Thunder Power Holdings Reports $2.5 Million Net Loss, No Revenue for Fiscal Year 2024

Thunder Power Holdings, Inc., formerly known as Feutune Light Acquisition Corp, has reported its financial performance for the fiscal year ending December 31, 2024, in its recent 10-K filing. The company, which focuses on the development of premium electric vehicles (EVs), did not generate any revenue during the year, consistent with its status as a pre-revenue entity. The net loss for the year was approximately $2.5 million, an increase from a loss of $1.8 million in the previous year. This rise in losses is attributed to increased general and administrative expenses, which grew to $2.5 million from $1.8 million, largely due to professional fees related to the business combination and share-based compensation.

The company underwent a significant transformation in June 2024 when it completed a business combination with Thunder Power Holdings Limited, resulting in a name change and a new trading symbol on the Nasdaq. Following this merger, Thunder Power Holdings issued 50.7 million shares of common stock, reflecting a substantial increase in its equity base. The company also reported a negative working capital of $6.6 million as of December 31, 2024, compared to a positive working capital of $0.7 million in the previous year, raising concerns about its ability to continue as a going concern.

Strategically, Thunder Power is focused on launching four EV models: a limited-edition coupe, a long-range sedan, a compact city car, and a long-range SUV. The company plans to leverage its proprietary technologies to enhance vehicle performance and reduce production costs. However, it has not yet commenced mass production, and any delays in the design, manufacturing, or regulatory approval processes could adversely affect its business prospects. The company is also actively pursuing a share exchange agreement to acquire a 30.8% stake in Electric Power Technology Limited, which is expected to strengthen its position in the renewable energy sector.

Operationally, Thunder Power's management is working to improve liquidity and capital sources, primarily through borrowing from related parties and seeking private equity financing. The company has also faced challenges related to compliance with Nasdaq listing requirements, having received notifications regarding its failure to meet minimum bid price and market value standards. As of March 2025, the company’s common stock was transferred to the Nasdaq Capital Market, where it will continue to trade under the symbol "AIEV." The management is preparing a plan to regain compliance with the listing requirements, which is critical for its future operations and growth.