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 first
quarter of 2022.
Sono Motors is well on track on its plan to diversify its solar
technology business and has currently delivered solar solutions to
several B2B-customers. As of today, the Munich-based solar-mobility
specialist has partnership arrangements consisting of purchase
orders and non-binding LOIs with 18 companies worldwide to
implement its proprietary Sono Solar Technology on a variety of
vehicle architectures such as buses, trailers, trucks, and camper
vans. This translates into an increase of 12 partner arrangements
until today, compared to 6 by 31 March 2021. Revenues from the
integration of the company’s proprietary solar technology and Sono
Digital for the first quarter of 2022 was higher than for all of
2021.
“Sono Motors successfully pursues its growth path, as we keep
delivering on our major goals. We are rapidly scaling up our Sono
Solar business and have successfully increased our B2B customer
base. Since March 2022, our proprietary solar technology has been
contributing to climate protection and reducing CO2 emissions on
Munich public transport to support the city’s clean air targets.
Soon our technology will also support further industry leaders to
be even more sustainable, such as CHEREAU S.A.S. in France. These
examples impressively demonstrate the potential of our highly
flexible in-house developed platform as we enter new vehicles and
industries such as buses, logistics, and refrigerated
transportation. Our goal to diversify our business by establishing
our B2B solar business as a strategic pillar, equal to our solar
electric vehicle, the Sion, is going according to plan in 2022,”
states Laurin Hahn, CEO and co-founder of Sono Motors.
Among the new partners are CHEREAU S.A.S., a leading
manufacturer of refrigerated trailers in Europe, and German
logistics giant Rhenus. Depending on the use case and size and type
of the solar integration, Sono Motors’ lightweight and adaptable
platform allows any customer in the transportation industry to cut
costs and emissions throughout their fleets.
The Sion: Key Milestones Towards Series Production
AchievedOn the B2C side, Sono Motors has successfully
taken further important steps towards series production of the
Sion, the world’s first affordable solar electric vehicle (SEV).
The focus currently lies on enhancing the quality, testing, and
speed of the SEV program. Construction of the series-validation
fleet bodies-in-white, last month, ushered in the completion of yet
another milestone towards series production. Final assembly of the
series-validation vehicles is ongoing close to the Company’s HQ in
Munich. Among the parts ready to be mounted are in-house developed
next-generation solar body panels. The fleet of vehicles will be
used for series validation, optimization, homologation, and crash
tests.
While the series-validation vehicle program advances, Sono
Motors’ development team is progressing towards series production
with contract manufacturer Valmet Automotive in Finland. All work
streams have been kicked-off and engineers from both companies are
already working closely together on improvements for the current
vehicle generation and preparing for manufacturing. The cooperation
with Valmet Automotive marks another milestone towards delivering
the Sion to the growing community. The Company plans the start of
production (SOP) in the second half of 2023. Sono Motors aims to
have a production set-up, using one hundred percent renewable
energy. The Company currently expects that all production-related
greenhouse gas emissions that cannot be avoided along its supply
chain, or during the production process of the vehicles, will be
fully offset through relevant measures.
As of 15 May 2022, Sono Motors has received over 18,000 private
reservations for the Sion, with an average down-payment of €2,310
and equivalent net sales volume of €393 million, assuming that all
reservations result in sales. Sion reservations continue to be
predominantly placed in Germany, but the Company is also
registering increasing reservation numbers from countries such as
Austria, Switzerland, and the Netherlands.
Further Outlook for 2022As key milestones in
2022, Sono Motors expects to present series-validation vehicles
during a community event this summer and to nominate all series
suppliers by the end of the third quarter. In terms of financial
guidance for 2022, Sono Motors expects to generate further revenues
with solar customers, the vast majority of which are expected for
the fourth quarter of 2022.
Financial Highlights
- On 11 May 2022 the Company closed its underwritten follow-on
offering of 10,930,000 ordinary shares, resulting in approximately
$41.5 million in net proceeds.
- On 13 June 2022 the Company announced it had entered into a
committed equity facility with Berenberg. The committed equity
facility provides Sono Motors with the right, without obligation,
to sell and issue up to $150 million of its ordinary shares over a
period of 24 months to Berenberg at the sole discretion of Sono
Motors, subject to certain limitations and conditions.
- Cash and cash equivalents of €103.0 million as of 31 March
2022, an increase of 190.1% compared to 31 March 2021 (€35.5
million).
- Loss from operations totaled €25.5 million in the first quarter
of 2022 (first quarter of 2021: €6.9 million). Net loss totaled
€25.9 million and €0.35 loss per share (first quarter of 2021: €9.2
million and €0.15).
- Operational expense increased mainly due to intensified
development of prototypes and general company growth.
- Cash in bank increased by €67.5 million as of 31 March 2022
compared to 31 March 2021.
Conference Call InformationSono Motors will
host a webcast for analysts on this occasion at 8:00 a.m. Eastern
Time (2:00 p.m. CEST) today, 22 June 2022. The live audio webcast
and supplementary information will be accessible via Sono Motors’
IR website at https://ir.sonomotors.com/. A recording of the
webcast will also be subsequently available.
ABOUT SONO MOTORSSono Motors is on a pioneering
mission to accelerate the revolution of mobility by making every
vehicle solar. Sono Motors’ disruptive solar technology has been
engineered to be seamlessly integrated into a variety of vehicle
architectures — including buses, trucks, trailers, and more — to
extend range, reduce fuel costs as well as the impact of CO2
emissions, paving the way for climate-friendly mobility.
The Company’s trailblazing vehicle, the Sion, will be the
world’s first affordable solar electric vehicle (SEV) for the
masses. Empowered by a strong global community, Sono Motors has
amassed more than 18,000 reservations with advance payments for the
Sion.
PRESS CONTACT Christian Scheckenbach | Mobile:
+49(0)17618050132E-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 the Company’s
filings with the U.S. Securities and Exchange Commission (“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 |
Q1 2022 |
Q1 2021 |
Revenue |
20 |
- |
Cost of sales |
(20) |
- |
Gross income (loss) |
0 |
- |
Cost of research and development |
(22,740) |
(2,392) |
Selling and distribution costs |
(488) |
(757) |
General and administrative expenses |
(3,049) |
(3,906) |
Other operating income/expenses |
815 |
161 |
Impairment loss on financial assets |
(4) |
(7) |
Operating income (loss) |
(25,466) |
(6,901) |
Interest and similar income |
- |
- |
Interest and similar expense |
(397) |
(2,275) |
INCOME (LOSS) BEFORE TAX |
(25,863) |
(9,176) |
Tax on income and earnings |
- |
- |
Income (loss) after tax |
(25,863) |
(9,176) |
Income (loss) for the period |
(25,863) |
(9,176) |
Other comprehensive income (loss) |
- |
(96) |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE
PERIOD |
(25,863) |
(9,272) |
Earnings per shares for income(loss) attributable to the ordinary
equity holders of the company: |
|
|
BASIC/DILUTED EARNINGS (LOSS)PER SHARE IN
EUR |
(0.35) |
(0.15) |
BALANCE SHEET
€k |
Q1 2022 |
FY 2021 |
ASSETS |
|
|
Intangible assets |
223 |
206 |
Property, plant, and equipment |
1,652 |
1,484 |
Right-of-use assets |
2,902 |
3,018 |
Other financial assets |
91 |
91 |
Other non-financial assets |
98 |
89 |
Noncurrent assets |
4,966 |
4,888 |
Other financial assets |
1,258 |
6,233 |
Other non-financial assets |
13,288 |
3,236 |
Cash and cash equivalents |
103,007 |
132,939 |
Current assets |
117,553 |
142,408 |
TOTAL ASSETS |
122,519 |
147,296 |
EQUITY AND LIABILITIES |
|
|
Subscribed capital |
8,735 |
8,735 |
Capital reserve |
222,488 |
221,785 |
Payment of principal portion of lease liabilities |
(172,943) |
(147,081) |
Equity |
58,280 |
83,439 |
Advance payments received from customers |
44,981 |
44,756 |
Financial liabilities |
6,251 |
6,353 |
Noncurrent liabilities |
51,232 |
51,109 |
Financial liabilities |
503 |
472 |
Trade and other payables |
5,421 |
7,582 |
Other liabilities |
5,657 |
2,492 |
Provisions |
1,426 |
2,202 |
Current liabilities |
13,007 |
12,748 |
TOTAL EQUITY AND LIABILITIES |
122,519 |
147,296 |
CASH FLOW STATEMENT
€k |
Q1 2022 |
Q1 2021 |
Income (loss) after tax |
(25,863) |
(9,176) |
Depreciation of property, plant, and equipment |
41 |
16 |
Impairment of property, plant, and equipment |
- |
- |
Depreciation of right-of-use assets |
116 |
79 |
Amortization of intangible assets |
18 |
24 |
Expense(+) for share based payment transaction |
703 |
650 |
Other non-cash expense(+) |
- |
12 |
Interest and similar income |
- |
- |
Interest and similar expense |
397 |
2,275 |
Movements in provisions |
(776) |
(10) |
Decrease(+)/increase(-) in advances received from customers |
(106) |
395 |
Decrease (+)/increase(-) in other assets |
(5,086) |
(1,092) |
Increase(+)/decrease(-) in trade and other payables |
1,005 |
(478) |
Interest paid |
(32) |
(59) |
NET CASH FLOWS FROM OPERATING ACTIVITIES |
(29,582) |
(7,364) |
Purchase of intangible assets |
(36) |
(72) |
Purchase of property, plant, and equipment |
(208) |
(72) |
Net cash flows from investing activities |
(244) |
(144) |
Transaction costs on issue of shares to institutional
investors |
- |
- |
Transaction cost on issue of shares in IPO |
- |
- |
Proceeds from issues of shares in IPO |
- |
- |
Proceeds from issue of shares to institutional investors |
- |
- |
Proceeds from borrowings |
- |
- |
Repayment of borrowings |
- |
(185) |
Payment of principal portion of lease liabilities |
(107) |
(71) |
Net cash flow from financing activities |
(107) |
(256) |
Net decrease in cash and cash equivalents |
(29,993) |
(7,764) |
Effect of currency translation on cash and cash
equivalent |
- |
- |
Cash and cash equivalents at the beginning of the financial
year |
132,939 |
43,264 |
CASH AND CASH EQUIVALENTS AT END OF
YEAR |
103,007 |
35,501 |
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