Issue 006 | U.S. Pilot | US

PEVM

PHOENIX MOTOR INC.

Screen state: Needs Review Source state: Stale Filing 10-Q | 2025-11-12 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 86.7%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 48,315,000USD
Total Liabilities: 46,430,000USD
NCAV: 1,885,000USD
Cash: 276,000USD
NCAV per share: 0.15USD/share
Evidence: 3 annual | 13 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated: 12
Triggered: 4
Unavailable: 4

Requires inspection High NCAV Burn since the previous filing 1,885,000

Latest: 1,885,0002025-09-30
Comparison: 3,650,0002025-06-30
Change: -48.4%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2025-09-30 · 0001493152-25-021920; REPORTED_FILING 10-Q 2025-06-30

Requires inspection Negative OCF -5,793,000

Latest: -5,793,0002025-09-30
Comparison: n/a
Change: n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2025-09-30 · 0001493152-25-021920

Requires inspection Current Ratio <= 1.5 1.5

Latest: 1.52025-09-30
Comparison: 1.5
Change: n/a

Basis: current assets / current liabilities <= 1.5

Source periods: SEC 10-Q 2025-09-30 · 0001493152-25-021920

Supporting observation Low Debt 0.03

Latest: 0.032025-09-30
Comparison: 0.2
Change: n/a

Basis: (short-term debt + long-term debt) / ordinary equity < 20%

Source periods: SEC 10-Q 2025-09-30 · 0001493152-25-021920

4 unavailable checks — inspect missing inputs

Material 1Y Share Increase 1Y share change >= +2% using the same share-count source

NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive

No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source

Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing	2023-03-31 10-Q Open filing	2022-12-31 10-K Open filing	2022-09-30 10-Q Open filing	2022-06-30 10-Q Open filing
Period-end Shares Outstanding	12,549,50312,549,503	9,856,0869,856,086	9,625,02248,125,111	8,534,97342,674,864	7,433,88437,169,420	4,720,18135,401,357	4,593,62934,452,220	2,920,12221,900,918	2,838,92321,291,924	2,838,92321,291,924	2,824,25721,181,924	2,703,60620,277,046	2,691,41720,185,625	2,613,33319,600,000
Weighted-average Basic Shares	11,195,46211,195,462	8,412,9558,412,955	7,660,24138,301,205	7,099,45935,497,296	7,285,50136,427,507	4,642,83634,821,273	4,060,83130,456,235	2,826,53621,199,023	n/an/a	n/an/a	2,776,48320,823,622	n/an/a	2,621,90319,664,273	2,397,94917,984,615
Weighted-average Diluted Shares	12,432,51612,432,516	8,412,9558,412,955	7,660,24138,301,205	7,317,81436,589,071	7,285,50136,427,507	4,642,83634,821,273	4,566,39434,247,958	2,826,53621,199,023	2,838,92321,291,924	2,834,89421,261,704	2,776,48320,823,622	2,621,90319,664,273	2,621,90319,664,273	2,397,94917,984,615
Basic EPS	-1-1	-1-1	-0-0	00	00	00	00	-1-1	-0-0	-0-0	-0-0	-1-1	-0-0	-0-0
Diluted EPS	-1-1	-1-1	-0-0	00	00	00	00	-1-1	-0-0	-0-0	-0-0	-1-1	-0-0	-0-0
Basic-to-Diluted Share Difference	11.0%	0.0%	0.0%	3.1%	0.0%	0.0%	12.4%	0.0%	Insufficient evidence	Insufficient evidence	0.0%	Insufficient evidence	0.0%	0.0%
Net Share Count Change	27.3%	2.4%	12.8%	14.8%	57.5%	2.8%	57.3%	2.9%	0.0%	0.5%	4.5%	0.5%	3.0%	Insufficient evidence
Ownership Claim Change	-21.5%	-2.3%	-11.3%	-12.9%	-36.5%	-2.7%	-36.4%	-2.8%	0.0%	-0.5%	-4.3%	-0.5%	-2.9%	Insufficient evidence

Verified split events: reverse 1.5 on 2024-12-31; reverse 5.0 on 2025-07-31

Known Unknowns

Only 13 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Medium | Filing

Some rows are based on older filing data and require manual freshness review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2024-12-31 10-K USD	2023-12-31 10-K USD	2022-12-31 10-K USD
Revenue	31,154,000	3,122,000	4,330,000
Operating Income	-30,968,000	-20,506,000	-13,150,000
Net Income	7,932,000	-20,645,000	-12,705,000
Cash From Operations	-1,946,000	-3,652,000	-14,866,000
Capex	-113,000	-93,000	-1,284,000
Free Cash Flow	-2,059,000	-3,745,000	-16,150,000
Cash And Equivalents	764,000	31,000	139,000
Accounts Receivable	4,015,000	451,000	1,510,000
Inventory	40,760,000	1,796,000	4,560,000
Total Current Assets	52,005,000	6,016,000	7,721,000
Total Assets	57,577,000	11,636,000	20,443,000
Total Current Liabilities	26,219,000	10,881,000	4,789,000
Total Liabilities	47,257,000	16,475,000	8,161,000
Shareholders Equity	10,320,000	-4,839,000	12,282,000
Shares Outstanding	8,534,973	4,624,688	2,824,257
Shares Outstanding Diluted	n/a	n/a	n/a
Weighted Avg Shares Diluted	7,317,814	2,826,536	2,621,903
Weighted Avg Shares Basic	7,099,459	2,826,536	2,621,903
Net Share Count Change (Normalized)	14.8%	2.9%	0.5%
Ownership Claim Change (Normalized)	-12.9%	-2.8%	-0.5%

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 13 quarterly periods available from Data Vault for this company.

Metric	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-12-31 10-K USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD	2023-03-31 10-Q USD	2022-09-30 10-Q USD	2022-06-30 10-Q USD
Revenue	2,491,000	2,742,000	4,411,000	4,930,000	4,772,000	12,032,000	9,420,000	-105,000	288,000	1,158,000	1,781,000	409,000	1,499,000
Operating Income	-1,962,000	-1,689,000	-1,936,000	-5,094,000	-8,359,000	-7,100,000	-10,415,000	-11,136,000	-2,536,000	-3,161,000	-3,673,000	-3,726,000	-1,965,000
Net Income	-3,680,000	-1,152,000	-3,586,000	982,000	-5,591,000	-2,258,000	14,799,000	-11,979,000	-2,711,000	-3,177,000	-2,778,000	-3,930,000	-1,925,000
Cash From Operations	-820,000	-2,376,000	-2,597,000	868,000	-1,215,000	2,303,000	-3,902,000	-1,110,000	-864,000	-592,000	-1,086,000	-5,869,000	n/a
Capex	0	0	-113,000	0	0	0	-113,000	69,000	604,000	-695,000	-71,000	-714,000	n/a
Free Cash Flow	-820,000	-2,376,000	-2,710,000	868,000	-1,215,000	2,303,000	-4,015,000	-1,041,000	-260,000	-1,287,000	-1,157,000	-6,583,000	n/a
Cash And Equivalents	276,000	112,000	828,000	764,000	279,000	1,401,000	2,796,000	31,000	186,000	382,000	133,000	1,317,000	7,764,000
Total Current Assets	48,315,000	50,329,000	52,625,000	52,005,000	58,096,000	60,524,000	71,073,000	6,016,000	4,340,000	5,709,000	6,572,000	11,988,000	16,551,000
Total Liabilities	46,430,000	46,679,000	48,085,000	47,257,000	49,324,000	45,613,000	55,062,000	16,475,000	10,683,000	10,297,000	8,217,000	3,938,000	5,029,000
Shares Outstanding	12,870,917	9,856,086	9,856,086	8,534,973	7,433,884	5,019,799	4,593,629	4,624,688	2,838,923	2,838,923	2,838,923	2,691,403	0
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	11,195,462	8,412,955	7,660,241	8,162,977	7,285,501	4,642,836	4,566,394	2,854,848	2,838,923	2,834,894	2,776,483	2,621,903	2,397,949
Weighted Avg Shares Basic	11,195,462	8,412,955	7,660,241	8,044,405	7,285,501	4,642,836	4,060,831	2,854,848	2,838,923	2,834,894	2,776,483	2,621,903	2,397,949
Net Share Count Change (Normalized)	27.3%	2.4%	12.8%	14.8%	57.5%	2.8%	57.3%	2.9%	0.0%	0.5%	4.5%	3.0%	Insufficient evidence
Ownership Claim Change (Normalized)	-21.5%	-2.3%	-11.3%	-12.9%	-36.5%	-2.7%	-36.4%	-2.8%	0.0%	-0.5%	-4.3%	-2.9%	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	48,315,000USD	us-gaap:AssetsCurrent	2025-09-30	1.00	Data Vault \| sec/companyfacts/cik=0001879848/companyfacts.json Data Vault \| sec/companyfacts/cik=0001879848/companyfacts.json
Total Liabilities	46,430,000USD	us-gaap:Liabilities	2025-09-30	1.00	Data Vault \| sec/companyfacts/cik=0001879848/companyfacts.json Data Vault \| sec/companyfacts/cik=0001879848/companyfacts.json
Cash	276,000USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2025-09-30	1.00	Data Vault \| sec/companyfacts/cik=0001879848/companyfacts.json Data Vault \| sec/companyfacts/cik=0001879848/companyfacts.json
Shares Outstanding	12,870,917	dei:EntityCommonStockSharesOutstanding	2025-09-30	1.00	Data Vault \| sec/companyfacts/cik=0001879848/companyfacts.json Data Vault \| sec/companyfacts/cik=0001879848/companyfacts.json
NCAV	1,885,000USD	derived	2025-09-30	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	0.15USD	derived	2025-09-30	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	86.7%	derived	2025-09-30	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001879848
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001879848/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001879848/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 15
Imported At: 2026-08-15T12:52:38+00:00
Rendered At: 2026-08-16T03:30:06+00:00

Run Audit

Mary Run: 63eb9cbe01c34796bb5a9e8d156e6111
Mary As Of: 2026-08-15
Accession: 0001493152-25-021920
CIK: 0001879848
Mary Filing Date: 2025-11-12
Filing Currency: USD
Internal Discount: 86.7%
Source State: Stale Filing
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=63eb9cbe01c34796bb5a9e8d156e6111; mary_as_of=2026-08-15; mary_filing_date=2025-11-12; mary_accession=0001493152-25-021920; mary_cik=0001879848; gnni_supporting_filing_date=2025-11-12; internal_discount=0.866849; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.; source requires review

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