Full Year 2021 Corporate Update: Sono Motors Solar Technology Delivered to Several Partners and Sion Production Capacity Secured
19 Abril 2022 - 8:30AM
Sono Group N.V. (NASDAQ: SEV) (hereafter referred to as “Sono
Motors” or the “Company”, parent company to “Sono Motors GmbH”),
the company that aims to revolutionize the future of solar-powered
transport, today announced its financial results for the financial
year ended 31 December 2021.
“We have achieved major milestones on our growth path. We’re
scaling up our Sono Solar business, have delivered several products
to B2B customers in the last months, and thus generated first
revenues. Our proprietary solar technology is already contributing
to climate protection and the reduction of CO2 emissions on Munich
public transport and supporting the city’s clean air targets. These
examples showcase our plan to diversify our business by
establishing our B2B solar business as a strategic pillar, equal to
our solar electric vehicle, the Sion,” states Laurin Hahn, CEO and
co-founder of Sono Motors.
“This year we also have a clear focus on enhancing the quality,
testing, and speed of the Sion program. We are now well into the
series-validation phase and progressing with vehicle testing and
certification. Our collaborative working with our new contract
manufacturer positions us well to keep our promise and deliver a
climate-neutral Sion to our customers next year,” Hahn adds.
2021 Business Highlights
- Grew B2B solar integration client base, with more contracts and
offers from various OEMs and fleet owners across various
transportation sectors. In Q4 2021, we delivered our first
solar-powered light-electric vehicle prototype to ARI Motors and
installed the first RV solar retrofit for a client in the U.S.
- Opened our dedicated development center for the B2B solar
business. Specialists use bespoke equipment and test facilities to
enhance speed for all solar projects.
- Launched Gen 2 prototypes at CES and used those vehicles for
intensive development, the completion of first winter & summer
tests, continued engineering and over 1,000 customer test drives,
bringing the total test drive number to more than 18,000 customers
so far.
- The vast majority of Sion sourcing decisions were made by
year-end 2021.
- The launch of the Sono app on 6 December 2021 enabled Sono
Motors to expand its app beyond the Sion. The aim is to gather more
data and customer feedback for incremental development of the
service. Sono Motors provides an in-app booking and payment system
as well as additional insurance if required. The app allows users
in Germany to share their car - not just the Sion - via community
car sharing with friends, family, and neighbors.
- By the end of 2021, 231 people of over 30 different
nationalities were employed at Sono Motors. This represents an
approximate team size increase of 120% over the year. This number
increased to 267 people by the end of Q1 2022.
Recent Updates
- Sono Motors delivered its innovative solar technology to
several customers including Munich’s public transport provider MVG.
Our solar bus retrofit solution can reduce local CO2 emissions by
over 6.5 metric tons per year, per vehicle. Further benefits
include fuel savings of up to 2,500 liters of diesel per vehicle,
per year, the stabilization of energy supply, the extension of the
24V battery life, and reduced maintenance costs.
- Increased solar integration B2B partner arrangements to 17 by
31 March 2022, compared to 2 at the start of 2021.
- Signed binding term sheet with Valmet Automotive as an
experienced contract manufacturer for the Sion. As of today, Valmet
Automotive has produced over 1.7 million cars for brands like
Mercedes, Porsche, and SAAB. Valmet Automotive will build the Sion
at its plant in Uusikaupunki, Finland, and will provide the
capacity to produce 257,000 vehicles over a seven-year period. This
cooperation marks another milestone toward delivering the Sion to
our growing Community.
- Build of a fleet of 37 series-validation vehicles and Bodies in
White is currently underway, ushering in the Sion's testing
program. These cars consist of series components and correspond to
the planned final design. This was established in Q1 2022,
alongside completing the 2nd generation prototype program, as well
as the accompanying definition of components and vehicle
parameters. The fleet will be used for series validation,
optimization, homologation, and crash tests.
- Significant progress has been made on Sion’s User Interface and
User Experience Design (UI/UX) by integrating payment processes,
insurance booking and Salesforce, Google, and SAP within the
backend infrastructure for a fully digital customer
experience.
- ESG activities include progress towards offsetting
activity-based value chain emissions, and our participation in the
Time for Climate Action campaign prior to Earth Day on 22 April
2022, and our first full year (2021) of operations with first local
impacts within the Fair Cobalt Association.
Financial Highlights
- Commenced monetizing the proprietary solar technology – several
public transport buses have been equipped. Retrofitting of a boat
and refrigeration trucks is ongoing.
- Sono Motors amassed over 16,700 direct consumer reservations by
year-end 2021. Reservations increased by nearly 4,000 in 2021,
equivalent to a 31% y-o-y increase.
- As of 31 March 2022, the Sion has over 17,000 reservations with
an average down payment of €2,390 net and equivalent net sales
volume of € 368 million, assuming that all reservations result in
sales.
- Cash and cash equivalents of €132.9 million as of 31 December
2021, demonstrating an increase of 206.9% compared to year-end 2020
(€43.3 million).
- Loss from operations totaled €59.2 million (2020: €53.9
million). Net loss totaled €63.9 million and €1.07 loss per share
(2020: €56.0 million and €0.97).
- €16 thousand revenues generated, thereof €11 thousand from
integrating our proprietary solar technology.
- OpEx increased mainly due to intensified development of
prototypes and general company growth.
- Cash in the bank increased by €90 million in 2021, mainly
driven by IPO (cash-in of €142 million).
- Increase of €4 million in advance payments received from
customers.
Conference Call InformationSono Motors will
host a webcast for analysts on this occasion at 8:00 a.m. Eastern
Time (2:00 p.m. CET) today, 19 April 2022. The live audio webcast
and supplementary information will be accessible on Sono Motors’ IR
website at https://ir.sonomotors.com/. A replay of the webcast will
also be available.
ABOUT SONO MOTORSSono Motors is on a pioneering
mission to accelerate the revolution of mobility by making every
vehicle solar. Its disruptive solar technology has been developed
to enable seamless integration into all types of vehicles to reduce
the impact of CO2 emissions and pave the way for climate-friendly
mobility.
Sono Motors is developing the world’s first solar electric
vehicle (SEV) for the masses, the Sion. Empowered by a strong
community, Sono Motors has amassed more than 17,000 reservations
with advance payments for the Sion. These vehicles will be produced
through contract manufacturing.
Sono Motors' proprietary solar technology has been engineered to
enable integration and licensing for a wide range of vehicle
architectures that go far beyond the Sion, such as buses, trailers,
trucks, camper vans, trains, and boats.
PRESS CONTACT Christian Scheckenbach
| Mobile: +49(0)17618050132 E-Mail:
press@sonomotors.com | Website:
www.sonomotors.com/press
FORWARD-LOOKING STATEMENTSThis press release
includes forward-looking statements. The words "expect",
"anticipate", "intends", "plan", "estimate", "aim", "forecast",
"project", "target", “will” and similar expressions (or their
negative) identify certain of these forward-looking statements.
These forward-looking statements are statements regarding the
Company's intentions, beliefs, or current expectations.
Forward-looking statements involve inherent known and unknown
risks, uncertainties, and contingencies because they relate to
events and depend on circumstances that may or may not occur in the
future and may cause the actual results, performance, or
achievements of the Company to be materially different from those
expressed or implied by such forward looking statements. These
risks, uncertainties and assumptions include, but are not limited
to (i) the impact of the global COVID-19 pandemic on the global
economy, our industry and markets as well as our business, (ii)
risks related to our limited operating history, the rollout of our
business and the timing of expected business milestones including
our ability to complete the engineering of our vehicles and start
of production on time and budget and risks related to future
results of operation, (iii) risks related to our unproven ability
to develop and produce vehicles and with expected or advertised
specifications including range, and risks relating to required
funding, (iv) risks related to our ability to monetize our solar
technology, (v) risks relating to the uncertainty of the projected
financial information with respect to our business including the
conversion of reservations into binding orders, (vi) effects of
competition and the pace and depth of electric vehicle adoption
generally and our vehicles in particular on our future business and
(vii) changes in regulatory requirements, governmental incentives
and fuel and energy prices. For additional information concerning
some of the risks, uncertainties and assumptions that could affect
our forward-looking statements, please refer to factors discussed
under the caption “Risk Factors” in our final prospectus under Rule
424(b) filed with the U.S. Securities and Exchange Commission
(“SEC”) on November 18, 2021 in connection with our initial public
offering as such factors may be updated from time to time in our
other filings with the SEC, which are accessible on the SEC’s
website at www.sec.gov and on our website at ir.sonomotors.com.
Many of these risks and uncertainties relate to factors that are
beyond the Company's ability to control or estimate precisely, such
as the actions of regulators and other factors. Readers should
therefore not place undue reliance on these statements,
particularly not in connection with any contract or investment
decision. Except as required by law, the company assumes no
obligation to update any such forward-looking statements.
FINANCIAL RESULTS(amounts in thousands, except
share and per share data)
INCOME STATEMENT
€k |
FY 2021 |
FY 2020 |
FY 2019 |
Revenue |
16 |
- |
- |
Cost of sales |
(58) |
- |
- |
Gross
income(loss) |
(42) |
- |
- |
|
|
|
|
Cost of research and
development |
(40,609) |
(30,469) |
(4,937) |
Selling and distribution
costs |
(3,220) |
(9,100) |
(2,135) |
General and administrative
expenses |
(15,094) |
(14,404) |
(2,417) |
Other operating
income/expenses |
(183) |
(15) |
220 |
Impairment loss on financial
assets |
(6) |
(6) |
- |
Operating
income(loss) |
(59,154) |
(53,994) |
(9,269) |
|
|
|
|
Interest and similar income |
- |
2 |
- |
Interest and similar expense |
(4,781) |
(2,040) |
(702) |
INCOME (LOSS) BEFORE TAX |
(63,935) |
(56,032) |
(9,971) |
Tax on income and earnings |
(18) |
- |
- |
Income (loss) after
tax |
(63,953) |
(56,032) |
(9,971) |
|
|
|
|
Income (loss) for the period |
(63,953) |
(56,032) |
(9,971) |
|
|
|
|
Other comprehensive income (loss) |
16 |
(21) |
- |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE
PERIOD |
(63,937) |
(56,053) |
(9,971) |
Earnings per shares for income(loss) attributable to the ordinary
equity holders of the company: |
|
|
|
BASIC/DILUTED EARNINGS (LOSS)PER SHARE
IN EUR |
(1.07) |
(0.97) |
(0.18) |
BALANCE SHEET
€k |
FY 2021 |
FY 2020 |
ASSETS |
|
|
Intangible assets |
206 |
16 |
Property, plant, and
equipment |
1,484 |
2,102 |
Right-of-use assets |
3,018 |
1,937 |
Other financial assets |
91 |
41 |
Other non-financial assets |
89 |
- |
Noncurrent
assets |
4,888 |
4,096 |
|
|
|
Other financial assets |
6,233 |
5,404 |
Other non-financial assets |
3,236 |
579 |
Cash and cash equivalents |
132,939 |
43,264 |
Current
assets |
142,408 |
49,247 |
|
|
|
TOTAL ASSETS |
147,296 |
53,343 |
EQUITY AND LIABILITIES |
|
|
Subscribed capital |
8,735 |
6,468 |
Capital reserve |
221,785 |
71,629 |
Payment of principal portion of lease liabilities |
(147,081) |
(83,123) |
Equity |
83,439 |
(5,026) |
|
|
|
Advance payments received from customers |
44,756 |
38,972 |
Financial liabilities |
6,353 |
5,335 |
Noncurrent
liabilities |
51,109 |
44,307 |
|
|
|
Financial liabilities |
472 |
9,388 |
Trade and other payables |
7,582 |
2,874 |
Other liabilities |
2,392 |
1,689 |
Provisions |
2,302 |
111 |
Current
liabilities |
12,748 |
14,062 |
|
|
|
TOTAL EQUITY AND LIABILITIES |
147,296 |
53,343 |
CASH FLOW STATEMENT
€k |
FY 2021 |
FY 2020 |
FY 2019 |
Income (loss) after tax |
(63,953) |
(56,032) |
(9,971) |
Depreciation of property, plant,
and equipment |
125 |
61 |
50 |
Impairment of property, plant,
and equipment |
1965 |
- |
- |
Depreciation of right-of-use
assets |
415 |
313 |
163 |
Amortization of intangible
assets |
34 |
11 |
11 |
Expense(+) for share based
payment transaction |
1,981 |
32,160 |
- |
Other non-cash expense(+) |
112 |
346 |
- |
|
|
|
|
Interest and similar income |
- |
(2) |
- |
Interest and similar expense |
4,781 |
2,040 |
702 |
Movements in provisions |
2,191 |
(526) |
418 |
Decrease(+)/increase(-) in
advances received from customers |
4,286 |
26,448 |
800 |
Decrease (+)/increase(-) in other
assets |
(3,760) |
(5,766) |
456 |
Increase(+)/decrease(-) in trade
and other payables |
5,118 |
322 |
(1,284) |
Interest paid |
(436) |
(561) |
(120) |
NET CASH FLOWS FROM OPERATING ACTIVITIES |
(47,141) |
(1,186) |
(8,775) |
Purchase of intangible assets |
(223) |
- |
- |
Purchase of property, plant, and equipment |
(1,429) |
(42) |
(1,139) |
Net cash flows from
investing activities |
(1,652) |
(42) |
(1,139) |
|
|
|
|
Transaction costs on issue of
shares to institutional investors |
(17) |
(2,192) |
(109) |
Transaction cost on issue of
shares in IPO |
(2,690) |
- |
- |
Proceeds from issues of shares in
IPO |
142,334 |
- |
- |
Proceeds from issue of shares to
institutional investors |
1500 |
38,229 |
5,297 |
Proceeds from borrowings |
- |
10,657 |
3,710 |
Repayment of borrowings |
(2,187) |
(2,327) |
- |
€k |
FY 2021 |
FY 2020 |
FY 2019 |
Payment of principal portion of lease liabilities |
(378) |
(282) |
(92) |
Net cash flow from
financing activities |
138,562 |
44,085 |
8,806 |
|
|
|
|
Net decrease in cash and
cash equivalents |
89,769 |
42,857 |
(1,108) |
|
|
|
|
Effect of currency
translation on cash and cash equivalent |
(94) |
- |
- |
|
|
|
|
Cash and cash equivalents at the beginning of the financial
year |
43,264 |
407 |
1,515 |
CASH AND CASH EQUIVALENTS AT END OF YEAR |
132,939 |
43,264 |
407 |
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4e2803d4-d01d-4950-8568-0634cca8f725
https://www.globenewswire.com/NewsRoom/AttachmentNg/2d31c72d-9c1c-42ce-97fb-9f1643e83496
NET CASH FLOWS FROM OPERATING ACTIVITIES
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