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Nxu Inc. (NXU0.00%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, highlighting a net loss of $23.7 million for the year. This is a reduction from the previous year's net loss of $40.2 million. The company has an accumulated deficit of $283.4 million.
Nxu generated $18,000 in revenue from its NxuOne™ megawatt charging station during 2024, compared to $496,000 in 2023, primarily from battery systems and components.
Operating expenses decreased significantly from $46.9 million in 2023 to $22.6 million in 2024, largely due to reductions in research and development and general administrative expenses.
The company raised $13.1 million through its 'At-The-Market' equity offering and a private placement in 2024, which was used to fund operations.
Nxu has faced challenges with liquidity and has been evaluating strategic alternatives, including a merger with Verde Bioresins, Inc., which is subject to stockholder approval and other conditions.
The company reported cash and cash equivalents of $2.7 million as of December 31, 2024. Management is pursuing additional funding options to address its capital requirements.
Nxu's stockholders approved a proposal to eliminate its dual-class stock structure and effect a reverse stock split, which is anticipated to occur at a ratio of 1-for-20.
The filing also includes details on the company's strategic investment in Lynx Motor Corporation and the impairment of this investment due to Lynx's financial challenges.
Nxu continues to focus on developing its NxuOne™ charging system and exploring opportunities to enhance its financial position through strategic transactions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nxu Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.