Phoenix Motor Inc. has reported a substantial increase in its total revenues for the fiscal year ending December 31, 2024. The company's revenues surged to $31.1 million, a significant rise from the $3.1 million recorded in 2023. This increase was primarily driven by sales from transit buses, the sale and lease of electric vehicles (EVs), and sales of forklifts. Additionally, other revenue sources included engineering and maintenance services, sales of components and charging stations, and shipping and delivery fees. Despite the revenue growth, Phoenix Motor Inc. experienced a net loss of $30.968 million, compared to a net loss of $20.506 million in the previous year. The basic and diluted earnings per share turned positive this year, at $0.22 and $0.21 respectively, contrasting with a loss of $0.97 per share in 2023. The company's operating expenses increased significantly, with selling, general, and administrative expenses rising to $33.752 million from $14.902 million in the previous year. An impairment of goodwill amounting to $4.271 million was also recorded in the current fiscal year, whereas the previous year included impairments of long-lived assets totaling $4.968 million. Phoenix Motor Inc.'s results highlight the company's dependence on revenue from EV sales and leasing, which are critical to its financial performance. The company has not provided specific guidance or outlook in this report.