Thunder Power (AIEV) Financials

Thunder Power Holdings (NASDAQ:AIEV) remains pre-revenue and loss-making. Total revenue was $0 in every income statement period provided, including Q1 2026. The company reported a net loss of $493,651 in Q1 2026, an improvement from the $754,903 loss in Q1 2025 but worse than the $432,872 loss in Q4 2025. Selling, general and administrative expense was $430,760, up from $231,950 in Q4 but substantially below the $754,656 reported in Q1 2025.

Cash flow remains a key concern. Thunder Power used $353,336 in operating cash during Q1 2026, compared with $622,874 in Q1 2025 and $145,738 in Q4 2025. The company reported a $350,000 debt issuance in Q1, which produced a $350,000 increase in cash. Without that financing, cash would have declined. Cash and equivalents ended the quarter at only $8,666, despite total current assets of $13.1 million.

The balance sheet shows positive accounting equity but limited liquidity. Total equity declined to $4.3 million from $5.2 million in Q3 2025, while total liabilities increased to $8.8 million. Prepaid expenses accounted for approximately $13.1 million, or nearly all of the company’s current assets, meaning the headline current ratio of roughly 1.5 may overstate immediately available liquidity. Investors should also account for restated and calculated historical periods when comparing trends.

• SG&A expense declined substantially year over year, falling from $754,656 in Q1 2025 to $430,760 in Q1 2026.
• The Q1 2026 net loss of $493,651 was narrower than the $754,903 loss reported in Q1 2025.
• Operating cash burn improved year over year, with cash used in operating activities decreasing from $622,874 in Q1 2025 to $353,336 in Q1 2026.
• The company maintained positive total common equity of $4.3 million at March 31, 2026, rather than reporting a balance-sheet deficit.
• Total current assets of $13.1 million exceeded current liabilities of $8.8 million, implying a current ratio of approximately 1.5.
• Short-term investments totaled only $780, providing little additional liquidity beyond the company’s cash balance.
• Thunder Power has reported no revenue in the supplied quarterly income statements, leaving the business without demonstrated operating sales.
• The company has produced recurring net losses, with retained earnings reaching a deficit of approximately $39.5 million by Q1 2026.
• Cash and equivalents fell to just $8,666, creating significant near-term funding risk relative to ongoing operating expenses and cash burn.
• Thunder Power continues to rely on debt financing, including $350,000 issued in Q1 2026, while liabilities increased from $8.3 million in Q3 2025 to $8.8 million.