Thunder Power Reports Unaudited Third Quarter 2024 Financial Results
2024年11月15日 - 6:05AM
Thunder Power Holdings, Inc. (Nasdaq: AIEV) (“Thunder Power” or the
“Company”), a technology innovator and a developer of premium
passenger EVs, today announced its unaudited financial results for
the three months ended September 30, 2024 (“Third Quarter 2024”).
Third Quarter 2024 Financial
Highlights
- Revenues were nil, consistent with the same period in
2023.
- Operating expenses were approximately $0.9 million, compared to
$0.6 million in the prior year. The changes were primarily
attributed to an increase of professional expenses of approximately
$0.4 million with the closing of Business Combination and an
increase of approximately $0.1 million in insurance expenses for
the management of the Company after the business combination,
partially net off against a decrease of share-based compensation
expenses of approximately $0.2 million.
- As a result, net loss was approximately $0.9 million, compared
to $0.6 million for the same period in 2023.
Wellen Sham, Founder of Thunder Power, commented,
“our mission is to power the future of sustainable transportation
by creating stylish, innovative and cost-efficient premium EVs
centered around differentiated designs and solutions tailored for
every lifestyle. With our recent business combination and a forward
stock purchase facility set up in August reported in a current
report on Form 8-K filed with the Securities and Exchange
Commission (the “SEC”) on August 21, 2024, we endeavor to leverage
our proprietary technologies and modular designs. This may enable
us to be able to produce eco-friendly EVs that prioritize quality,
comfort, and performance, allowing us to capture meaningful market
share in the growing EV sector in the foreseeable future."
About Thunder Power Holdings,
Inc. Thunder Power is a technology innovator and a
developer of premium electric vehicles (“EVs”). The Company has
developed several proprietary technologies, which are the building
blocks of the Thunder Power family of EVs. The Company is focused
on design and development of high-performance EVs, targeting the EV
markets in the U.S., Europe and Asia.
Safe Harbor Statement This press
release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminologies such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
final proxy statement/prospectus pursuant to rule 424(b)(3) filed
with the SEC on May 17, 2024 and the subsequent periodic reports
that are filed with the SEC and available on the SEC's website
(http://www.sec.gov). All forward-looking statements attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by these risk factors. Other than as
required under the applicable securities laws, the Company does not
assume a duty to update these forward-looking statements, except as
required by the applicable law, regulations or rules.
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THUNDER POWER HOLDINGS, INC. (f/k/a
Feutune Light Acquisition Corporation) UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS As of
September 30, 2024 and December 31, 2023
(Expressed in U.S. dollar, except for the number of
shares) |
|
|
|
|
|
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|
|
|
|
(Audited) |
|
ASSETS |
|
|
|
|
|
Current Assets |
|
|
|
|
|
Cash |
$ |
33,636 |
|
|
$ |
196,907 |
|
Deferred offering costs |
|
— |
|
|
|
429,750 |
|
Prepaid expenses for forward purchase contract |
|
13,114,964 |
|
|
|
— |
|
Other current assets |
|
338,289 |
|
|
|
623,221 |
|
Total Current Assets |
|
13,486,889 |
|
|
|
1,249,878 |
|
|
|
|
|
|
|
|
|
Non-current Assets |
|
|
|
|
|
|
|
Property and equipment, net |
|
344 |
|
|
|
1,974 |
|
Right of use assets |
|
11,453 |
|
|
|
5,740 |
|
Total Non-current Assets |
|
11,797 |
|
|
|
7,714 |
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
13,498,686 |
|
|
$ |
1,257,592 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
Advance of subscription fees from shareholders |
$ |
— |
|
|
$ |
590,000 |
|
Amount due to related parties |
|
1,369,035 |
|
|
|
68,992 |
|
Other payable and accrued expenses |
|
2,646,139 |
|
|
|
97,297 |
|
Lease liabilities |
|
10,294 |
|
|
|
— |
|
Underwriter fee payable |
|
2,921,250 |
|
|
|
— |
|
Total Current Liabilities |
|
6,946,718 |
|
|
|
756,289 |
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
6,946,718 |
|
|
|
756,289 |
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 11) |
|
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Shareholders’ Equity |
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|
|
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|
|
|
Common stock ($0.0001 par value, 1,000,000,000 shares authorized;
50,716,094 and 37,488,807 shares issued and outstanding at
September 30, 2024 and December 31, 2023, respectively)* |
|
5,072 |
|
|
|
3,749 |
|
Additional paid-in capital* |
|
43,450,668 |
|
|
|
34,927,449 |
|
Accumulated loss |
|
(36,904,151 |
) |
|
|
(34,429,895 |
) |
Accumulated other comprehensive income |
|
379 |
|
|
|
— |
|
Total Shareholders’ Equity |
|
6,551,968 |
|
|
|
501,303 |
|
Total Liabilities and Shareholders’ Equity |
$ |
13,498,686 |
|
|
$ |
1,257,592 |
|
* |
The share information and additional paid-in capital are presented
on a retroactive basis to reflect the reverse recapitalization on
June 21, 2024 (see the discussion under the heading “Reverse
Recapitalization” in “Note 1 – Organization and Business
Description”). |
|
|
|
The accompanying notes are an integral part of the unaudited
consolidated financial statements. |
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THUNDER POWER HOLDINGS, INC. (f/k/a
Feutune Light Acquisition Corporation) UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS For the Three and Nine Months Ended September
30, 2024 and 2023 (Expressed in U.S. dollar,
except for the number of shares and loss per share) |
|
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|
|
|
For the Three Months Ended September
30, |
|
|
For the Nine Months Ended September
30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenues |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
(912,314 |
) |
|
|
(645,635 |
) |
|
|
(2,474,043 |
) |
|
|
(1,594,212 |
) |
Total operating expenses |
|
(912,314 |
) |
|
|
(645,635 |
) |
|
|
(2,474,043 |
) |
|
|
(1,594,212 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency exchange loss |
|
(3 |
) |
|
|
(513 |
) |
|
|
(213 |
) |
|
|
(514 |
) |
Total other expenses, net |
|
(3 |
) |
|
|
(513 |
) |
|
|
(213 |
) |
|
|
(514 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
(912,317 |
) |
|
|
(646,148 |
) |
|
|
(2,474,256 |
) |
|
|
(1,594,726 |
) |
Income tax expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
(912,317 |
) |
|
|
(646,148 |
) |
|
|
(2,474,256 |
) |
|
|
(1,594,726 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency adjustments |
|
379 |
|
|
|
— |
|
|
|
379 |
|
|
|
— |
|
Comprehensive loss |
$ |
(911,938 |
) |
|
$ |
(646,148 |
) |
|
$ |
(2,473,877 |
) |
|
$ |
(1,594,726 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share – basic and diluted* |
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.05 |
) |
Weighted average shares – basic and
diluted* |
|
50,552,367 |
|
|
|
36,609,437 |
|
|
|
42,729,350 |
|
|
|
33,988,602 |
|
* |
The shares and per share information are presented on a retroactive
basis to reflect the reverse recapitalization on June 21, 2024 (see
the discussion under the heading “Reverse Recapitalization” in
“Note 1 - Organization and Business Description”). |
|
|
|
The accompanying notes are an integral part of the unaudited
condensed consolidated financial statements. |
|
|
THUNDER POWER HOLDINGS, INC. (f/k/a Feutune Light
Acquisition Corporation) UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICITS) For the
Three and Nine Months Ended September 30, 2024 and 2023 (Expressed
in U.S. dollar, except for the number of shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
Additional |
|
|
|
|
|
Accumulated other |
|
|
Total shareholders’ |
|
|
Number ofstock* |
|
|
Amount* |
|
|
paid-incapital * |
|
|
Accumulatedloss |
|
|
comprehensive income |
|
|
equity(deficits) |
|
Balance as of December 31, 2023 |
|
37,488,807 |
|
|
$ |
3,749 |
|
|
$ |
34,927,449 |
|
|
$ |
(34,429,895 |
) |
|
$ |
— |
|
|
$ |
501,303 |
|
Capital injection from shareholders |
|
1,310,740 |
|
|
|
131 |
|
|
|
489,869 |
|
|
|
— |
|
|
|
— |
|
|
|
490,000 |
|
Net loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(214,043 |
) |
|
|
— |
|
|
|
(214,043 |
) |
Balance as of March 31, 2024 |
|
38,799,547 |
|
|
$ |
3,880 |
|
|
$ |
35,417,318 |
|
|
$ |
(34,643,938 |
) |
|
$ |
— |
|
|
$ |
777,260 |
|
Capital injection from shareholders |
|
1,200,453 |
|
|
|
120 |
|
|
|
456,680 |
|
|
|
— |
|
|
|
— |
|
|
|
456,800 |
|
Reverse recapitalization (Note 1) |
|
5,279,673 |
|
|
|
528 |
|
|
|
3,973,308 |
|
|
|
— |
|
|
|
— |
|
|
|
3,973,836 |
|
Issuance of common stock to a financial advisor (Note 8) |
|
1,200,000 |
|
|
|
120 |
|
|
|
(120 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of common stock to independent directors |
|
90,000 |
|
|
|
9 |
|
|
|
899,991 |
|
|
|
— |
|
|
|
— |
|
|
|
900,000 |
|
Share-based compensation |
|
— |
|
|
|
— |
|
|
|
107,712 |
|
|
|
— |
|
|
|
— |
|
|
|
107,712 |
|
Settlement of working capital loans |
|
289,960 |
|
|
|
29 |
|
|
|
2,635,971 |
|
|
|
— |
|
|
|
— |
|
|
|
2,636,000 |
|
Net loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,347,896 |
) |
|
|
— |
|
|
|
(1,347,896 |
) |
Balance as of June 30, 2024 |
|
46,859,633 |
|
|
$ |
4,686 |
|
|
$ |
43,490,860 |
|
|
$ |
(35,991,834 |
) |
|
$ |
— |
|
|
$ |
7,503,712 |
|
Payment of offering cost |
|
— |
|
|
|
— |
|
|
|
(61,745 |
) |
|
|
— |
|
|
|
— |
|
|
|
(61,745 |
) |
Issuance of ordinary shares pursuant to forward purchase
contracts |
|
3,706,461 |
|
|
|
371 |
|
|
|
(371 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of ordinary shares pursuant to a private placement |
|
150,000 |
|
|
|
15 |
|
|
|
(15 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Share-based compensation to a non-employee (Note 10) |
|
— |
|
|
|
— |
|
|
|
21,939 |
|
|
|
— |
|
|
|
— |
|
|
|
21,939 |
|
Net loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(912,317 |
) |
|
|
— |
|
|
|
(912,317 |
) |
Foreign exchange adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
379 |
|
|
|
379 |
|
Balance as of September 30, 2024 |
|
50,716,094 |
|
|
$ |
5,072 |
|
|
$ |
43,450,668 |
|
|
$ |
(36,904,151 |
) |
|
$ |
379 |
|
|
$ |
6,551,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2022 |
|
31,754,844 |
|
|
$ |
3,175 |
|
|
$ |
32,091,251 |
|
|
$ |
(32,614,251 |
) |
|
$ |
— |
|
|
$ |
(519,825 |
) |
Capital injection from shareholders |
|
563,823 |
|
|
|
56 |
|
|
|
299,944 |
|
|
|
— |
|
|
|
— |
|
|
|
300,000 |
|
Share-based compensation |
|
— |
|
|
|
— |
|
|
|
45 |
|
|
|
— |
|
|
|
— |
|
|
|
45 |
|
Net loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(210,135 |
) |
|
|
— |
|
|
|
(210,135 |
) |
Balance as of March 31, 2023 |
|
32,318,667 |
|
|
$ |
3,231 |
|
|
$ |
32,391,240 |
|
|
$ |
(32,824,386 |
) |
|
$ |
— |
|
|
$ |
(429,915 |
) |
Capital injection from shareholders |
|
2,183,887 |
|
|
|
218 |
|
|
|
1,071,306 |
|
|
|
— |
|
|
|
— |
|
|
|
1,071,524 |
|
Net loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(738,443 |
) |
|
|
— |
|
|
|
(738,443 |
) |
Balance as of June 30, 2023 |
|
34,502,554 |
|
|
$ |
3,449 |
|
|
$ |
33,462,546 |
|
|
$ |
(33,562,829 |
) |
|
$ |
— |
|
|
$ |
(96,834 |
) |
Capital injection from shareholders |
|
2,835,526 |
|
|
|
284 |
|
|
|
1,390,966 |
|
|
|
— |
|
|
|
— |
|
|
|
1,391,250 |
|
Issuance of ordinary shares to a related party to settle
liabilities due to the related party |
|
150,727 |
|
|
|
15 |
|
|
|
73,938 |
|
|
|
— |
|
|
|
— |
|
|
|
73,953 |
|
Net loss |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(646,148 |
) |
|
|
— |
|
|
|
(646,148 |
) |
Balance as of September 30, 2023 |
|
37,488,807 |
|
|
$ |
3,748 |
|
|
$ |
34,927,450 |
|
|
$ |
(34,208,977 |
) |
|
$ |
— |
|
|
$ |
722,221 |
|
* |
The share information and additional paid-in capital are presented
on a retroactive basis to reflect the reverse recapitalization on
June 21, 2024 (see the discussion under the heading “Reverse
Recapitalization” in “Note 1 - Organization and Business
Description”). |
|
|
|
The accompanying notes are an integral part of the unaudited
condensed consolidated financial statements. |
|
|
THUNDER POWER HOLDINGS, INC. (f/k/a
Feutune Light Acquisition Corporation) UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2024 and
2023 (Expressed in U.S. dollar) |
|
|
|
|
For the Nine Months Ended
September 30, |
|
|
2024 |
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
Net loss |
$ |
(2,474,256 |
) |
|
$ |
(1,594,726 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
Depreciation expenses |
|
1,630 |
|
|
|
3,769 |
|
Amortization of right of use assets |
|
20,160 |
|
|
|
19,801 |
|
Share-based compensation |
|
1,007,712 |
|
|
|
331,295 |
|
Share-based settlement expenses |
|
— |
|
|
|
479,174 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Other current assets |
|
37,579 |
|
|
|
(11,745 |
) |
Amount due to related parties |
|
74,983 |
|
|
|
219,531 |
|
Other payable and accrued expenses |
|
442,413 |
|
|
|
— |
|
Lease liabilities |
|
(15,579 |
) |
|
|
656 |
|
Net cash used in operating activities |
|
(905,358 |
) |
|
|
(552,245 |
) |
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Cash acquired in reverse capitalization |
|
929,302 |
|
|
|
— |
|
Net cash provided by investing activities |
|
929,302 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Subscription fees advanced from shareholders |
|
— |
|
|
|
1,160,000 |
|
Subscription fees received from shareholders |
|
356,800 |
|
|
|
— |
|
Payment of offering cost |
|
(999,700 |
) |
|
|
— |
|
Return of subscription fees to an investor |
|
— |
|
|
|
(100,000 |
) |
Borrowings from a related party |
|
710,060 |
|
|
|
— |
|
Repayment of borrowings to a related party |
|
(25,000 |
) |
|
|
— |
|
Payment of extension loans |
|
(380,000 |
) |
|
|
(315,000 |
) |
Proceeds of prepayment shortfall under forward purchase
contract |
|
150,000 |
|
|
|
— |
|
Net cash (used in) provided by financing
activities |
|
(187,840 |
) |
|
|
745,000 |
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash |
|
625 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash |
|
(163,271 |
) |
|
|
192,755 |
|
Cash at beginning of period |
|
196,907 |
|
|
|
250,386 |
|
Cash at end of period |
$ |
33,636 |
|
|
$ |
443,141 |
|
|
|
|
|
|
|
|
|
Supplemental cash flow information |
|
|
|
|
|
|
|
Cash paid for interest expense |
$ |
— |
|
|
$ |
— |
|
Cash paid for income tax |
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Non-cash investing and financing activities |
|
|
|
|
|
|
|
Operating lease right-of-use assets obtained in exchange for
operating lease liabilities |
$ |
25,824 |
|
|
$ |
— |
|
Transfer of advance of subscription fees from shareholders to
equity |
$ |
590,000 |
|
|
$ |
300,000 |
|
Payable of expenses directly related to the business
combination |
$ |
1,353,913 |
|
|
|
— |
|
Issuance of ordinary shares to settle the liabilities due to a
controlling shareholder |
$ |
— |
|
|
$ |
609,958 |
|
Issuance of ordinary shares to settle the liabilities due to a
related party |
$ |
— |
|
|
$ |
56,346 |
|
Share based compensation to a nonemployee as part of offering
cost |
$ |
21,939 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the unaudited
condensed consolidated financial statements. |
|
Thunder Power (NASDAQ:AIEV)
過去 株価チャート
から 10 2024 まで 11 2024
Thunder Power (NASDAQ:AIEV)
過去 株価チャート
から 11 2023 まで 11 2024