Phoenix Motor Forecasts Tenfold Revenue Growth In 2024, Stock Jumps

Phoenix Motor Inc. (NASDAQ:PEV) shares are jumping premarket on Friday. On Thursday, the company disclosed its 2024 and 2025 revenue guidance.

For 2024, the company sees revenue of $30 million – $31 million, a tenfold increase from $3 million in 2023.

The company projects a positive net income and dramatic turnaround from its net loss in the prior year.

For 2025, Phoenix Motor projects revenue of $40 million – $50 million, on continued market expansion and strong demand for zero-emission commercial vehicle solutions.

The commercial EV market is expected to expand at a 26.4% CAGR, reaching $55.9 billion by 2029.

Denton Peng, CEO of Phoenix Motor, said, “We are proud to be delivering on our vision of accelerating the transition to zero-emission transportation while achieving record financial performance.”

”With a growing order book, expanding production, and strong industry tailwinds, we are well-positioned for long-term success.”

Last month, the company announced the establishment of EdisonFuture International Co., Ltd., a fully-owned subsidiary located in Hong Kong.

Phoenix Motor recently received confirmation from Nasdaq that it has regained compliance with listing rules following the filing of its Form 10-Q for the period ended September 30, 2024, on February 12, 2025.

Price Action: PEV shares are up 29.3% at $0.4399 premarket at the last check Friday.

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