MUNICH, April 17, 2025 (GLOBE NEWSWIRE) -- Sono Group N.V. (OTC: SEVCF) (hereafter referred to as “Sono” or the “Company”, parent company to Sono Motors GmbH or “Sono Motors”), the solar technology company, announced its financial results for the fiscal year ended 31 December 2024.
“2024 marked an important turning point for Sono Group. We recorded our first annual net income, streamlined our operations, and took meaningful steps to strengthen our capital structure. At the same time, we expanded our product portfolio, deepened our focus on OEM partnerships, and launched new solar mobility solutions aligned with the needs of commercial vehicle manufacturers. The agreement with Merlin Solar Technologies is an excellent example of our strategic plans to broaden our reach and complement our core technologies. We believe these developments reflect the potential of our business model and our ability to deliver long-term value,” said George O’Leary, Managing Director and CEO of Sono Group N.V.
2024 Business Highlights
Recent Updates
Financial Highlights
Building on the momentum of 2024, Sono Group aims to advance its OEM strategy, strengthen global collaborations, and continue developing cutting-edge solar mobility solutions for the commercial vehicle industry. The Company is also pursuing an uplisting to Nasdaq Capital Market, which, if completed, is expected to increase visibility, enhance liquidity, and support its long-term shareholder value creation goals.
ABOUT SONO GROUP N.V.
Sono Group N.V. (OTCQB: SEVCF) 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. For more information about Sono Group N.V., Sono Motors, and their solar solutions, visit sonogroupnv.com and sonomotors.com. Follow us on social media: LinkedIn, Facebook, BlueSky, Truth Social, and X.
FORWARD-LOOKING STATEMENTS
This press release may contain 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 intentions, beliefs, or current expectations of the Company and Sono Motors (together, the “companies”). 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’ 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: the Company’s ability to uplist to the Nasdaq Capital Market, including meeting the initial listing requirements; the Company’s ability to satisfy the conditions precedent set forth in its recent securities purchase agreement (“Securities Purchase Agreement”) and exchange agreement (“Exchange Agreement”) entered into with YA II PN, Ltd. (“Yorkville”); the timing of closing the transactions contemplated by the Securities Purchase Agreement and the Exchange Agreement; the impact of the transactions contemplated by the Exchange Agreement and Securities Purchase Agreement on the Company’s operating results; the ability to access the unfunded portion of the investment from Yorkville, 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 ability to comply with OTCQB continuing standards; 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 (“SEC”), including our Annual Report on Form 20-F, 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 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.
CONTACT:
Press:
press@sonomotors.com | ir.sonomotors.com/news-events
Investors:
ir@sonomotors.com | ir.sonomotors.com
LinkedIn:
https://www.linkedin.com/company/sonogroupnv
FINANCIAL RESULTS
(amounts in € thousands, except share and per share data)
CONSOLIDATED BALANCE SHEETS
| €k | FY 2024 | FY 2023 |
| ASSETS | ||
| Current Assets | ||
| Cash | 1,354 | 7,412 |
| Inventory | 304 | – |
| Prepaid taxes | 531 | 681 |
| Prepaid expenses and other | 103 | 778 |
| Total Current Assets | 2,292 | 8,871 |
| Property, plant and equipment | 129 | – |
| Right of use lease assets | 630 | 679 |
| TOTAL ASSETS | 3,051 | 9,550 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current Liabilities | ||
| Accounts payable and accrued expenses | 575 | 56,576 |
| Lease liability, current portion | 58 | 49 |
| Convertible notes payable at fair value | 24,035 | 25,629 |
| VAT payable | 487 | 14,350 |
| Other current liabilities | 5 | 4 |
| Total Current Liabilities | 25,160 | 96,608 |
| Long-Term Liabilities | ||
| Lease liability, long term portion | 572 | 630 |
| Total Liabilities | 25,732 | 97,238 |
| Shareholders’ Equity | ||
| Ordinary Shares | 28 | 85 |
| High Voting Shares | 20 | 60 |
| Additional paid-in capital | 298,699 | 298,621 |
| Accumulated deficit | (321,428) | (386,454) |
| Total Shareholders’ Equity | (22,681) | (87,688) |
| TOTAL EQUITY AND LIABILITIES | 3,051 | 9,550 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| €k | FY 2024 | FY 2023 |
| Revenue | – | 42 |
| Cost of sales | – | (70) |
| Gross margin | – | (28) |
| Operating Expenses and Costs | ||
| Selling and distribution expenses | 678 | 1,110 |
| General and administrative expenses | 4,718 | 13,213 |
| Research and development | 1,118 | 16,136 |
| (Gain)/Loss on deconsolidation/reconsolidation | (62,554) | 21,778 |
| Other Operating income | (399) | (976) |
| Total Operating Expenses and Costs | (56,508) | 51,261 |
| Income (Loss) from Operations | 56,508 | (51,289) |
| Other Income (Expenses) | ||
| Income/(Loss) from changes in fair value of convertible note payable carried at fair value | 8,923 | 5,404 |
| Interest income | – | 13 |
| Interest expense | – | (55) |
| (Loss)/Gain on foreign currency translation | (405) | 220 |
| Total Other Income (Expenses) | 8,518 | 5,582 |
| NET INCOME (LOSS) | 65,026 | (45,707) |
| Net income (loss) per share to common shareholders: | ||
| Basic, € | 44.86 | (31.99) |
| Diluted, € | 3.77 | (31.99) |
| Weighted average number of common shares: | ||
| Basic, € | 1,449,485 | 1,428,858 |
| Diluted, € | 17,254,895 | 1,428,858 |