Thunder Power Holdings, Inc. Reports Third Quarter 2025 Financial Results and Provides Strategic Operational Update

Thunder Power accelerates integration of Taiwan assets and expands renewable energy portfolio, marking a tenfold increase in solar capacity to advance third-quarter operational objectives and takes first steps toward NASDAQ relisting

WILMINGTON, Del., Nov. 17, 2025 /PRNewswire/ -- Thunder Power Holdings, Inc. (OTCQB: AIEV) ("Thunder Power" or the "Company"), a technology innovator and developer of premium passenger Electric Vehicles (EVs), today provides an update for the third quarter of 2025, highlighting fresh operational progress and expanded strategic activity following previous milestones.

Share Exchange and Integration Progress with Taiwan Affiliate (Electric Power Technology Limited)

The Company is advancing toward finalization of the share exchange agreement with Electric Power Technology Limited ("TW Company"), following approval at the June 2025 annual meeting and completion of prior contractual steps. Further integration and organizational alignment are underway, with closing expected by year end 2025, subject to regulatory and shareholder approval.

Solar Power and Clean Energy Expansion

Thunder Power is entering the closing process for the acquisition of 100% equity in 16 solar power plants located in southern Taiwan, tenfold scale-up of managed capacity upon asset transfer from the current 0.5MW to 4.5MW. This added solar capacity and resulting power generation is expected to generate meaningful recurring revenue in excess of NT$20 million per year. Progress continues on establishing operational procedures for the new sites, with due diligence complete and transaction contracts signed.

The Company is evaluating acquisitions of engineering, procurement, and construction (EPC) solar providers, as well as reviewing seven solar power plant projects ranging from 300 kW to 1.5 MW. These steps position Thunder Power for vertical integration and improved margins in renewable energy deployment.

Ongoing Strategic Initiatives

Thunder Power is focused on maximizing value from every new project by using real-world market data, solar production analysis, and government incentives like feed-in tariff programs to drive investment decisions. The team tracks performance for each megawatt added, aiming for strong returns and alignment with Taiwan's renewable energy targets. Expense management remains a priority as management actively seeks new financing options to invest in energy storage and emerging green technologies. 

Christopher Nicoll, Chief Executive Officer of Thunder Power, commented, "We are moving forward toward closing our strategic merger with TW Company and anticipate completing this transaction by year-end. In parallel, we continue to actively pursue new opportunities to add scale and expand our green energy portfolio. Building on the merger with TW Company, in recent months, we have acquired 4.5MW of additional solar capacity and plan to capitalize on the significant demand for clean energy across Taiwan. Our strategic path includes further major solar asset acquisitions in 2026 with a target up to 50MW total. Government policy continues to drive a meaningful shift in power generation, and Thunder Power is committed to being at the forefront of this transition. We look forward to updating our stakeholders as we reach new operational milestones and execute our growth strategy in the coming months."

Third Quarter 2025 Financial Highlights

• Revenues were nil, as Thunder Power continued to focus on pre-commercial development of premium electric vehicles.
• General and administrative expenses were $0.4 million for the quarter and approximately $1.7 million for the nine months. This reduction primarily reflects lower professional and consulting expenses year over year, while expenses continue to reflect ongoing investments in organizational infrastructure, professional services, and public company requirements.
• Net loss for the three months ended September 30, 2025 was $0.4 million; for the nine-month period ended September 30, 2025, net loss totaled $1.7 million. Loss per share was $0.01 for the quarter and $0.03 for the nine months.
• Cash on hand as of September 30, 2025 was $16,441. Management has noticed material uncertainty regarding the Company's ability to continue as a going concern, citing significant operating losses, constrained cash inflow, its delisting from Nasdaq, and uncertainty surrounding its access to the capital markets. Cash used in operating activities for the nine months was $1.4 million, primarily driven by net loss and modest increases in related party and accrued payables.
• As previously disclosed, the Company's principal shareholder continues to remain involved in an ongoing legal proceeding, which impacts the Company's governance and access to financial support. A recent court judgment has introduced significant uncertainty about the shareholder's future involvement, but the case remains subject to appeal. Management is evaluating pathways to resolve this situation and continues to pursue alternative financing and restructuring options. See Thunder Power's latest quarterly report for further details.

Commenting on the Company's financial results, Mr. Nicoll continued, "While Thunder Power has not begun generating revenue, our efforts to streamline operations are evident in the latest results. During the third quarter of 2025, Thunder Power continued disciplined expense management and a year-over-year decline in general and administrative costs, while navigating ongoing M&A transaction due diligence and associated fees as well as our public company reporting requirements. We remain committed to pursuing additional sources of funding to execute on our roadmap, while navigating near-term challenges and building the foundation for sustainable, long-term growth."

About Thunder Power Holdings, Inc.  

Thunder Power is a technology innovator and a developer of innovative 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 markets initially in Asia & Europe. Thunder Power's acquisition strategy is focused on addressing strategic gaps in the EV sector combined with a diversified approach across the clean energy value chain. For more information, please visit: https://aiev.ai/.

Contact:

AIEV Investor Relations
[email protected]
713-529-6600

Forward-Looking Statements

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 or outcomes could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including but not limited to, (i) risks related to the completion and integration of mergers or acquisitions, including the TW Company share exchange and solar asset acquisitions; (ii) the ability to obtain and maintain required regulatory, governmental, and shareholder approvals; (iii) successful transfer of acquired asset ownership and timely operational integration; (iv) loss of key management or project personnel; (v) unexpected delays or increased costs in expanding solar and clean energy projects or transitioning to recurring revenue models; (vi) challenges and uncertainties in securing new financing and access to capital markets, including requirements for a potential NASDAQ relisting; (vii) changes in government energy policy, incentive or subsidy programs, and regulatory environments, particularly in Taiwan and other key markets; (viii) risks from supply chain interruptions or volatility of costs for critical raw materials in the EV and solar sectors; (ix) increased competition, technological change, or shifts in consumer demand in the electric vehicle and renewable energy markets; (x) adverse economic or industry-specific developments; (xi) the outcome of ongoing legal proceedings involving the Company's principal shareholder and its impact on governance or financial support; and (xii) other known or unknown risks as described in the Company's SEC reports and filings. All forward-looking statements attributable to the Company or persons acting on its behalf, including those relating to expected returns, planned increases in capacity, anticipated acquisition closings, and other projections referenced in this press release, are expressly qualified in their entirety by these risk factors as well as those disclosed in the Company's filings with the Securities and Exchange Commission. 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 applicable laws, regulations or rules.

SOURCE Thunder Power Holdings, Inc.