Core Viewpoint - Thunder Power Holdings, Inc. reported its unaudited financial results for the third quarter of 2024, indicating no revenue and a net loss of approximately $0.9 million, which reflects an increase in operating expenses compared to the same period in 2023 [3][4]. Financial Performance - Revenues for the third quarter of 2024 were nil, consistent with the same period in 2023 [3]. - Operating expenses were approximately $0.9 million, up from $0.6 million in the prior year, primarily due to increased professional and insurance expenses [3]. - The net loss for the third quarter was approximately $0.9 million, compared to a net loss of $0.6 million for the same period in 2023 [3]. Balance Sheet Overview - As of September 30, 2024, total assets were approximately $13.5 million, a significant increase from $1.3 million as of December 31, 2023 [7][8]. - Current assets included cash of $33,636, down from $196,907 at the end of 2023 [2][7]. - Total liabilities were approximately $6.9 million, compared to $756,289 at the end of 2023 [7]. Shareholders' Equity - Total shareholders' equity as of September 30, 2024, was approximately $6.6 million, up from $501,303 at the end of 2023 [8][10]. - The company issued 50,716,094 shares as of September 30, 2024, compared to 37,488,807 shares at the end of 2023 [8][10]. Strategic Outlook - The founder of Thunder Power emphasized the company's mission to create stylish and innovative premium electric vehicles (EVs) aimed at capturing market share in the growing EV sector [4][5]. - The company aims to leverage proprietary technologies and modular designs to produce eco-friendly EVs that prioritize quality, comfort, and performance [4].
Thunder Power Reports Unaudited Third Quarter 2024 Financial Results