Phoenix Motor Inc. has announced its financial results for the first quarter of 2025, reporting a total revenue of $4.4 million, a decrease from $9.4 million in the same period last year. This decline is attributed to the previous year's one-time sales of pre-owned transit buses following the acquisition of the Proterra Transit Business. The company, however, achieved a gross margin expansion to 30.9% from 26.6% in Q1 2024, driven by improved unit economics on electric vehicle and transit bus sales. Operating expenses were reduced significantly to $3.3 million from $8.6 million in the prior-year period, reflecting the company's effective cost management and a leaner organizational structure. Phoenix Motor reported a net loss of $2.8 million, compared to a net income of $16.8 million in Q1 2024, which included a one-time gain of $32.9 million related to the Proterra acquisition. The company ended the quarter with cash and cash equivalents of $0.83 million, up from $0.76 million as of December 31, 2024. Total equity stood at $9.4 million, down from $10.3 million at the end of the previous year. Phoenix Motor has also launched the world's first wirelessly charged, medium-duty electric shuttle bus in partnership with InductEV, marking a significant milestone in commercial electric vehicle innovation. Looking ahead, the company has expressed confidence in achieving $40 to $50 million in revenue for the full year 2025, citing growing customer demand and a strong strategic roadmap. Additionally, the board has approved a $5 million share repurchase program, indicating confidence in long-term shareholder value.