MUNICH, May 20, 2025 (GLOBE NEWSWIRE) -- Sono Group N.V. (OTCQB: SEVCF) (hereafter referred to as "Sono" or the "Company", parent company to Sono Motors GmbH or "Sono Motors"), the solar technology company, today announced its financial results for the first quarter ended March 31, 2025.

Q1 2025 Financial Highlights

   -- Net income of EUR8.8 million: positive net result driven primarily by 
      non-cash fair value adjustments to convertible debt instruments. 
 
   -- First revenues recorded following the Company's financial turnaround, 
      reflecting the initial commercialization of its solar solutions. 
 
   -- Cash used in operating activities decreased to EUR2.2 million, down from 
      EUR12.4 million in Q1 2024. 
 
   -- Operating expenses remain disciplined, as the Company focuses on scaling 
      its solar technology business and expanding market reach. 

Business Updates and Outlook

   -- Commenced first Bus OEM factory partnership, with initial buses leaving 
      the assembly line of a European manufacturer featuring Sono Motors' solar 
      integration solution. This development allows customers to purchase 
      solar-equipped buses directly from the OEM, enhancing convenience and 
      demonstrating the scalability of Sono's OEM-grade solar products. 
 
   -- Kicked off collaboration with Ford Motor Company under the EU-funded 
      SolarMoves project to test Vehicle Integrated Photovoltaics $(VIPV)$ on a 
      Ford E-Transit. The vehicle is equipped with a 1 kWp solar installation 
      and Sono Motors' High Voltage (HV) Solar Charge Controller, aiming to 
      reduce grid charging demand and enhance energy efficiency. 
 
   -- Sono Group is intensifying its strategic focus on OEM collaborations and 
      industrial partnerships, working directly with vehicle manufacturers to 
      integrate its solar technology into production-line vehicles. This shift 
      toward factory-level integration reflects the Company's long-term vision 
      to establish solar as a standard feature in commercial mobility. To 
      support this evolution, the Company will continue advancing product 
      industrialization, enhancing its solar technology, and expanding its 
      commercial reach through strategic partnerships. Management is confident 
      in the long-term growth potential of its B2B solar solutions platform. 

"Our first quarter results reflect continued focus as we plan to execute on our strategy," said George O'Leary, Managing Director and Chief Executive Officer of Sono Group N.V. "While our net income in the quarter is primarily driven by non-cash fair value adjustments, we are encouraged by the early revenue contributions and ongoing commercial progress. We remain focused on scaling our solar retrofitting business and establishing long-term strategic partnerships that will benefit Sono and its customers."

The full unaudited quarterly report on Form 10-Q for the period ended March 31, 2025, is available on the Company's investor relations website at ir.sonomotors.com and filed with the U.S. Securities and Exchange Commission.

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)

CONDENSED CONSOLIDATED BALANCE SHEETS

 
EURk                            March 31, 2025  December 31, 2024 
ASSETS 
Current Assets 
Cash                                       801              1,354 
Inventory                                  348                304 
Prepaid taxes                              541                531 
Prepaid expenses and other                 103                103 
Total Current Assets                     1,793              2,292 
Property, plant and equipment              121                129 
Right of use lease assets                  617                630 
TOTAL ASSETS                             2,531              3,051 
 
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY 
Current Liabilities 
Accounts payable and accrued expenses           451        575 
Lease liability, current portion                126         58 
Convertible notes payable at fair value      15,305     24,035 
VAT payable                                       -        487 
Other current liabilities                         2          5 
----------------------------------------  ---------  --------- 
Total Current Liabilities                    15,884     25,160 
Long-Term Liabilities 
Lease liability, long term portion              491        572 
Total Liabilities                            16,375     25,732 
Shareholders' Equity 
Ordinary Shares                                  28         28 
High Voting Shares                               20         20 
Additional paid-in capital                  298,699    298,699 
Accumulated deficit                       (312,591)  (321,428) 
----------------------------------------  ---------  --------- 
Total Shareholders' Equity                 (13,844)   (22,681) 
----------------------------------------  ---------  --------- 
TOTAL EQUITY AND LIABILITIES                  2,531      3,051 
 
 

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