Company also reaffirms 2025 revenue targeted at $40M-$50M

ANAHEIM, CA / ACCESS Newswire / May 6, 2025 / Phoenix Motor Inc. (OTC:PEVM), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced an upward revision to its 2024 revenue guidance, reflecting stronger-than-anticipated customer demand and increased production capacity.

The company now expects full-year 2024 revenue to be in the range of $30.7 million to $31.2 million, an increase from its previous guidance issued in March. This revenue guidance range represents a more than tenfold increase over 2023 revenue of $3 million. The company also reaffirms its expectation to achieve positive net income for the year.

"We are seeing robust traction across both our transit bus and electrification segments, with a growing backlog and expanded customer base," said Denton Peng, CEO of Phoenix Motor. "This revised guidance underscores the strength of our operations and the accelerating shift toward zero-emission commercial vehicles. We remain focused on execution as we scale production and deliver sustainable value to our customers and shareholders."

The company reiterated its 2025 revenue outlook of $40 million to $50 million, driven by new product introductions, geographic expansion, and growing market adoption.

With the commercial EV market projected to reach $55.9 billion by 2029, Phoenix Motor is well-positioned to capitalize on industry tailwinds as an early mover with proven solutions tailored for municipalities, transit agencies, and corporate fleets nationwide.

About Phoenix Motor Inc.

Phoenix Motor, a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and manufactures heavy duty transit buses and medium and light duty commercial EVs. Phoenix operates two primary brands, "Phoenix", which is focused on commercial products including heavy and medium duty EVs (transit buses, shuttle buses, school buses and delivery trucks, among others) and "EdisonFuture", which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. To learn more, please visit: phoenixev.ai.

Forward-Looking Statements

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These risk factors include, among others, those related to our ability to raise additional capital necessary to grow our business, operations and business and financial performance, our ability to grow demand for our products and revenue, our ability to become profitable, our ability to have access to an adequate supply of parts and materials and other critical components for our vehicles on the timeline we expect, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.

Contact: IR@phoenixev.ai

Dave Gentry, CEO RedChip Companies, Inc.1-407-644-4256 PEVM@redchip.com

SOURCE: Phoenix Motor Inc.

View the original press release on ACCESS Newswire

Phoenix Motor Raises 2024 Revenue Guidance to $30.7M-$31.2M