Financial Performance - For the three months ended June 30, 2024, the company recorded a net loss of $2.55 million, which includes impairments of $1.73 million related to lease ROU assets and held for sale assets [100]. - The net loss for the three months ended June 30, 2024, was approximately $6.5 million, an improvement of $8.2 million compared to a net loss of $14.7 million in Q2 2023 [118]. - The net loss for the six months ended June 30, 2024, was approximately $13.1 million, an improvement of $13.8 million compared to a net loss of $26.9 million in the same period of 2023 [130]. - For the six months ended June 30, 2024, revenue was approximately $11 thousand, again reflecting a significant increase from zero revenue prior to September 2023 [125]. Revenue Generation - The company generated approximately $0.5 million in revenue for the year ended December 31, 2023, from the sale of battery systems and components, but has not continued this revenue stream [115]. - Revenue for the three months ended June 30, 2024, was approximately $7 thousand, a significant increase from zero revenue prior to September 2023 [119]. Cost Management - Total operating expenses for the three months ended June 30, 2024, decreased by $10.0 million to $4.6 million compared to $14.6 million in the same period of 2023 [118]. - Total operating expenses for the six months ended June 30, 2024, decreased by $17.0 million to $11.2 million compared to $28.1 million in the same period of 2023 [124]. - Research and development expenses decreased by $4.5 million from $5.1 million in Q2 2023 to $0.6 million in Q2 2024 due to paused development and cost-saving measures [122]. - General and administrative expenses decreased by $5.4 million from $9.4 million in Q2 2023 to $4.0 million in Q2 2024, primarily due to reduced stock-based compensation [123]. Capital Raising - During the six months ended June 30, 2024, the company raised approximately $10.7 million net through its "At-The-Market" equity offering [110]. - The company raised approximately $10.7 million through its ATM during the six months ended June 30, 2024 [130]. Operational Developments - The company successfully launched its first NxuOne™ megawatt charging station and produced multiple units ready for deployment as of March 31, 2024 [109]. - The company incurred losses from the operation of its first NxuOne™ charging station in 2024 and expects to continue incurring losses until sufficient capital is obtained to scale production [109]. - The company paused production of the NxuOne™ charging station in the three months ended June 30, 2024, and reduced headcount across various functions to cut costs [116]. - The company aims to increase profitability through competitive pricing and deployment of additional NxuOne™ charging stations [114]. Strategic Initiatives - The company is exploring strategic alternatives for business combinations to achieve operational stability and growth [111]. - The company has identified targets for a business combination to strengthen its financial profile and create long-term value [111]. - The company plans to sell battery manufacturing equipment and other assets in an online auction scheduled for August 13, 2024 [115]. Financial Position - As of June 30, 2024, the company had $4.6 million in cash and an accumulated deficit of approximately $272.7 million [130]. - The company has contractual lease obligations for two properties with initial lease terms ending in the summer of 2025 [135]. - The lease agreement for the warehouse facility in Mesa, Arizona includes options to renew that can extend the lease term by five years or more [135]. - An equipment lease was added during the six months ended June 30, 2024, with a lease term ending in December 2025, but this lease was terminated after June 30, 2024 [135]. - The company has obligations under its convertible debt facility to repay the remaining balance not converted into equity at the maturity date, which is two years from issuance [135]. Accounting Policies - There have been no material changes to critical accounting policies and estimates disclosed in the 2023 Form 10-K [136].

Core Insights - Nxu, Inc. has secured a new patent for a novel methodology related to vehicle views, enhancing its patent portfolio in battery, charging, and vehicle technology [1][2] - The company emphasizes the importance of its intellectual property (IP) as a valuable asset and has focused on innovation and patenting to protect this value [2] Company Overview - Nxu, Inc. is a domestic technology company that specializes in energy storage and charging solutions, aiming to support e-Mobility [2] - The company’s innovations and IP are central to its strategy in the electrified future [2]

MESA, Ariz., May 10, 2024 (GLOBE NEWSWIRE) -- Nxu Inc., (NASDAQ:NXU) ("Nxu", "the Company"), a domestic technology company focused on energy storage and charging solutions for the infrastructure we need to power our electrified future, announced today an intention to evaluate strategic alternatives. Nxu's Board of Directors' Strategic Planning Committee will lead the evaluation, with outside assistance from advisors, and has identified targets for a business combination intended to position the newly combin ...

Financial Performance - For the three months ended March 31, 2024, the company generated revenue of approximately $4 thousand from the operation of its NxuOne™ megawatt charging station [125]. - The company incurred a net loss of approximately $6.5 million for the three months ended March 31, 2024, compared to a net loss of $12.2 million for the same period in 2023, reflecting a decrease of $5.6 million [132]. - The company reported a net loss of $6.5 million in Q1 2024, compared to a net loss of $12.3 million in Q1 2023 [136][137]. Expenses - Research and development expenses decreased from $4.0 million in Q1 2023 to $0.4 million in Q1 2024, a reduction of $3.6 million, as the company shifted focus to megawatt charging stations [128]. - General and administrative expenses decreased from $9.5 million in Q1 2023 to $6.2 million in Q1 2024, a reduction of $3.3 million, primarily due to lower stock-based compensation and payroll costs [129]. Cash Flow and Financing - As of March 31, 2024, the company had $9.2 million in cash and an accumulated deficit of approximately $266.2 million [132]. - The company raised approximately $10.7 million net through its "At-The-Market" equity offering during the three months ended March 31, 2024 [117]. - Net cash used in operating activities for Q1 2024 was $3.5 million, a decrease from $9.4 million in Q1 2023, primarily due to a net loss of $6.5 million offset by stock-based compensation [136][137]. - Net cash used in investing activities for Q1 2024 was $0.9 million, related to the production of NxuOne™ charging station and other property purchases, compared to $0.1 million in Q1 2023 [138]. - Net cash provided by financing activities in Q1 2024 was $10.7 million, primarily from stock issued under the ATM, down from $19.7 million in Q1 2023 [139]. Strategic Plans and Operations - The company plans to continue developing its proprietary mega-watt charging infrastructure and energy storage solutions to address challenges in electrification [114]. - The company expects to incur losses on electricity delivery until it scales production capabilities and deploys additional charging systems [116]. - Production costs for the NxuOne™ charging station have reduced with each unit produced, indicating improved efficiency [115]. - The company aims to increase profitability through competitive pricing and expanding its NxuOne™ charging station network [119]. - The company is actively pursuing various funding options, including public markets, to address substantial doubt about its ability to continue as a going concern [135]. - The company is exploring strategic alternatives to secure necessary capital for future operations [135]. - The company’s success is contingent upon its ability to access capital markets and implement strategic alternatives [135]. Lease Obligations - The company has contractual lease obligations for two properties, with terms ending in summer 2025, and an equipment lease ending in December 2025 [141]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements during the periods presented [140]. Cash Flow Challenges - The company’s cash flow from operating activities reflects ongoing challenges in achieving operational revenue goals [135].

MESA, Ariz., May 01, 2024 (GLOBE NEWSWIRE) -- Nxu, Inc. (NASDAQ:NXU) ("Nxu" or "the Company"), a domestic technology company developing and manufacturing innovative electric vehicle (EV) charging and energy storage solutions, has expanded its EV charging subscription service. The company's commitment to delivering cutting-edge EV charging and energy storage solutions is now further manifested through a subscription option for the NxuOne™ EV Charging System, offering convenience and value to even more custom ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K For the fiscal year ended December 31, 2023 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-41509 Nxu, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or organization) Delaware 92- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q Commission file number 1-41509 Nxu, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-41509 Nxu, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. ...

Form 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from to Commission file number 1-34761 Atlis Motor Vehicles Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-34761 ATLIS Motor Vehicles Inc. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or ...