UPDATE - Sono Group N.V. Reports Profit of 鈧�60.6 Million and Significant Progress in First Half of 2024
Sono Group N.V. (SEVCF) reported significant financial improvements in H1 2024, posting a 鈧�60.6 million profit primarily from liability extinguishment and restructuring. The company demonstrated operational efficiency with general and administrative expenses decreasing from 鈧�8.1M to 鈧�2.9M, and development expenses reducing by 96% to 鈧�0.6M.
The company maintained a 鈧�2.2 million cash balance as of June 30, 2024, supplemented by a 鈧�3.0M funding from Yorkville in September. Key achievements include successfully exiting insolvency in February 2024, securing funding commitments up to 鈧�9M, and expanding their product portfolio with new solar solutions for various vehicle types.
The company has signed a non-binding term sheet with Yorkville to convert approximately $32M in outstanding debt to equity and is progressing toward a planned Nasdaq uplisting.
Sono Group N.V. (SEVCF) ha riportato significativi miglioramenti finanziari nel primo semestre del 2024, registrando un utile di 60,6 milioni di euro principalmente derivante dall'estinzione di debiti e dalla ristrutturazione. L'azienda ha dimostrato efficienza operativa con la diminuzione delle spese generali e amministrative da 8,1 milioni di euro a 2,9 milioni di euro, e le spese di sviluppo che si sono ridotte del 96% a 0,6 milioni di euro.
L'azienda ha mantenuto un bilancio di cassa di 2,2 milioni di euro al 30 giugno 2024, integrato da un finanziamento di 3,0 milioni di euro da Yorkville a settembre. Tra i risultati chiave si evidenziano l'uscita con successo dall'insolvenza nel febbraio 2024, il conseguimento di impegni di finanziamento fino a 9 milioni di euro, e l'espansione del portafoglio prodotti con nuove soluzioni solari per vari tipi di veicoli.
L'azienda ha firmato una lettera di intenti non vincolante con Yorkville per convertire circa 32 milioni di dollari di debito in sospeso in capitale e sta procedendo verso un'ipotetica quotazione al Nasdaq.
Sono Group N.V. (SEVCF) report贸 mejoras financieras significativas en el primer semestre de 2024, registrando un beneficio de 60,6 millones de euros principalmente por la extinguir la responsabilidad y la reestructuraci贸n. La empresa demostr贸 eficiencia operativa con una reducci贸n de los gastos generales y administrativos de 8,1 millones de euros a 2,9 millones de euros, y los gastos de desarrollo disminuyeron en un 96% a 0,6 millones de euros.
La empresa mantuvo un saldo en efectivo de 2,2 millones de euros al 30 de junio de 2024, complementado por un financiamiento de 3,0 millones de euros de Yorkville en septiembre. Los logros clave incluyen salir con 茅xito de la insolvencia en febrero de 2024, asegurar compromisos de financiaci贸n por hasta 9 millones de euros, y expandir su cartera de productos con nuevas soluciones solares para varios tipos de veh铆culos.
La empresa ha firmado una hoja de t茅rminos no vinculante con Yorkville para convertir aproximadamente 32 millones de d贸lares en deuda pendiente en capital y est谩 avanzando hacia una futura cotizaci贸n en Nasdaq.
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Sono Group N.V. (SEVCF) a rapport茅 des am茅liorations financi猫res significatives au premier semestre 2024, affichant un b茅n茅fice de 60,6 millions d'euros principalement gr芒ce 脿 l'extinction de passifs et 脿 la restructuration. L'entreprise a d茅montr茅 son efficacit茅 op茅rationnelle avec une diminution des d茅penses g茅n茅rales et administratives passant de 8,1 millions d'euros 脿 2,9 millions d'euros, et les d茅penses de d茅veloppement r茅duites de 96% 脿 0,6 million d'euros.
L'entreprise a maintenu un solde de tr茅sorerie de 2,2 millions d'euros au 30 juin 2024, compl茅t茅 par un financement de 3,0 millions d'euros de Yorkville en septembre. Parmi les r茅alisations cl茅s figurent la sortie r茅ussie de l'insolvabilit茅 en f茅vrier 2024, l'obtention d'engagements de financement jusqu'脿 9 millions d'euros et l'expansion de son portefeuille de produits avec de nouvelles solutions solaires pour divers types de v茅hicules.
L'entreprise a sign茅 une feuille de termes non contraignante avec Yorkville pour convertir environ 32 millions de dollars de dettes en cours en capital et progresse vers une cotation pr茅vue sur le Nasdaq.
Sono Group N.V. (SEVCF) berichtete 眉ber signifikante finanzielle Verbesserungen im ersten Halbjahr 2024 und erzielte einen Gewinn von 60,6 Millionen Euro, haupts盲chlich durch die Tilgung von Verbindlichkeiten und Umstrukturierungen. Das Unternehmen zeigte operationale Effizienz, indem die allgemeinen und administrativen Ausgaben von 8,1 Millionen Euro auf 2,9 Millionen Euro sanken und die Entwicklungskosten um 96% auf 0,6 Millionen Euro reduziert wurden.
Das Unternehmen hielt zum 30. Juni 2024 einen Bargeldbestand von 2,2 Millionen Euro, erg盲nzt durch eine Finanzierung von 3,0 Millionen Euro von Yorkville im September. Zu den wichtigsten Erfolgen geh枚ren der erfolgreiche Ausstieg aus der Insolvenz im Februar 2024, die Sicherung von Finanzierungszusagen bis zu 9 Millionen Euro und die Erweiterung des Produktportfolios mit neuen Solarl枚sungen f眉r verschiedene Fahrzeugtypen.
Das Unternehmen hat einen nicht verbindlichen Rahmenvertrag mit Yorkville unterzeichnet, um etwa 32 Millionen Dollar an ausstehender Schulden in Eigenkapital umzuwandeln, und arbeitet auf eine geplante Nasdaq-Notierung hin.
- Posted 鈧�60.6 million profit in H1 2024
- Reduced general and administrative expenses by 64% to 鈧�2.9M
- Cut development expenses by 96% to 鈧�0.6M
- Secured funding commitments up to 鈧�9M
- Successfully exited insolvency proceedings
- Signed term sheet to convert $32M debt to equity
- Operating with cash balance of 鈧�2.2M as of June 30, 2024
- Significant outstanding debt of approximately $32M
- Discontinued Sion passenger car program
Showcases Robust Development and Commitment to Sustainable Mobility Solutions
MUNICH, Dec. 06, 2024 (GLOBE NEWSWIRE) -- The solar technology company () (hereafter referred to as 鈥淪ono鈥� or the 鈥淐ompany鈥�, parent company to Sono Motors GmbH or 鈥淪ono Motors鈥�) today announced its financial results for the first six months of 2024, highlighting a
Key financial highlights
鈧�60.6 million profit: The profit primarily stemmed from the extinguishment of liabilities, parental guarantee reversal and recapitalization and reconsolidation of Sono Motors.- Operational efficiency: General and administrative expenses decreased significantly from
鈧�8.1 million in H1 2023 to鈧�2.9 million in H1 2024, reflecting leaner operations post-restructuring. - Substantial reduction in development expenses: Cost of development expenses decreased by over
96% from鈧�16.0 million in H1 2023 to鈧�0.6 million in H1 2024, reflecting the streamlined focus on retrofitting solar technology onto third party vehicles and the discontinuation of the Sion passenger car program. - Strengthened cash position: The Company maintained a cash balance of
鈧�2.2 million as of June 30, 2024, which was further enhanced by receipt of the second tranche of funding from YA II PN, Ltd. (鈥淵orkville鈥�) in September 2024 in the amount of鈧�3.0 million . This funding reinforced the Company's financial stability and supported its operational growth.
Six-Month 2024 Milestone Achievements
- Exiting insolvency: The Company鈥檚 wholly-owned subsidiary, Sono Motors, successfully exited its self-administration proceedings in February 2024, marking what the Company believes is a crucial step towards the financial and operational stability of Sono.
- Additional funding: In H1 2024 Sono received funding commitments of up to
鈧�9 million , of which鈧�4 million were received in February 2024 and鈧�3 million in September 2024. Subject to compliance with the terms of the investment, the Company expects the commitments to position it to obtain sufficient funding for its business strategy and operations through June 2025. - Commencement of OTCQB trading: On July 2, 2024, the Company's ordinary shares began trading on OTCQB under the symbol "SEVCF," enhancing access for investors and reinforcing shareholder transparency.
Recent Updates
- Green Innovation Award: Sono received the prestigious Green Innovation Award at the Intermobility and Bus Expo (IBE) in Rimini, Italy. The Company believes this accolade highlights the innovative and transformative nature of Sono's solar technology and reinforces its strong position in sustainable mobility solutions.
- Partnership with Hofmeister & Meincke: Sono is leveraging Hofmeister & Meincke鈥檚 strong market presence in Germany and globally to distribute its Solar Bus Kit, Solar Kits for trucks and vans and other solar products to potential customers. A recently completed training program for 80 Hofmeister & Meincke鈥檚 sales representatives ensures they are equipped to effectively promote Sono鈥檚 innovative solutions, expanding the reach of sustainable mobility technologies.
- Expanded product portfolio: Sono expanded its portfolio with new options for its solar bus kit, new solar kits for trucks, vans and trailers, as well as high-voltage solar solutions for refrigerated vehicles. These innovative solutions are designed to help fleet operators reduce fuel consumption, lower emissions and cut operational costs, showcasing Sono鈥檚 commitment to sustainable and versatile solar applications across various vehicle types.
- Progress Toward Planned Nasdaq Uplisting: On November 7, 2024, at an extraordinary general meeting of shareholders, key measures to advance Sono's planned uplisting to the Nasdaq Capital Market were approved. These included appointing Owen May to the Supervisory Board, approving amendments to the Articles of Association to meet Nasdaq requirements, and authorizing preferred shares intended to enable potential future conversion of debt into equity.
- Debt-to-Equity Conversion Term Sheet Signed: Sono has entered into a non-binding term sheet with Yorkville to convert approximately
$32 million in outstanding debt into equity through the issuance of preferred shares. This initiative, pending the signing of definitive agreements, strengthens Sono鈥檚 balance sheet, reduces default risk, and marks significant progress towards the Company鈥檚 planned Nasdaq uplisting.
Looking Ahead
Managing Director, CEO and CFO George O鈥橪eary said, 鈥淲e believe our results demonstrate the resilience of our business model and the effectiveness of our strategic pivot to solar retrofit solutions. We see the
The Company remains committed to advancing its solar integration technology, providing scalable solutions for the transportation sector and reducing dependence on fossil fuels.
For more information about Sono Group N.V., Sono Motors GmbH and their solar solutions, visit and .
ABOUT SONO GROUP N.V.
() and its wholly-owned subsidiary Sono Motors GmbH are on a pioneering mission to accelerate the revolution of mobility by making every commercial vehicle solar. Our disruptive solar technology has been developed to enable seamless integration into all types of commercial vehicles to reduce the impact of CO2 emissions and pave the way for climate-friendly mobility.
CONTACT:
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Investors:
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LinkedIn:
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. The words "expect", "anticipate", "intend", "plan", "estimate", "aim", "forecast", "project", "target", 鈥渨ill鈥� and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the intentions, beliefs, or current expectations of the Company and Sono Motors (together, the 鈥渃ompanies鈥�). 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 could cause the companies鈥� actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to, risks, uncertainties and assumptions with respect to: our ability to access the unfunded portion of the investment from YA II PN, Ltd. (鈥淵orkville鈥�), including our ability to successfully comply with the agreements related thereto and the absence of any termination event or any event of default; our ability to maintain relationships with creditors, suppliers, service providers, customers, employees and other third parties in light of the performance and credit risks associated with our constrained liquidity position and capital structure; our status as a foreign private issuer under the Securities Exchange Act of 1934; our ability to comply with OTCQB continuing standards, as well as our ability to have our shares admitted to trading on a national stock exchange, including the Nasdaq Capital Market, in the future; our ability to enter into a definitive agreement with Yorkville with respect to the conversion of outstanding debt into equity through the issuance of preferred shares; our ability to achieve our stated goals; our strategies, plan, objectives and goals, including, among others, the successful implementation and management of the pivot of our business to exclusively retrofitting and integrating our solar technology onto third party vehicles; our ability to raise the additional funding required beyond the investment from Yorkville to further develop and commercialize our solar technology and business as well as to continue as a going concern. For additional information concerning some of the risks, uncertainties and assumptions that could affect our forward-looking statements, please refer to our filings with the U.S. Securities and Exchange Commission (鈥淪EC鈥�), including our Annual Report on Form 20-F, which are accessible on the SEC鈥檚 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 our ability to control or estimate precisely, such as the actions of courts, regulatory authorities 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
| 听 | Six months ended | |||
| 鈧琸 | June 30, 2024 (unaudited) | 听 | June 30, 2023 (unaudited) | 听 |
| Revenue | - | 听 | 42 | 听 |
| Cost of goods sold | - | 听 | (70) | 听 |
| Gross income(loss) | - | 听 | (28) | 听 |
| Cost of development expenses | (557) | 听 | (16,029) | 听 |
| Selling and distribution costs | (242) | 听 | (1,054) | 听 |
| General and administrative expenses | (2,874) | 听 | (8,090) | 听 |
| Other operating income/(expenses) | 70 | 听 | (9,065) | 听 |
| Gain/(loss) on deconsolidation/reconsolidation | 63,491 | 听 | (2,877) | 听 |
| Operating income/(loss) | 59,888 | 听 | (37,143) | 听 |
| Interest and similar income | 5,688 | 听 | 5,172 | 听 |
| Interest and similar expense | (4,936) | 听 | (2,705) | 听 |
| INCOME/(LOSS) BEFORE TAX | 60,640 | 听 | (34,676) | 听 |
| 听 | 听 | 听 | 听 | 听 |
| Tax on income and earnings | - | - | 听 |
| Income/(loss) after tax | 60,640 | (34,676) | 听 |
| Income (loss) for the period | 60,640 | (34,676) | 听 |
| Other comprehensive income (loss) | - | - | 听 |
| TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD | 60,640 | (34,676) | 听 |
| Earnings per shares for income(loss) attributable to the ordinary equity holders of the company: | 听 | 听 | |
| BASIC/DILUTED EARNINGS (LOSS) PER SHARE IN EUR | 0.56 | (0.33) | 听 |
| 听 | 听 | 听 | 听 |
BALANCE SHEET
| 鈧琸 | June 30, 2024 Unaudited | 听 | Dec. 31, 2023 Audited | 听 |
| ASSETS | 听 | 听 | 听 | 听 |
| Property, plant, and equipment | 76 | 听 | - | 听 |
| Right-of-use assets | 1,023 | 听 | - | 听 |
| Other financial assets | 50 | 听 | 1,037 | 听 |
| Noncurrent assets | 1,149 | 听 | 1,037 | 听 |
| Work in progress | 6 | 听 | - | 听 |
| Other financial assets | 8 | 听 | 156 | 听 |
| Other non-financial assets | 487 | 听 | 266 | 听 |
| Cash and cash equivalents | 2,191 | 听 | 7,412 | 听 |
| Current assets | 2,692 | 听 | 7,834 | 听 |
| TOTAL ASSETS | 3,841 | 听 | 8,871 | 听 |
| EQUITY AND LIABILITIES | 听 | 听 | ||
| Subscribed capital | 10,843 | 听 | 10,840 | 听 |
| Capital reserve | 287,903 | 听 | 287,926 | 听 |
| Accumulated deficit | (323,698) | 听 | (384,338) | 听 |
| Equity | (24,952) | 听 | (85,572) | 听 |
| Financial liabilities | 938 | 听 | 987 | 听 |
| Noncurrent liabilities | 938 | 听 | 987 | 听 |
| Financial liabilities | 26,578 | 听 | 38,102 | 听 |
| Trade and other payables | 713 | 听 | 1,491 | 听 |
| Other liabilities | 564 | 听 | 3 | 听 |
| Provisions | - | 听 | 1,628 | 听 |
| Parental guarantee | 听 | 52,232 | 听 | |
| Current liabilities | 27,855 | 听 | 93,456 | 听 |
| TOTAL EQUITY AND LIABILITIES | 3,841 | 听 | 8,871 | 听 |
FAQ
What was Sono Group's (SEVCF) profit in H1 2024?
How much did Sono Group (SEVCF) reduce its development expenses in H1 2024?
When did Sono Motors exit insolvency proceedings in 2024?
What is the amount of debt Sono Group (SEVCF) plans to convert to equity?
