In This Story
Thunder Power Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the completion of a business combination with Feutune Light Acquisition Corporation on June 21, 2024. Following this, the company changed its name to Thunder Power Holdings, Inc., and its common stock began trading under the symbol 'AIEV' on the Nasdaq Global Market.
The company reported no revenue for the quarter. General and administrative expenses for the three months ended September 30, 2024, were $912,314, compared to $645,635 in the same period the previous year. The increase was primarily due to higher professional expenses related to the business combination.
Thunder Power reported a net loss of $912,317 for the three months ended September 30, 2024, compared to a net loss of $646,148 in the same period the previous year.
As of September 30, 2024, the company had $33,636 in cash. Net cash used in operating activities was $905,358 for the nine months ended September 30, 2024.
The company has been incurring losses from operations since inception, with accumulated losses amounting to $36,904,151 as of September 30, 2024.
Thunder Power's liquidity is based on its ability to generate cash from operations, obtain capital financing, and borrow funds to support its operations and capital needs. The company is actively seeking private equity financing and financial support from its principal shareholder.
The filing also discusses the issuance of 20,000,000 earnout shares, which are contingent on the company meeting certain revenue targets by December 31, 2026.
Thunder Power identified a material weakness in its internal controls over financial reporting due to a lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements.
The company continues to focus on developing and manufacturing premium electric vehicles with differentiated designs and solutions. It has four models in its phased development strategy: the Coupe, Sedan, City Car, and SUV.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Thunder Power Holdings Inc Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.