Thunder Power Holdings, Inc.

Pre-production EV developer with no commercial vehicles, delisted to OTCQB and reliant on affiliate-licensed IP.

Strengths

• Adequate current/quick ratios (1.57) provide some near-term liquidity
• Modular chassis concept and planned multi-model roadmap with targeted 2027-2028 launches

Risks

• No vehicle revenue, negative ROE (-44%) and ROA (-16%); business model unproven and capital-intensive
• Nasdaq delisting (July 2025), dependence on affiliate IP licenses and need for substantial future financing

Notable findings

• Chronic dilutionShare count +158%/yr over 3y (dilution)
• Pending mergerBusiness Combination On June 21, 2024, Feutune Light Acquisition Corporation (“FLFV”) consummated the business combination with Thunder Power Holdings Limited (“TP Holdings”), pursuant to the Merge