Sono Group N.V. Announces Fiscal Year 2024 Annual Report and Corporate Update
-- Sono Group reports first annual net income of EUR65.0 million, primarily
due to reconsolidation gains.
-- Expanded solar product portfolio to include solutions for trucks, vans,
and refrigerated trailers.
-- Forged strategic partnership with Merlin Solar, enabling global
distribution and co-marketing in Europe, North America and South America.
-- Achieved Germany's first National Type Approval for vehicle-integrated
photovoltaics (ViPV).
-- Targets to convert its notes payable into preferred equity, strengthening
the balance sheet and eliminating short-term obligations.
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
-- Product Portfolio Diversification: In 2024, Sono Group broadened its
solar integration offerings beyond the Solar Bus Kit to include retrofit
and integration solutions for trucks, vans, and refrigerated trailers.
This product diversification reflects the Company's ongoing commitment to
delivering modular and scalable solar mobility solutions tailored to the
evolving needs of the commercial transportation sector.
-- Technological Advancements: The Company refined its proprietary
high-voltage solar charge controller (MCU) and launched a new solar
integration solution specifically designed to meet the requirements of
OEMs manufacturing vehicles with higher energy demands. These solutions
enable seamless integration into both low- and high-voltage vehicle
architectures, reinforcing Sono's focus on engineering flexibility and
future-ready design, and our mission of providing solar technology on
every commercial vehicle.
-- Recognition for Innovation: In November 2024, Sono Group was honored with
the Lorenzo Cagnoni Award for Green Innovation at the IBE Intermobility
and Bus Expo in Rimini, Italy. The award, which celebrates excellence in
sustainable transportation technologies, recognized the Company's
pioneering role in advancing solar integration across commercial
vehicles.
-- Funding and Capital Structure Improvements: Throughout 2024, the Company
successfully secured funding through a series of transactions, including
convertible debentures and a subsequent agreement to exchange all
outstanding debt into a new class of preferred equity. These steps are
expected to strengthen the Company's balance sheet and help enable its
strategic shift toward capital-efficient growth once we achieve an
uplisting to Nasdaq Capital Market.
Recent Updates
-- Partnership with Merlin Solar Technologies: In March 2025, Sono Group
announced its co-marketing agreement with the U.S.-based Merlin Solar
Technologies. Under this agreement, Sono will distribute Merlin's
advanced solar modules in Europe, while Merlin will offer Sono's
proprietary solar charge controllers in its Mobile Power Solutions across
North and South America. This partnership expands the Company's
international footprint and reinforces its role as a provider of
comprehensive solar solutions for commercial mobility.
-- Strategic Focus on OEM Collaborations: In line with its evolving business
model, Sono Group is placing increased emphasis on OEM partnerships,
working directly with vehicle manufacturers to deliver integrated,
end-to-end solar solutions. While continuing to offer solar retrofit kits
to a wide customer base, the Company is prioritizing factory-level
integration of the production line, enabling OEMs to offer solar-powered
options at the point of vehicle sale.
-- Regulatory Milestone Achieved: In January 2025, Sono Group became the
first company in Germany to receive National Type Approval
(Teiletypgenehmigung, TTG) for vehicle-integrated photovoltaics (ViPV).
This certification marks a significant regulatory achievement,
facilitating broader adoption of solar integration in commercial vehicles
across Germany and potentially influencing standards in other markets.
Financial Highlights
-- Net Income: Sono Group reported a net income of EUR65.0 million for
fiscal year 2024, marking the first annual profit in the Company's
history. This result was primarily driven by a gain recognized on the
reconsolidation of its subsidiary Sono Motors, which followed the
successful conclusion of self-administration proceedings in early 2024.
-- Reduced Operating Expenses: Reflecting its capital-light and asset-light
business strategy, the Company achieved a significant reduction in
operating expenses across all major categories. General and
administrative expenses, R&D costs, and selling and distribution expenses
were substantially lower year-over-year, highlighting a disciplined cost
structure aligned with Sono's lean operational model.
-- Disciplined Financial Management and Capital Structure Optimization:
Throughout 2024, the Company took active steps to optimize its capital
structure and improve financial resilience. In addition to significantly
reducing operating expenses, Sono Group entered into a debt-to-equity
exchange agreement with its investor, which after fulfilling certain
conditions precedent would allow for the conversion of all the Company's
outstanding debt into a new class of preferred equity. This move is
expected to eliminate short-term debt obligations, directly improving
Sono's financial health and strengthening its balance sheet.
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 EUR thousands, except share and per share data)
CONSOLIDATED BALANCE SHEETS
EURk 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)
EURk 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, EUR 44.86 (31.99) Diluted, EUR 3.77 (31.99) Weighted average number of common shares: Basic, EUR 1,449,485 1,428,858 Diluted, EUR 17,254,895 1,428,858
(END) Dow Jones Newswires
April 17, 2025 09:03 ET (13:03 GMT)