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].
Nxu(NXU) - 2024 Q1 - Quarterly Report