Phoenix Motor Drops Despite Revenue Surge, New EV Contracts
Portfolio Pulse from Lekha Gupta
Phoenix Motor Inc. (NASDAQ:PEV) reported a significant increase in Q2 revenues, rising from $1.16 million to $12.03 million. Despite this, shares fell 3.6% to $0.44. The company delivered five electric buses to UC Irvine and secured a contract for four more to UC San Diego. Gross profit improved, and EPS increased from a loss of $(0.15) to $(0.06).
November 01, 2024 | 2:51 pm
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Phoenix Motor reported a significant increase in Q2 revenues and improved gross profit, yet shares fell 3.6%. The company is expanding its electric bus contracts, indicating growth potential.
Despite strong revenue growth and new contracts, PEV shares fell, possibly due to market expectations or other external factors. The company's expansion in the EV sector is promising, but short-term stock performance is negative.
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