Revenue Generation - The company has not generated any revenue from the sale of electric vehicles (EVs) and expects to generate revenue from the sale of its EV models, technology licensing, and research and development services [156]. - The company has incurred costs associated with general and administrative expenses, liquidity, and financing, despite not generating any revenue [157]. - The company has faced significant operating losses since inception and continues to struggle with generating sufficient revenue to cover operational costs [174]. Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of approximately $0.4 million, a decrease from a net loss of $0.9 million for the same period in 2024 [166]. - The company incurred a net loss of approximately $1.7 million and $2.5 million for the nine months ended September 30, 2025 and 2024, respectively [169]. - The company incurred total operating expenses of approximately $428,053 for the three months ended September 30, 2025, compared to $912,314 for the same period in 2024 [165]. Expenses and Cost Management - General and administrative expenses for the nine months ended September 30, 2025, were approximately $1.7 million, down from $2.5 million in 2024, primarily due to a reduction in share-based compensation expenses [168]. - The company has recorded a prepaid forward contract as a current asset, which may affect its liquidity and ability to meet short-term obligations [174]. - The company has incurred minimal research and development expenses for the three and nine months ended September 30, 2025 and 2024, recorded under general and administrative expenses [186]. Capital and Financing - The company anticipates significant capital requirements for developing and marketing its vehicles, with ongoing substantial operating losses expected for the foreseeable future [151]. - The company reported cash provided by financing activities of approximately $1.3 million for the nine months ended September 30, 2025, primarily from borrowings from the controlling shareholder [179]. - The company is exploring new financing options, including potential debt extensions or new equity capital, to address uncertainties regarding its ability to continue as a going concern [172]. Business Developments - The business combination with Feutune Light Acquisition Corporation was completed on June 21, 2024, resulting in the company being renamed Thunder Power Holdings, Inc. [144]. - The company’s common stock began trading on the Nasdaq under the symbol "AIEV" on June 24, 2024, following the business combination [146]. - The company entered into a Share Exchange Agreement with Electric Power Technology Limited, with a share exchange ratio of 119 shares of the company's common stock for every 100 ordinary shares of TW Company [148]. Market and Trading Status - The company’s shares were suspended from trading on Nasdaq on April 21, 2025, impacting its ability to access capital markets [174]. - The company has not met the sales/revenue condition for the year of 2024, which could impact the release of Earnout Shares [184]. Cash Flow - As of September 30, 2025, the company's cash balance was $16,441, down from $33,636 at the end of the same period in 2024, indicating a net decrease in cash of $36,175 [175]. - Net cash used in operating activities for the nine months ended September 30, 2025 was approximately $1.4 million, primarily due to a net loss of approximately $1.7 million [176].
Feutune Light Acquisition (FLFV) - 2025 Q3 - Quarterly Report