Phoenix Motor Inc. (NASDAQ:PEV) shares are trading lower on Friday. On Thursday, the company reported a substantial increase in the second-quarter results.

Net revenues rose to $12.03 million from $1.16 million in the prior year quarter.

In May 2024, the company delivered five 40′ ZX5 battery electric buses to the University of California, Irvine (UCI).

Additionally, Phoenix Motor inked a contract to supply four all-electric transit buses to the University of California, San Diego, with deliveries scheduled for early 2025.

Gross profit was $1.83 million vs. gross loss of $(0.06) million in the prior year quarter.

EPS increased to $(0.06) from a loss of $(0.15) in the prior year period.

As of June 30, 2024, cash and cash equivalents stood at $1.40 million.

Denton Peng, CEO of Phoenix Motor, said, "This success is largely attributed to the rapid integration of our new transit segment, which currently forms the cornerstone of our operations."

"With the electric vehicle market continuing to grow, we believe Phoenix Motor is well-positioned to meet the rising demand for clean energy solutions, creating sustainable value for our shareholders and driving long-term growth."

Price Action: PEV shares were down 3.6% at $0.44 on Friday's last check.

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