• Thunder Power Reports Unaudited Third Quarter 2024 Financial Results

    Source: Nasdaq GlobeNewswire / 14 Nov 2024 15:05:14   America/Chicago

    WILMINGTON, Del., Nov. 14, 2024 (GLOBE NEWSWIRE) -- 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.

          
    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)       
            
    Shareholders’ Equity       
    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.
      


    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)
          
     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 of
    stock*    		  Amount*   paid-in
    capital *     		  Accumulated
    loss    		  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.
     

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