Second Quarter 2022: Increasing Orders for ‘Sion’ Solar-Electric Passenger Car and More B2B Solar-Retrofit Projects
08 Setembro 2022 - 9:25AM
The solar-mobility OEM Sono Group N.V. (NASDAQ: SEV) (hereafter
referred to as “Sono Motors” or the “Company”) today announced its
financial results for the second quarter of 2022.
Second Quarter 2022 Highlights
- 3 additional solar partner contracts added in the second
quarter of 2022.
- Revenues in the first half of 2022 were 2.6 times higher than
revenues for the full fiscal year 2021.
- Revenues for the second quarter of 2022 from the integration of
the Company’s solar technology and Sono Digital were higher than
for the first quarter of 2022.
- Cash and cash equivalents of €89.8 million as of 30 June
2022.
- Operational expenses increased
mainly due to intensified prototype program and general company
growth.
Business-to-Business (B2B) Solar Solutions: Scalable
Product Delivered and Increasing Customer BaseSono Motors
is on track with both business pillars. On the one hand the
delivery of solar solutions to its growing
business-to-business-customer base and on the other the premiere
and commencement of testing of the ‘Sion’ solar-electric passenger
car in its production design. As of today, the Munich-based
solar-mobility OEM is partnering with 21 companies worldwide and
has unveiled the all new ‘Solar Bus Kit’ to customers. This
retrofit solution underscores the Company’s move from prototype
projects to a scalable solution contributing to climate protection
and the reduction of inner-city greenhouse gas emissions. Sono
Motors plans to cooperate with “ÖPNV-Service Hagen” on the Kit’s
installation, after-sales, and logistics services in order to
increase assembly capacity in Europe and provide fast and
professional retrofits, as well as maintenance for Sono Motor’s
customers. 21 partnerships in total translate into an increase
of 14 partner arrangements until today, compared to 7 partners as
of 30 June 2021.
The Sion: Increasing Demand and on Track With the
Development ProgramOn the Sion business pillar, Sono
Motors sees an increasing demand for the Sion from both private
reservations and fleet operators. On 1 September 2022, the Company
announced the achievement of reaching 20,000 private reservations
(B2C) of its Sion, with an average down-payment of about €2,000 net
and equivalent net sales volume of about €435 million, assuming
that all reservations result in sales. At an expected net sales
price point of just €25,126 – the Sion has the potential to become
the world’s first solar electric vehicle (SEV) for the masses,
since the proprietary solar technology considerably reduces the
necessity to charge the vehicle. Sono Motors is also to partner
with FINN, a Munich-based car subscription platform operating in
the U.S. and Germany. As one of Sono Motors’ first B2B customers,
FINN intends to purchase 12,600 Sion to create a sustainable fleet
and drive forward the company’s environmental goals.
In addition to its collaborations, at the end of July 2022, Sono
Motors successfully celebrated the debut of the Sion in its
production design with over 1,500 community members and media
guests on-site. The event followed the completion of the first
series-validation vehicles which marked a milestone towards the
start of production planned for the second half of 2023. On-street
testing with the series-validation prototypes has already started
and the focus currently lies on homologation, crash tests, testing
in different climates, optimizing solar technology and
safeguarding, as well as refining driving dynamics.
“Right Business Model for Putting Cleaner Solar-Powered
Transport on the Streets”“We are excited to see good
headway on our growth path with high demand for the Sion and for
our B2B solar offerings. This is a great step towards our vision of
a world that no longer relies on fossil fuels, as customers are
already reducing CO2 output with our Solar Bus Kit. This
demand demonstrates that we have the right strategy and business
model for putting cleaner solar-powered transport on the streets
and making every vehicle solar. We are excited to continue on our
journey to provide clean, affordable, and accessible solar
transportation to the masses. We are on-track towards delivering
our promise and on our growth strategy,” states Laurin Hahn, CEO
and co-founder of Sono Motors.
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 €89.8 million as of 30 June 2022,
down from €132.9 million as of 31 December 2021.
- Operational expenses increased mainly due to intensified
prototype program and general company growth.
- Loss from operations totaled €35.2 million in the second
quarter of 2022 and €61.0 million in the first half of 2022
(second quarter of 2021: €15.2 million; first half of 2021: €24.4
million).
- Net loss totaled €34.8 million and €0.45 loss per share in the
second quarter of 2022 and €61.0 million and €0.81 loss per share
in the first half of 2022 (second quarter of 2021: €15.2 million
and €0.47; first half of 2021: €24.5 million and €0.76).
Further Outlook for 2022As key milestones in
2022, Sono Motors will debut four B2B-customer projects, including
CHEREAU, Kögel, Wingliner, and Mitsubishi Heavy Industries Thermal
Transport Europe (MTTE) at the end of September at IAA
Transportation, the leading trade fair for the transportation
industry. On top the Company plans to present the Sion for the
first time ever to an U.S. audience in the fourth quarter 2022. 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.
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, 8 September 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 and 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, has the potential
to become the world’s first affordable solar electric vehicle (SEV)
for the masses. Empowered by a strong global community, Sono Motors
has over 20,000 reservations with advance down-payments for the
Sion as of 1 September 2022.
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", "intend", "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 |
Q2 2022 |
Q2 2021 |
H1 2022 |
H1 2021 |
Revenue |
23 |
- |
42 |
- |
Cost of sales |
(123) |
- |
(142) |
- |
Gross income (loss) |
(100) |
|
(100) |
|
Cost of research and development |
(30,402) |
(10,432) |
(53,142) |
(12,825) |
Selling and distribution costs |
(524) |
(869) |
(1,012) |
(1,625) |
General and administrative expenses |
(4,548) |
(3,767) |
(7,597) |
(7,673) |
Other operating income/expenses |
939 |
209 |
1,753 |
370 |
Impairment loss on financial assets |
8 |
5 |
4 |
(2) |
Operating income (loss) |
(34,627) |
(14,854) |
(60,093) |
(21,755) |
Interest and similar income |
- |
|
- |
- |
Interest and similar expense |
(526) |
(370) |
(923) |
(2,645) |
INCOME (LOSS) BEFORE TAX |
(35,153) |
(15,224) |
(61,016) |
(24,400) |
Tax on income and earnings |
- |
(41) |
- |
(41) |
Income (loss) after tax |
(35,153) |
(15,265) |
(61,016) |
(24,441) |
Income (loss) for the period |
(35,153) |
(15,265) |
(61,016) |
(24,441) |
Other comprehensive income (loss) |
- |
32 |
- |
(64) |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE
PERIOD |
(35,153) |
(15,234) |
(61,016) |
(24,505) |
Earnings per shares for income (loss) attributable to the ordinary
equity holders of the company: |
|
|
|
|
BASIC/DILUTED EARNINGS (LOSS)PER SHARE IN
EUR |
(0.45/0.45) |
(0.47/0.47) |
(0.81/0.81) |
(0.76/0.76) |
BALANCE SHEET
€k |
Q2 2022 |
FY 2021 |
ASSETS |
|
|
Intangible assets |
204 |
206 |
Property, plant, and equipment |
25,359 |
1,484 |
Right-of-use assets |
2,766 |
3,018 |
Other financial assets |
93 |
91 |
Other non-financial assets |
72 |
89 |
Noncurrent assets |
28,494 |
4,888 |
Work in progress |
147 |
- |
Other financial assets |
963 |
6,233 |
Other non-financial assets |
15,367 |
3,236 |
Cash and cash equivalents |
89,774 |
132,939 |
Current assets |
106,251 |
142,408 |
TOTAL ASSETS |
134,745 |
147,296 |
EQUITY AND LIABILITIES |
|
|
Subscribed capital |
9,390 |
8,735 |
Capital reserve |
260,855 |
221,785 |
Payment of principal portion of lease liabilities |
(208,096) |
(147,081) |
Equity |
62,149 |
83,439 |
Advance payments received from customers |
46,827 |
44,756 |
Financial liabilities |
6,146 |
6,353 |
Other non-financial liabilities |
469 |
- |
Noncurrent liabilities |
53,442 |
51,109 |
Financial liabilities |
532 |
472 |
Trade and other payables |
15,874 |
7,867 |
Other liabilities |
2,280 |
2,207 |
Provisions |
468 |
2,202 |
Current liabilities |
19,154 |
12,748 |
TOTAL EQUITY AND LIABILITIES |
134,745 |
147,296 |
CASH FLOW STATEMENT
€k |
H1 2022 |
H1 2021 |
Income (loss) after tax |
(61,016) |
(24,441) |
Depreciation of property, plant, and equipment |
84 |
38 |
Depreciation of right-of-use assets |
231 |
160 |
Amortization of intangible assets |
37 |
8 |
Expense(+) for share based payment transaction |
1,221 |
1,165 |
Other non-cash income(-) / expense(+) |
(1,484) |
1,838 |
Interest and similar expense |
923 |
2,645 |
Movements in provisions |
(1,734) |
(76) |
Decrease(+) / increase(-) in advances received from customers |
1,290 |
915 |
Decrease(+) / increase(-) in other assets |
(6,993) |
(3,088) |
Increase(+) / decrease(-) in trade and other payables |
8,473 |
3,564 |
Interest paid |
(56) |
(67) |
NET CASH FLOWS FROM OPERATING ACTIVITIES |
(59,024) |
(17,338) |
Purchase of intangible assets |
(36) |
(149) |
Purchase of property, plant, and equipment |
(23,959) |
(798) |
Net cash flows from investing activities |
(23,995) |
(947) |
Transaction costs on issue of shares |
(842) |
(17) |
Proceeds from issue of shares |
39,346 |
1,500 |
Repayment of borrowings |
- |
(185) |
Payment of principal portion of lease liabilities |
(213) |
(144) |
Net cash flow from financing activities |
38,291 |
1,154 |
Net decrease in cash and cash equivalents |
(44,727) |
(17,131) |
Effect of currency translation on cash and cash
equivalent |
1,561 |
- |
Cash and cash equivalents at the beginning of the period |
132,939 |
43,264 |
CASH AND CASH EQUIVALENTS AT END OF THE
PERIOD |
89,774 |
26,133 |
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