Phoenix Motor (PEVM) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was $2.5M, down 47.9% year-over-year, and $9.6M for the nine months, down 63.2% year-over-year, mainly due to post-acquisition inventory fulfillment in 2024 and cash shortages impacting production in 2025.

• Net loss for Q3 2025 was $3.7M, improved from $5.6M in Q3 2024; net loss for the nine months was $8.4M, compared to net income of $14.1M in the prior year, which included a $32.1M bargain purchase gain.

• Gross margin improved to 26.9% in Q3 2025 from 23.4% in Q3 2024, and to 30.6% for the nine months, up from 20.8% year-over-year, due to higher margins on limited sales.

• The company completed the acquisition of Proterra’s transit business and battery lease contracts in early 2024, expanding its product offerings and customer base.

Financial highlights

• Q3 2025 revenue: $2.5M (down 47.9% YoY); nine months: $9.6M (down 63.2% YoY).

• Q3 2025 net loss: $3.7M; nine months net loss: $8.4M.

• Q3 2025 gross margin: 26.9%; nine months: 30.6%.

• Cash and cash equivalents at September 30, 2025: $0.3M.

• Net cash used in operating activities for nine months: $5.8M; net cash from financing: $5.3M.

Outlook and guidance

• Management plans to improve liquidity through cost control, operational integration, workforce realignment, and capital market activities.

• No formal revenue or earnings guidance provided; substantial doubt remains about the company’s ability to continue as a going concern without additional funding.