Summary by Moomoo AI
AERWINS Technologies Inc. reported a significant turnaround in its financial performance for the first quarter ended March 31, 2024, with a net income of $8,926,531 compared to a net loss of $7,801,544 in the same period last year. This improvement was primarily due to a gain on deconsolidation of $10,014,482 following the voluntary bankruptcy filing of its subsidiary A.L.I. Technologies Inc. in December 2023. Operating expenses decreased by 82.6% to $620,380, down from $3,574,882 in the previous year, largely due to reduced consulting and professional service fees associated with the business combination with Pono. The company's cash position improved to $163,275 from $2,072 at the end of the previous year. AERWINS also raised $542,000 through the issuance of unregistered common stock. The company's future plans include focusing on the development of a Manned Air Vehicle (MAV) aligned with FAA requirements, with sales primarily in the United States, China, and Europe projected to begin in 2027. AERWINS is also exploring additional funding options to support its operations and growth strategy.