Phoenix Motor Forecasts Tenfold Revenue Growth In 2024, Stock Jumps

Phoenix Motor Inc. 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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