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Thunder Power Holdings Inc Com (AIEV-5.25%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported no revenue for the year, consistent with its status as a pre-revenue electric vehicle manufacturer. General and administrative expenses increased to approximately $2.5 million from $1.8 million in the previous year, primarily due to professional expenses related to the business combination and share-based compensation.
Thunder Power's net loss for the year was approximately $2.5 million, compared to $1.8 million in 2023. The company has not yet commenced mass production of its vehicles, which include the Compact City Car, Sports Coupe, and other models planned for future release.
The company is focused on developing premium electric vehicles with proprietary technologies, including a modular flexible chassis system and advanced battery management systems.
Thunder Power's liquidity remains a concern, with cash and cash equivalents of $52,616 as of December 31, 2024, and a negative working capital of $6.6 million. The company plans to improve liquidity through borrowing from related parties and seeking private equity financing.
The company is involved in legal proceedings in Taiwan, where its controlling shareholder, Mr. Wellen Sham, faces multiple indictments related to securities violations and other financial matters.
Thunder Power's management acknowledges the need for additional financing to continue operations and execute its business plans, which include the development and commercialization of its electric vehicle models.
The company is subject to various risks, including those related to its limited operating history, the need for additional capital, and the competitive landscape of the electric vehicle market.
Thunder Power's shares are listed on the Nasdaq Capital Market under the symbol AIEV, and the company is working to comply with Nasdaq's continued listing requirements.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.