Thunder Power Holdings, Inc.(US:AIEV)2025-08-13 20:06Financial Performance - For the three months ended June 30, 2025, the company reported a net loss of approximately $0.5 million, a decrease from a net loss of $1.3 million for the same period in 2024[164]. - For the six months ended June 30, 2025, the company reported a net loss of approximately $1.26 million, compared to a net loss of $1.56 million for the same period in 2024[166]. - The company incurred a net loss of approximately $1.3 million and $1.6 million for the six months ended June 30, 2025 and 2024, respectively[167]. - The company has faced significant operating losses since inception and continues to struggle with generating sufficient revenue to cover operational costs[171]. Expenses - General and administrative expenses for the three months ended June 30, 2025, were approximately $0.5 million, down from $1.3 million in 2024, primarily due to share-based compensation expenses incurred during the Business Combination[163]. - General and administrative expenses for the six months ended June 30, 2025, were approximately $1.26 million, down from $1.56 million in 2024, influenced by share-based compensation and increased professional expenses[166]. - The company has minimal research and development expenses recorded in general and administrative expenses for the periods ended June 30, 2025 and 2024[184]. Revenue Generation - The company has not generated any revenue from EV sales and expects to generate revenue from the sale of its EV models, technology licensing, and R&D services[154]. - The sales/revenue condition for the year 2024 related to Earnout Shares was not met, and the company could not reasonably assess the performance condition for the year ending December 31, 2025[181]. Business Operations - The company has four EV models in phased development: Coupe, Sedan, City Car, and SUV, with no new models expected until at least 2030[149]. - The company anticipates significant capital requirements for operations, including vehicle development, manufacturing, and marketing expenses[150]. - The company is exploring new financing options and evaluating business restructuring to address uncertainties regarding its ability to continue as a going concern[169][170]. Cash Flow and Liquidity - As of June 30, 2025, the company's cash balance was $97,454, down from $921,349 at the end of June 2024[172]. - Net cash used in operating activities for the six months ended June 30, 2025 was approximately $1.0 million, compared to $0.5 million for the same period in 2024[173][174]. - The company reported cash provided by financing activities of approximately $1.1 million for the six months ended June 30, 2025, primarily from borrowings from the controlling shareholder[176]. - The company has recorded a prepaid forward contract as a current asset, which may affect its liquidity and ability to meet short-term obligations[171]. Corporate Actions - The company completed a business combination with Feutune Light Acquisition Corporation on June 21, 2024, resulting in the issuance of 40 million shares of common stock[141]. - The combined company's common stock began trading on Nasdaq under the symbol "AIEV" on June 24, 2024[142]. - The company's shares were suspended from trading on Nasdaq on April 21, 2025, impacting its ability to access capital markets[171]. Tax Obligations - The company is subject to various tax obligations, including Delaware franchise taxes and potential income taxes in New Jersey, Hong Kong, and Taiwan[157][160][161].