MUNICH, Aug. 20, 2025 (GLOBE NEWSWIRE) -- Sono Group N.V. (OTCQB: SEVCF) (hereafter referred to as "Sono" or the "Company", parent company to Sono Motors GmbH, hereafter referred to as "SonoSolar" or "Subsidiary"), the solar technology company, today announced its financial results for the second quarter ended June 30, 2025 and the first half of 2025.
H1 2025 Financial Highlights
-- Net income of EUR8.0 million, reflecting primarily gains from fair value
changes in convertible notes; Q2 2025 net loss of EUR0.8 million, a 44%
reduction in net loss from Q2 2024.
-- Cash used in operating activities of EUR3.5 million in H1 2025, a
significant improvement from EUR15.9 million in H1 2024.
-- Maintained revenue generation consistent with the Company's
commercialization roadmap, driven by initial deliveries and customer
acceptances.
-- Sustained tight expense control as G&A expenses were reduced 21% in H1
2025 and 35% in Q2 2025 compared to previous year. The company will
continue to keep a tight control over G&A expenses as it attempts to
scale its business.
Business Updates and Outlook
OEM momentum and real-world validation. MAN Truck & Bus, one of Europe's leading commercial vehicle manufacturers, is equipping its series vehicles with Sono's solar technology as a factory-installed option. In parallel, Ford is testing high-voltage vehicle-integrated photovoltaics $(VIPV)$ on the E-Transit under the EU-funded SolarMoves project--clear signals of deepening OEM engagement and product maturity.
Commercial rollout focus. Sono is progressing from pilots to early deployments in priority use cases--particularly refrigerated trailer transport and electric trucks--consistent with its accelerated rollout plan. Recent installations demonstrate scalability and readiness for broader field adoption.
Market visibility and pipeline. At Transport Logistic 2025, the Company showcased solar-integrated solutions for commercial vehicles (including refrigerated applications).
Brand architecture aligned to strategy. Post-quarter, the operating subsidiary began using the "SonoSolar" brand, sharpening the Company's positioning as a solar mobility integrator for commercial vehicles, from the previous solar auto manufacturer, while the legal entity remains Sono Motors GmbH.
George O'Leary, Managing Director and CEO, said: "We are closely watching our spending as we attempt to scale in the large OEM market. I am pleased with our reduction in G&A expenses in H1 2025 and Q2 2025 and we will continue to monitor closely as we continue to work with the OEM market on generating orders in Q3 and Q4 2025."
Sono remains very disciplined and execution-oriented, with a commercialization roadmap centered on OEM driven customer value and partner-led scale. The Company will continue to update stakeholders when programs progress and milestones are achieved.
The full unaudited quarterly report on Form 10-Q for the period ended June 30, 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, operating under the brand name SonoSolar, 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., SonoSolar, and their solar solutions, visit sonogroupnv.com and sono-solar.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 its subsidiary Sono Motors GmbH (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; 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 for the year ended December 31, 2023, 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@sono-solar.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 June 30, 2025 December 31, 2024 ASSETS Current Assets Cash 339 1,354 Inventory 298 304 Prepaid taxes 536 531 Prepaid expenses and other 100 103 Total Current Assets 1,273 2,292 Property, plant and equipment 121 129 Right of use lease assets 602 630 TOTAL ASSETS 1,996 3,051 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable and accrued expenses 697 575 Lease liability, current portion 167 58 Convertible notes payable at fair value 15,341 24,035 VAT payable - 487 Other current liabilities 12 5 ---------------------------------------- -------- -------- Total Current Liabilities 16,217 25,160 Long-Term Liabilities Lease liability, long term portion 435 572 Total Liabilities 16,652 25,732 Shareholders' Equity Ordinary Shares 28 28 High Voting Shares 20 20 Additional paid-in capital 298,699 298,699 Accumulated deficit (313,403) (321,428) ---------------------------------------- -------- -------- Total Shareholders' Equity (14,656) (22,681) ---------------------------------------- -------- -------- TOTAL EQUITY AND LIABILITIES 1,996 3,051
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
EURk Q2 2025 Q2 2024 H1 2025 H1 2024 Revenue 25 -- 51 -- Cost of sales 19 -- 39 -- Gross margin 6 -- 12 -- Operating Expenses and Costs Selling and distribution expenses 244 193 474 243 General and administrative expenses 1,137 1,740 2,281 2,874 Research and development 525 336 968 557 Gain on deconsolidation/reconsolidation -- (756) -- (63,491) Other operating income (128) (82) (132) (70) Total Operating Expenses and Costs 1,778 1,431 3,591 (59,887) (Loss)/Income from Operations (1,772) (1,431) (3,579) 59,887 Other Income (Expenses) Income from changes in fair value of convertible note payable carried at fair value 813 847 11,144 21,909 Gain/(Loss) on foreign currency transactions 147 (859) 460 (2,357) Total other income / (expense) 960 (12) 11,604 19,552 NET (LOSS) / INCOME (812) (1,443) 8,025 79,439 Net (loss) / income per share to common shareholders: Basic, EUR (0.56) (1.00) 5.53 54.82 Diluted, EUR (0.56) (1.00) 0.74 4.62 Weighted average number of common shares: Basic, EUR 1,449,991 1,449,293 1,449,919 1,449,094 Diluted, EUR 1,449,991 1,449,293 10,874,054 17,194,420
(END) Dow Jones Newswires
August 20, 2025 06:32 ET (10:32 GMT)