Nxu Inc., a U.S.-based technology company specializing in energy storage and charging solutions, reported its financial performance for the quarter ended June 30, 2024. The company generated revenue of $7,000 from its NxuOne megawatt charging station, marking its entry into operational revenue generation. However, the cost of revenue and depreciation led to a gross loss of $18,000. Research and development expenses decreased significantly to $562,000, down from $5.06 million in the same quarter of the previous year, as the company paused development of battery technologies and megawatt charging stations. General and administrative expenses also saw a reduction to $4.011 million from $9.437 million, primarily due to lower stock-based compensation and corporate insurance expenses, despite incurring $0.8 million in severance costs. The company experienced an operating loss...Show More

Nxu Inc., a U.S.-based technology company specializing in energy storage and charging solutions, reported its financial performance for the quarter ended June 30, 2024. The company generated revenue of $7,000 from its NxuOne megawatt charging station, marking its entry into operational revenue generation. However, the cost of revenue and depreciation led to a gross loss of $18,000. Research and development expenses decreased significantly to $562,000, down from $5.06 million in the same quarter of the previous year, as the company paused development of battery technologies and megawatt charging stations. General and administrative expenses also saw a reduction to $4.011 million from $9.437 million, primarily due to lower stock-based compensation and corporate insurance expenses, despite incurring $0.8 million in severance costs. The company experienced an operating loss of $4.613 million, compared to a loss of $14.643 million in the prior year's quarter. Other expenses included impairment losses on long-lived assets and assets held for sale, totaling $1.731 million. The net loss for the quarter was $6.540 million, a decrease from the net loss of $14.734 million in the same period last year. Nxu Inc. continues to explore strategic alternatives to strengthen its financial profile and secure additional capital. The company's cash position stood at $4.599 million, with an accumulated deficit of $272.719 million, raising substantial doubt about its ability to continue as a going concern.