PEVM · Phoenix Motor Inc.

Substantial doubt about the company's ability to continue as a going concern.

“The Group has net loss of $8,418 during the nine months ended September 30, 2025 and has incurred significant recurring losses before 2025. In addition, the cash flow used in operating activities was $5,793 during the nine months ended September 30, 2025 and the Group needs to raise additional funds to sustain its operations. These factors raise substantial doubt as to the Group's ability to continue as a going concern.”