Thunder Power Holdings, Inc. Announces Financial Results and Strategic Developments
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E-mailPending Share Exchange Transaction with Electric Power Technology Limited
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The TW Company is currently focused on the acquisition and development of solar power generation projects and the development of energy storage businesses. On
Thunder Power Announces Transfer of Listing from Nasdaq Global Market to Nasdaq Capital Market (NASDAQ-CM)
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The Nasdaq Capital Market (NASDAQ-CM), previously known as the Nasdaq SmallCap Market, serves smaller capitalization companies with less stringent financial and liquidity listing requirements. The Nasdaq Capital Market benefits smaller companies focused on raising capital and lists a wide variety of companies, including those from technology, biotechnology, and other sectors.
"We believe listing on the Nasdaq Capital Market is more reflective of AIEV at this stage in our development, allowing us to focus on generating revenue, improving our balance sheet, and giving us more financial flexibility. This listing transfer, along with our pending stake in Electric Power Technology, positions the Company favorably for future growth," concluded Nicoll.
Thunder Power's securities began trading on NASDAQ-CM on
Full Year 2024 Financial Highlights:
- Revenues were nil, consistent with the same period in 2023
- Operating expenses were approximately $2.4 million, compared to $1.8 million in the prior year. The changes were primarily attributable to a
$0.3 million increase in general and administrative expenses related to professional fees incurred to support the closing of the Business Combination, and a$0.7 million increase in share-based compensation expense as we issued 90,000 shares of common stock to three independent directors of FLFV at the consummation of the Business Combination, partially offset by a decrease in share-based settlement expenses of approximately$0.5 million - Net loss was approximately $2.4 million, compared to a net loss $1.8 million for the same period in 2023
Commenting on the Company's financial results, Nicoll continued, "As we look ahead to 2025, AIEV intends to capitalize on a number of strategic opportunities within the green energy market. We are focused on increasing and diversifying our revenue streams to further develop and deploy our EVs, driving sustainable growth and strengthening our financial footing. Additionally, once the Electric Power Technology transaction is completed, we will continue to pursue additional strategic targets in the attractive green energy landscape throughout 2025 and beyond."
About Thunder Power Holdings, Inc.
Thunder Power is a technology innovator and a developer of innovative electric vehicles ("EVs"). The Company has developed several proprietary technologies, which are the building blocks of the Thunder Power family of EVs. The Company is focused on design and development of high-performance EVs, targeting markets initially in
Contact:
AIEV Investor Relations
[email protected]
713-529-6600
Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminologies such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results or outcomes could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including but not limited to, (i) operational risks, such as the Company's ability to successfully execute on its business plan, its ability to complete the acquisition of Electric Power Technology Limited; its ability to receive stockholder approval to issue its common stock in relation to the Share Exchange Agreement; its ability to successfully acquire assets on terms that are favorable to the Company; its ability to integrate acquired assets effectively; and its ability to adapt operations in response to accidents, extreme weather events, natural disasters, and related economic effects; (ii) regulatory and compliance risks, such as the impact of new or amended governmental laws and regulations, including tariffs, clean energy policies, and environmental standards; changes in tax laws or tax-related matters; its ability to receive a successful audit outcome under Generally Accepted Accounting Standards; and its ability to maintain its listing on the Nasdaq Global Market or successfully transfer its listing to the Nasdaq Capital Market; (iii) financial risks, such as the Company's liquidity position and ability to obtain additional financing, if necessary; foreign currency exchange rate fluctuations; interest rate volatility; the Company's current pre-revenue status and uncertainties surrounding its ability to generate revenue in the future, including potential delays in product development, market acceptance, or achieving profitability; (iv) market and industry risks, such as fluctuations in consumer acceptance and demand for electric vehicles; competition within the EV sector; the Company's ability to integrate solar power technology into its products as part of clean energy innovation initiatives; fluctuations in the availability and cost of raw materials critical for EV production; and advancements in battery technology or alternative energy solutions that may impact market dynamics, and (v) such known factors as are detailed in the Company's final proxy statement/prospectus pursuant to rule 424(b)(3) filed with the Securities and Exchange Commission on
THUNDER POWER HOLDINGS, INC. (f/k/a Feutune Light Acquisition Corporation) | ||||||||
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ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 52,616 | $ | 196,907 | ||||
Deferred offering costs | — | 429,750 | ||||||
Prepaid expenses for forward purchase contract | 13,114,964 | — | ||||||
Other current assets | 382,865 | 623,221 | ||||||
Total Current Assets | 13,550,445 | 1,249,878 | ||||||
Non-current Assets | ||||||||
Property and equipment, net | — | 1,974 | ||||||
Right of use assets | 4,614 | 5,740 | ||||||
Total Non-current Assets | 4,614 | 7,714 | ||||||
Total Assets | $ | 13,555,059 | $ | 1,257,592 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Advance of subscription fees from shareholders | $ | — | $ | 590,000 | ||||
Amount due to related parties | 1,766,287 | 68,992 | ||||||
Other payable and accrued expenses | 2,340,440 | 97,297 | ||||||
Lease liabilities | 3,455 | — | ||||||
Underwriter fee payable | 2,921,250 | — | ||||||
Total Current Liabilities | 7,031,432 | 756,289 | ||||||
Total Liabilities | 7,031,432 | 756,289 | ||||||
Commitments and Contingencies | ||||||||
Shareholders' Equity | ||||||||
Common stock ( | 5,073 | 3,749 | ||||||
Additional paid-in capital* | 43,450,667 | 34,927,449 | ||||||
Accumulated loss | (36,932,246) | (34,429,895) | ||||||
Accumulated other comprehensive income | 133 | — | ||||||
Total Shareholders' Equity | 6,523,627 | 501,303 | ||||||
Total Liabilities and Shareholders' Equity | $ | 13,555,059 | $ | 1,257,592 | ||||
* | The share information and additional paid-in capital are presented on a retroactive basis to reflect the reverse recapitalization on |
THUNDER POWER HOLDINGS, INC. (f/k/a Feutune Light Acquisition Corporation) | ||||||||
For the Year Ended | ||||||||
2024 | 2023 | |||||||
Revenues | $ | — | $ | — | ||||
Operating expenses | ||||||||
General and administrative expenses | (2,502,190) | (1,815,071) | ||||||
Total operating expenses | (2,502,190) | (1,815,071) | ||||||
Other income (expenses) | ||||||||
Interest income, net | 51 | — | ||||||
Foreign currency exchange loss | (212) | (573) | ||||||
Total other expenses, net | (161) | (573) | ||||||
Loss before income taxes | (2,502,351) | (1,815,644) | ||||||
Income tax expenses | — | — | ||||||
Net loss | (2,502,351) | (1,815,644) | ||||||
Other comprehensive income | ||||||||
Foreign currency adjustments | 133 | — | ||||||
Comprehensive loss | $ | (2,502,218) | $ | (1,815,644) | ||||
Loss per share – basic and diluted* | $ | (0.06) | $ | (0.05) | ||||
Weighted average shares – basic and diluted* | 44,736,947 | 34,870,846 | ||||||
* | The shares and per share information are presented on a retroactive basis to reflect the reverse recapitalization on |
THUNDER POWER HOLDINGS, INC. | ||||||||||||||||||||||||
Common stock | Additional | Accumulated | Total | |||||||||||||||||||||
Number of | Amount* | paid-in | Accumulated | comprehensive | equity | |||||||||||||||||||
Balance as of | 31,754,844 | $ | 3,175 | $ | 32,091,251 | $ | (32,614,251) | $ | — | $ | (519,825) | |||||||||||||
Capital injection from shareholders | 5,583,236 | 559 | 2,762,215 | — | — | 2,762,774 | ||||||||||||||||||
Issuance of ordinary shares to a related party to | 150,727 | 15 | 73,938 | — | — | 73,953 | ||||||||||||||||||
Share-based compensation | — | — | 45 | — | — | 45 | ||||||||||||||||||
Net loss | (1,815,644) | — | (1,815,644) | |||||||||||||||||||||
Balance as of | 37,488,807 | $ | 3,749 | $ | 34,927,449 | $ | (34,429,895) | $ | — | $ | 501,303 | |||||||||||||
Capital injection from shareholders | 2,511,193 | 251 | 946,549 | — | — | 946,800 | ||||||||||||||||||
Reverse recapitalization | 5,279,673 | 528 | 3,911,563 | — | — | 3,912,091 | ||||||||||||||||||
Issuance of common stock to a financial advisor | 1,200,000 | 120 | (120) | — | — | — | ||||||||||||||||||
Issuance of common stock to independent directors | 90,000 | 9 | 899,991 | — | — | 900,000 | ||||||||||||||||||
Share-based compensation | — | — | 107,712 | — | — | 107,712 | ||||||||||||||||||
Settlement of working capital loans | 289,960 | 29 | 2,635,971 | — | — | 2,636,000 | ||||||||||||||||||
Issuance of ordinary shares pursuant to forward purchase contracts | 3,706,461 | 371 | (371) | — | — | — | ||||||||||||||||||
Issuance of ordinary shares pursuant to a private placement | 150,000 | 15 | (15) | — | — | — | ||||||||||||||||||
Share-based compensation to non-employees | 8,570 | 1 | 21,938 | — | — | 21,939 | ||||||||||||||||||
Net loss | — | — | — | (2,502,351) | — | (2,502,351) | ||||||||||||||||||
Foreign exchange adjustments | — | — | — | — | 133 | 133 | ||||||||||||||||||
Balance as of | 50,724,664 | $ | 5,073 | $ | 43,450,667 | $ | (36,932,246) | $ | 133 | $ | 6,523,627 | |||||||||||||
* | The share information and additional paid-in capital are presented on a retroactive basis to reflect the reverse recapitalization on |
THUNDER POWER HOLDINGS, INC. | ||||||||
For the Year Ended | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (2,502,351) | $ | (1,815,644) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation expenses | 1,974 | 4,366 | ||||||
Amortization of right of use assets | 26,995 | 26,718 | ||||||
Share-based compensation | 1,007,712 | 331,295 | ||||||
Share-based settlement expenses | — | 479,174 | ||||||
Changes in operating assets and liabilities: | ||||||||
Other current assets | (6,997) | (8,221) | ||||||
Amount due to related parties | 130,735 | 236,803 | ||||||
Other payable and accrued expenses | 137,093 | 86,269 | ||||||
Lease liabilities | (22,414) | 511 | ||||||
Net cash used in operating activities | (1,227,253) | (658,729) | ||||||
Cash flows from investing activities: | ||||||||
Cash acquired in reverse capitalization | 929,302 | — | ||||||
Net cash provided by investing activities | 929,302 | — | ||||||
Cash flows from financing activities: | ||||||||
Subscription fees advanced from shareholders | — | 1,750,000 | ||||||
Subscription fees received from shareholders | 356,800 | — | ||||||
Payment of offering cost | (999,700) | (429,750) | ||||||
Return of subscription fees to an investor | — | (100,000) | ||||||
Borrowings from related parties | 1,051,560 | — | ||||||
Repayment of borrowings to a related party | (25,000) | — | ||||||
Payment of extension loans | (380,000) | (300,000) | ||||||
Payment of extension loans on behalf of a third party | — | (315,000) | ||||||
Proceeds of prepayment shortfall under forward purchase contract | 150,000 | — | ||||||
Net cash provided by financing activities | 153,660 | 605,250 | ||||||
Net decrease in cash | (144,291) | (53,479) | ||||||
Cash at beginning of year | 196,907 | 250,386 | ||||||
Cash at end of year | $ | 52,616 | $ | 196,907 | ||||
Supplemental cash flow information | ||||||||
Cash paid for interest expense | $ | — | $ | — | ||||
Cash paid for income tax | $ | — | $ | — | ||||
Non-cash investing and financing activities | ||||||||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | 25,824 | $ | — | ||||
Transfer of advance of subscription fees from shareholders to equity | $ | 590,000 | $ | 1,460,000 | ||||
Payable of expenses directly related to the business combination | $ | 1,353,913 | — | |||||
Issuance of ordinary shares to settle the liabilities due to a controlling shareholder | $ | — | $ | 609,958 | ||||
Issuance of ordinary shares to settle the liabilities due to a related party | $ | — | $ | 56,346 | ||||
Issuance of ordinary shares to settle working capital loans | $ | 2,636,000 | $ | — | ||||
Share based compensation to a non-employee as part of offering cost | $ | 21,939 | $ | — | ||||
View original content:https://www.prnewswire.com/news-releases/thunder-power-holdings-inc-announces-financial-results-and-strategic-developments-302415989.html
SOURCE Thunder Power Holdings, Inc.
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