Motor Company. Several major…View ↗
Loading...
