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- Sono Motors’ revenues within the Second Quarter 2022 Exceed First Quarter 2022 Revenues.
- Revenue Development Bolstered by a Total of 21 Sono Solar B2B Customer Projects as of as we speak.
- Debut of ‘Sion’ in Its Production Design and Introduction of ‘Solar Bus Kit’, a Scalable B2B Solution to Enable Sustainable Mobility for Commercial Transport.
- First Series-Validation Vehicles Fully Assembled and in Testing.
- As of 1 September 2022, Over 20,000 Reservations (B2C) for the Sion With Average Down Payment of about €2,000 Net and Equivalent Net Sales Volume of about €435 Million.
- As One of Sono Motors’ First B2B Customers, FINN Intends to Purchase 12,600 Sion to Create a Sustainable Fleet.
MUNICH, Germany, Sept. 08, 2022 (GLOBE NEWSWIRE) — The solar-mobility OEM Sono Group N.V. (NASDAQ: SEV) (hereafter known as “Sono Motors” or the “Company”) as we speak introduced its monetary outcomes for the second quarter of 2022.
Second Quarter 2022 Highlights
- 3 extra photo voltaic accomplice contracts added within the second quarter of 2022.
- Revenues within the first half of 2022 had been 2.6 occasions larger than revenues for the complete fiscal 12 months 2021.
- Revenues for the second quarter of 2022 from the mixing of the Company’s photo voltaic expertise and Sono Digital had been larger than for the primary quarter of 2022.
- Cash and money equivalents of €89.8 million as of 30 June 2022.
- Operational bills elevated primarily on account of intensified prototype program and normal firm development.
Business-to-Business (B2B) Solar Solutions: Scalable Product Delivered and Increasing Customer Base
Sono Motors is on observe with each business pillars. On the one hand the supply of photo voltaic options to its rising business-to-business-customer base and on the opposite the premiere and graduation of testing of the ‘Sion’ solar-electric passenger automotive in its manufacturing design. As of as we speak, the Munich-based solar-mobility OEM is partnering with 21 corporations worldwide and has unveiled the all new ‘Solar Bus Kit’ to clients. This retrofit resolution underscores the Company’s transfer from prototype initiatives to a scalable resolution contributing to local weather safety and the discount of inner-city greenhouse gasoline emissions. Sono Motors plans to cooperate with “ÖPNV-Service Hagen” on the Kit’s set up, after-sales, and logistics providers with a purpose to improve meeting capability in Europe and supply quick {and professional} retrofits, in addition to upkeep for Sono Motor’s clients. 21 partnerships in complete translate into a rise of 14 accomplice preparations till as we speak, in comparison with 7 companions as of 30 June 2021.
The Sion: Increasing Demand and on Track With the Development Program
On the Sion business pillar, Sono Motors sees an rising demand for the Sion from each personal reservations and fleet operators. On 1 September 2022, the Company introduced the achievement of reaching 20,000 personal reservations (B2C) of its Sion, with a mean down-payment of about €2,000 internet and equal internet gross sales quantity of about €435 million, assuming that every one reservations lead to gross sales. At an anticipated internet gross sales worth level of simply €25,126 – the Sion has the potential to grow to be the world’s first photo voltaic electrical car (SEV) for the lots, because the proprietary photo voltaic expertise significantly reduces the need to cost the car. Sono Motors can be to accomplice with FINN, a Munich-based automotive subscription platform working within the U.S. and Germany. As one among Sono Motors’ first B2B clients, FINN intends to buy 12,600 Sion to create a sustainable fleet and drive ahead the corporate’s environmental objectives.
In addition to its collaborations, on the finish of July 2022, Sono Motors efficiently celebrated the debut of the Sion in its manufacturing design with over 1,500 neighborhood members and media visitors on-site. The occasion adopted the completion of the primary series-validation autos which marked a milestone in direction of the beginning of manufacturing deliberate for the second half of 2023. On-street testing with the series-validation prototypes has already began and the main focus presently lies on homologation, crash assessments, testing in several climates, optimizing photo voltaic expertise and safeguarding, in addition to 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 providing of 10,930,000 peculiar shares, leading to roughly $41.5 million in internet proceeds.
- On 13 June 2022 the Company introduced it had entered right into a dedicated fairness facility with Berenberg. The dedicated fairness facility gives Sono Motors with the best, with out obligation, to promote and concern as much as $150 million of its peculiar shares over a interval of 24 months to Berenberg on the sole discretion of Sono Motors, topic to sure limitations and circumstances.
- Cash and money equivalents of €89.8 million as of 30 June 2022, down from €132.9 million as of 31 December 2021.
- Operational bills elevated primarily on account of intensified prototype program and normal firm development.
- Loss from operations totaled €35.2 million within the second quarter of 2022 and €61.0 million within 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 within the second quarter of 2022 and €61.0 million and €0.81 loss per share within 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 2022
As key milestones in 2022, Sono Motors will debut 4 B2B-customer initiatives, together with CHEREAU, Kögel, Wingliner, and Mitsubishi Heavy Industries Thermal Transport Europe (MTTE) on the finish of September at IAA Transportation, the main commerce truthful for the transportation business. On high the Company plans to current the Sion for the primary time ever to an U.S. viewers within the fourth quarter 2022. In phrases of monetary steerage for 2022, Sono Motors expects to generate additional revenues with photo voltaic clients, the overwhelming majority of that are anticipated for the fourth quarter of 2022.
Conference Call Information
Sono Motors will host a webcast for analysts on this event at 8:00 a.m. Eastern Time (2:00 p.m. CEST) as we speak, 8 September 2022. The stay audio webcast and supplementary info will probably be accessible by way of Sono Motors’ IR web site at https://ir.sonomotors.com/. A recording of the webcast can even be subsequently obtainable.
ABOUT SONO MOTORS
Sono Motors is on a pioneering mission to speed up the revolution of mobility by making each car photo voltaic. Sono Motors’ disruptive photo voltaic expertise has been engineered to be seamlessly built-in into quite a lot of car architectures — together with buses, vehicles, trailers, and extra — to increase vary and scale back gasoline prices in addition to the affect of CO2 emissions, paving the best way for climate-friendly mobility.
The Company’s trailblazing car, the Sion, has the potential to grow to be the world’s first inexpensive photo voltaic electrical car (SEV) for the lots. Empowered by a robust international neighborhood, 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)17618050132
E-Mail: [email protected] | Website: www.sonomotors.com/press
FORWARD-LOOKING STATEMENTS
This press launch consists of forward-looking statements. The phrases “expect”, “anticipate”, “intend”, “plan”, “estimate”, “aim”, “forecast”, “project”, “target”, “will” and related expressions (or their unfavorable) determine sure of those forward-looking statements. These forward-looking statements are statements relating to the Company’s intentions, beliefs, or present expectations. Forward-looking statements contain inherent identified and unknown dangers, uncertainties, and contingencies as a result of they relate to occasions and depend upon circumstances which will or could not happen sooner or later and will trigger the precise outcomes, efficiency, or achievements of the Company to be materially completely different from these expressed or implied by such ahead trying statements. These dangers, uncertainties and assumptions embrace, however aren’t restricted to (i) the affect of the worldwide COVID-19 pandemic on the worldwide economy, our business and markets in addition to our business, (ii) dangers associated to our restricted working historical past, the rollout of our business and the timing of anticipated business milestones together with our potential to finish the engineering of our autos and begin of manufacturing on time and funds and dangers associated to future outcomes of operation, (iii) dangers associated to our unproven potential to develop and produce autos and with anticipated or marketed specs together with vary, and dangers referring to required funding, (iv) dangers associated to our potential to monetize our photo voltaic expertise, (v) dangers referring to the uncertainty of the projected monetary info with respect to our business together with the conversion of reservations into binding orders, (vi) results of competitors and the tempo and depth of electrical car adoption usually and our autos particularly on our future business and (vii) modifications in regulatory necessities, governmental incentives and gasoline and power costs. For extra info regarding a number of the dangers, uncertainties and assumptions that would have an effect on our forward-looking statements, please consult with the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), that are accessible on the SEC’s web site at www.sec.gov and on our web site at ir.sonomotors.com. Many of those dangers and uncertainties relate to components which are past the Company’s potential to manage or estimate exactly, such because the actions of regulators and different components. Readers ought to due to this fact not place undue reliance on these statements, notably not in reference to any contract or funding choice. Except as required by legislation, the corporate assumes no obligation to replace any such forward-looking statements.
FINANCIAL RESULTS
(quantities in hundreds, besides share and per share knowledge)
INCOME STATEMENT
| €ok | Q2 2022 | Q2 2021 | H1 2022 | H1 2021 |
| Revenue | 23 | – | 42 | – |
| Cost of gross sales | (123) | – | (142) | – |
| Gross earnings (loss) | (100) | (100) | ||
| Cost of analysis and improvement | (30,402) | (10,432) | (53,142) | (12,825) |
| Selling and distribution prices | (524) | (869) | (1,012) | (1,625) |
| General and administrative bills | (4,548) | (3,767) | (7,597) | (7,673) |
| Other working earnings/bills | 939 | 209 | 1,753 | 370 |
| Impairment loss on monetary property | 8 | 5 | 4 | (2) |
| Operating earnings (loss) | (34,627) | (14,854) | (60,093) | (21,755) |
| Interest and related earnings | – | – | – | |
| Interest and related expense | (526) | (370) | (923) | (2,645) |
| INCOME (LOSS) BEFORE TAX | (35,153) | (15,224) | (61,016) | (24,400) |
| Tax on earnings and earnings | – | (41) | – | (41) |
| Income (loss) after tax | (35,153) | (15,265) | (61,016) | (24,441) |
| Income (loss) for the interval | (35,153) | (15,265) | (61,016) | (24,441) |
| Other complete earnings (loss) | – | 32 | – | (64) |
| TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD |
(35,153) | (15,234) | (61,016) | (24,505) |
| Earnings per shares for earnings (loss) attributable to the peculiar fairness holders of the corporate: | ||||
| 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
| €ok | Q2 2022 | FY 2021 |
| ASSETS | ||
| Intangible property | 204 | 206 |
| Property, plant, and gear | 25,359 | 1,484 |
| Right-of-use property | 2,766 | 3,018 |
| Other monetary property | 93 | 91 |
| Other non-financial property | 72 | 89 |
| Noncurrent property | 28,494 | 4,888 |
| Work in progress | 147 | – |
| Other monetary property | 963 | 6,233 |
| Other non-financial property | 15,367 | 3,236 |
| Cash and money equivalents | 89,774 | 132,939 |
| Current property | 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 funds obtained from clients | 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 different 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
| €ok | H1 2022 | H1 2021 |
| Income (loss) after tax | (61,016) | (24,441) |
| Depreciation of property, plant, and gear | 84 | 38 |
| Depreciation of right-of-use property | 231 | 160 |
| Amortization of intangible property | 37 | 8 |
| Expense(+) for share primarily based fee transaction | 1,221 | 1,165 |
| Other non-cash earnings(-) / expense(+) | (1,484) | 1,838 |
| Interest and related expense | 923 | 2,645 |
| Movements in provisions | (1,734) | (76) |
| Decrease(+) / improve(-) in advances obtained from clients | 1,290 | 915 |
| Decrease(+) / improve(-) in different property | (6,993) | (3,088) |
| Increase(+) / lower(-) in commerce and different payables | 8,473 | 3,564 |
| Interest paid | (56) | (67) |
| NET CASH FLOWS FROM OPERATING ACTIVITIES | (59,024) | (17,338) |
| Purchase of intangible property | (36) | (149) |
| Purchase of property, plant, and gear | (23,959) | (798) |
| Net money flows from investing actions | (23,995) | (947) |
| Transaction prices on concern of shares | (842) | (17) |
| Proceeds from concern of shares | 39,346 | 1,500 |
| Repayment of borrowings | – | (185) |
| Payment of principal portion of lease liabilities | (213) | (144) |
| Net money stream from financing actions | 38,291 | 1,154 |
| Net lower in money and money equivalents | (44,727) | (17,131) |
| Effect of forex translation on money and money equal | 1,561 | – |
| Cash and money equivalents at first of the interval | 132,939 | 43,264 |
| CASH AND CASH EQUIVALENTS AT END OF THE PERIOD |
89,774 | 26,133 |
