Summary by Moomoo AI
Nxu Inc. reported a net loss of $23.7 million for fiscal year 2024, with revenue of $18,000 from its NxuOne charging station operations. Operating expenses decreased to $22.6 million from $46.9 million in 2023, primarily due to reduced research and development costs and general administrative expenses following strategic cost-cutting measures implemented in May 2024.The company raised approximately $13.1 million in 2024 through ATM offerings and private placement securities. As of December 31, 2024, Nxu had $2.7 million in cash and an accumulated deficit of $283.4 million. Management acknowledged substantial doubt about the company's ability to continue as a going concern, with current cash resources expected to fund operations only through Q2 2025.On October 23, 2024, Nxu entered into a definitive merger agreement with Verde Bioresins, which was approved by stockholders on February 11, 2025. Under the agreement, pre-merger Verde stockholders will own approximately 95% of the combined company, while pre-merger Nxu stockholders will retain approximately 5%. The merger is expected to close pending satisfaction of customary closing conditions.
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