WILMINGTON, Del., Sept. 4, 2024 /PRNewswire/ -- Thunder Power Holdings, Inc. AIEV ("Thunder Power" or the "Company"), a technology innovator and a developer of premium passenger EVs, today announced its unaudited financial results for the three months ended June 30, 2024 ("Second Quarter 2024").

Second Quarter 2024 Financial Highlights

Revenues were nil, consistent with the same period in 2023.

Recent Developments

On June 21, 2024, the Company successfully completed its business combination with FLFV, marking a significant milestone in its growth strategy. Following the merger, its common stock began trading on the Nasdaq Global Market under the symbol "AIEV."

About Thunder Power Holdings, Inc.

Thunder Power is a technology innovator and a developer of premium electric vehicles ("EVs"). The Company has developed several proprietary technologies, which are the building blocks of the Thunder Power family of EVs. The Company is focused on design and development of high-performance EVs, targeting the EV markets in the U.S., Europe and Asia.

Safe Harbor Statement

This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminologies such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's final proxy statement/prospectus pursuant to rule 424(b)(3) filed with the SEC on May 17, 2024 and the subsequent periodic reports that are filed with the SEC and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements, except as required by the applicable law, regulations or rules.

June 30,

2024

December 31,

2023

(Audited)

ASSETS

Current Assets

Cash

$ 921,349

$ 196,907

Deferred offering costs

—

429,750

Prepaid expenses for forward purchase contract

13,264,964

—

Other current assets

359,175

623,221

Total Current Assets

14,545,488

1,249,878

Non-current Assets

Property and equipment, net

860

1,974

Right of use assets

18,109

5,740

Total Non-current Assets

18,969

7,714

Total Assets

$ 14,564,457

$ 1,257,592

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities

$ —

$ 590,000

Amount due to related parties

978,021

68,992

Other payable and accrued expenses

2,644,518

97,297

Lease liabilities

16,956

—

Deferred underwriter's discount

3,421,250

—

Total Current Liabilities

7,060,745

756,289

Total Liabilities

7,060,745

756,289

Commitments and Contingencies (Note 11)

Shareholders' Equity

2023, respectively)*

4,686

3,749

Additional paid-in capital*

43,490,860

34,927,449

Accumulated loss

(35,991,834)

(34,429,895)

Total Shareholders' Equity

7,503,712

501,303

Total Liabilities and Shareholders' Equity

$ 14,564,457

$ 1,257,592

The accompanying notes in the filed 10-Q are an integral part of the unaudited consolidated financial statements.

For the Three

Months Ended

June 30,

For the Six

Months Ended

June 30,

2024

2023

2024

2023

Revenues

$ —

$ —

$ —

$ —

Operating expenses

General and administrative expenses

(1,347,897)

(738,442)

(1,561,729)

(948,577)

Total operating expenses

(1,347,897)

(738,442)

(1,561,729)

(948,577)

Other income (expenses), net

Foreign currency exchange gain (loss)

1

(1)

(210)

(1)

Total other income (expenses), net

1

(1)

(210)

(1)

Loss before income taxes

(1,347,896)

(738,443)

(1,561,939)

(948,578)

Income tax expenses

—

—

—

—

Net loss and comprehensive loss

$ (1,347,896)

$ (738,443)

$ (1,561,939)

$ (948,578)

$ (0.03)

$ (0.02)

$ (0.04)

(0.03)

39,628,798

33,182,622

$ 38,774,859

$ 32,656,465

The accompanying notes in the filed 10-Q are an integral part of the unaudited condensed consolidated financial statements.

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SOURCE Thunder Power Holdings, Inc.

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