WILMINGTON, Del., May 19, 2025 /PRNewswire/ -- Thunder Power Holdings, Inc. (OTCPK: AIEV) ("Thunder Power" or the "Company"), a technology innovator and developer of premium passenger Electric Vehicles ("EVs") whose acquisition strategy is focused on addressing strategic gaps in the EV sector with a diversified approach across the clean energy value chain, today announced it has filed its Form 10-Q with the SEC for the period ending March 31, 2025.
First Quarter 2025 Financial and Operational Summary
Revenues were nil, consistent with the same period in 2024.
Net loss was approximately $755,000, or $0.02 per basic and diluted share, compared to $214,000, or $0.01 per basic and diluted share, for the same period in 2024.
Operating expenses were approximately $755,000 for the quarter ended March 31, 2025, compared to $214,000 in the prior year. The increase was primarily due to higher professional expenses incurred to support the Company as a listed entity, as well as increased consulting expenses. These increases were partially offset by lower research and development expenses.
Cash position was $19,812 at quarter end.
Executed Amendment of its Share Exchange Agreement with TW Company in January, and other in May 2025.
Please see our recently filed 2025 first quarter Form 10-Q at www.SEC.gov for more information.
Subsequent to Quarter End
Thunder Power Holdings received a final delisting notice from Nasdaq following an April 15, 2025 hearing, resulting in the suspension of trading on Nasdaq and the removal of AIEV from related indices. Effective April 21, 2025, the company's shares began trading on the OTC Pink Open Market under the symbol AIEV. In May, Thunder Power submitted its application to uplist to the OTCQB Venture Market, with plans to reapply for a Nasdaq listing once eligible. The Company stated that this transition does not affect its business operations or SEC reporting requirements and continues to pursue strategic initiatives, including its pending share exchange with Electric Power Technology Limited, which is publicly traded on the Taipei Exchange (TPEX) in Taiwan under its stock ticker symbol 4529, and ongoing M&A activities in the green energy sector.
Christopher Nicoll, Chief Executive Officer of Thunder Power, commented, "We remain steadfast in our commitment to building a differentiated electric vehicle platform, despite the challenges faced this quarter. Our team has continued to advance our product development roadmap and execute on our strategic initiatives, including the amended share exchange agreement with Electric Power Technology. While the current capital markets environment and the recent Nasdaq suspension have presented real obstacles, we are actively pursuing new financing avenues and partnerships to support our long-term vision. We believe the foundation we are laying today through disciplined operational management and a focus on innovation will position Thunder Power to capture emerging opportunities in the global EV market as we move closer to commercialization."
Pending Share Exchange Transaction with Electric Power Technology Limited
On March 4, 2025, TW Company announced that it entered into equity trading agreements with shareholders of Laiyang Solar Energy Co. (Laiyang) and Jinlaiyang Solar Energy Co. (Jinlaiyang) for the purchase of 4.4 megawatts generation capacity, which are expected to provide additional solar energy exposure for both TW Company and Thunder Power. Solar generation in Taiwan represented 5% of the electricity market in 2024. The Taiwanese government has set a target for 15% of the island's electricity to come from renewable energy sources by 2025. Solar is forecasted to grow to 35% of total installed generation capacity by 2035. TW Company is listed on the Taipei Exchange under the code 4529.
Product Development, Partnerships, and Strategic Transactions
In parallel with ongoing EV product development, the Company executed significant strategic transactions to strengthen its platform and expand its international footprint. On December 19, 2024, Thunder Power entered into a Share Exchange Agreement with certain shareholders of Electric Power Technology Limited ("TW Company"), a Taiwan corporation. Under this agreement, as amended on January 27, 2025 and May 14, 2025, the Company will acquire approximately 30.8% of TW Company's total issued and outstanding shares in exchange for newly issued shares of Thunder Power common stock. The transaction, which remains subject to regulatory and shareholder approvals, is expected to enhance Thunder Power's access to advanced technologies and manufacturing capabilities in Taiwan, supporting its long-term growth and global expansion strategy.
Additionally, the Company continues to pursue partnerships and capital market initiatives, including the implementation of a forward purchase agreement and a common stock purchase agreement with institutional investors. These arrangements are designed to provide Thunder Power with greater financial flexibility as it moves toward commercialization of its clean energy strategy.
About Thunder Power Holdings, Inc.
Thunder Power is a technology innovator and a developer of innovative 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 markets initially in Asia & Europe. Thunder Power's acquisition strategy is focused on addressing strategic gaps in the EV sector combined with a diversified approach across the clean energy value chain. For more information, please visit: https://aiev.ai/.
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 or outcomes could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including but not limited to, (i) operational risks, such as the Company's ability to successfully execute on its business plan, its ability to complete the acquisition of Electric Power Technology Limited; its ability to receive stockholder approval to issue its common stock in relation to the Share Exchange Agreement; its ability to successfully acquire assets on terms that are favorable to the Company; its ability to integrate acquired assets effectively; and its ability to adapt operations in response to accidents, extreme weather events, natural disasters, and related economic effects; (ii) regulatory and compliance risks, such as the impact of new or amended governmental laws and regulations, including tariffs, clean energy policies, and environmental standards; changes in tax laws or tax-related matters; its ability to receive a successful audit outcome under Generally Accepted Accounting Standards; and its ability to maintain its listing on the Nasdaq Global Market or successfully transfer its listing to the Nasdaq Capital Market; (iii) financial risks, such as the Company's liquidity position and ability to obtain additional financing, if necessary; foreign currency exchange rate fluctuations; interest rate volatility; the Company's current pre-revenue status and uncertainties surrounding its ability to generate revenue in the future, including potential delays in product development, market acceptance, or achieving profitability; (iv) market and industry risks, such as fluctuations in consumer acceptance and demand for electric vehicles; competition within the EV sector; the Company's ability to integrate solar power technology into its products as part of clean energy innovation initiatives; fluctuations in the availability and cost of raw materials critical for EV production; and advancements in battery technology or alternative energy solutions that may impact market dynamics, and (v) such known factors as are detailed in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission, and in other reports filed by the Company with the Securities and Exchange Commission from time to time 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 and those reported in the Company's filings with the Securities and Exchange Commission. 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 applicable laws, regulations or rules.
