Sono Group: Sales in the first quarter of 2022 are already higher than in the entire 2021.

The Munich-based Sono Group (hereinafter referred to as “Sono Motors” or the “Company”, parent company of “Sono Motors GmbH”), a company with the goal of revolutionizing the future of solar-powered transport, presented its financial results for the first quarter a few days ago announced in 2022. With the successful supply of PV products to several B2B customers, the diversification of the Sono Solar Division is on a promising path.

To date, the Munich-based solar mobility specialist has signed partnership agreements in the form of procurement and non-binding letters of intent with 18 companies worldwide to use patented solar technology in various vehicle architectures such as buses, trailers, trucks and mobile homes. This represents an increase of 12 partnership agreements compared to 6 agreements as of March 31, 2021. Revenues from the integration of Sono Digital’s own solar technology and services in the first quarter of 2022 were higher than in the whole of 2021.

We achieve our most important goals and thus successfully continue our development course. We are rapidly expanding our Sono Solar business and have successfully expanded our B2B customer base. Since March this year, our proprietary solar technology has been helping to protect the climate and reduce CO2 emissions in the local public transport system in Munich. This supports the city in its clean air plansays Laurin Hahn, CEO and co-founder of Sono Motors. Soon, the technology will also help other industry leaders to become even more sustainable, such as the refrigerated truck manufacturer Chereau in France. “These examples impressively demonstrate the potential of our highly flexible, specially developed platform – also for other vehicles and sectors such as buses, refrigerators and logistics. Our goal to diversify our business by establishing our solar B2B company in 2022 as a strategic pillar alongside our Sion solar electric car is on trackHahn continued.

In addition to Chereau, the German logistics giant Rhenus was also among the new partners. Depending on the case of application, size and type of solar integration, the lightweight and flexible Sono Motors platform aims to enable each customer in the transportation industry to reduce costs and emissions in their fleets.

Sono Sion: Important milestones on the road to series production

In the B2C industry, Sono Motors is said to have successfully taken further important steps towards series production of the world’s first low-cost solar powered vehicle (SEV) Sion. We are currently focusing on improving the quality, testing and speed of the SEV program. Another milestone on the road to series production was reached last month when a white body was built for series validation. The final assembly of the series validation vehicles takes place close to the company’s headquarters in Munich. Ready-to-install parts also include our next-generation solar modules. The vehicle fleet is used for series validation, optimization, approval and crash tests.

As the series vehicle validation program progresses, the Sono Motors development team continues to prepare for series production with the Finnish contract manufacturer Valmet Automotive. All necessary work packages have started and engineers from both companies are said to be working closely together to improve the current generation of vehicles and prepare for production. The company describes the collaboration with Valmet Automotive as another milestone in bringing Sion to a growing community.

Sono Sion is to be produced from mid-2023

The company still plans to start production in the second half of 2023. Sono Motors has set itself the goal of creating a production that uses 100% renewable energy. The company now assumes that all manufacturing-related greenhouse gas emissions that cannot be avoided in the supply chain or during the vehicle manufacturing process can be fully offset by appropriate measures.

By mid-May 2022, Sono Motors had received more than 18,000 private bookings on Sion. The average deposit is € 2,310 with a net sales volume of € 393 million – assuming all bookings are converted into sales. Most of the objections to Sion still come from Germany, but the company is also seeing an increase in numbers from countries such as Austria, Switzerland and the Netherlands.

2022 outlook and key financial data

Sono Motors sees the demonstration of series validation vehicles at the summer community event and the nomination of all series suppliers by the end of the third quarter as important milestones in 2022. As a financial guideline for 2022, Sono Motors expects additional revenues from its solar energy business, most of which is expected in the fourth quarter of 2022. In its announcement, the company also mentions some of the most important financial developments of the last few months:

  • On May 11, 2022, the Company completed another subscription offering of 10,930,000 common shares, yielding a net gain of approximately $ 41.5 million.
  • On June 13, 2022, the Company announced the conclusion of an agreement for the purchase of ordinary shares with Berenberg. The agreement includes an equity facility that gives Sono Motors the right to sell up to $ 150 million of common stock to Berenberg within 24 months at its discretion, subject to certain limitations and conditions.
  • Cash and cash equivalents of € 103.0 million as of March 31, 2022, an increase of 190 percent compared to March 31, 2021 (€ 35.5 million).
  • The operating loss was EUR 25.5 million in the first quarter of 2022 (Q1 2021: EUR 6.9 million). The net loss was EUR 25.9 million and EUR 0.35 loss per share (Q1 2021: EUR 9.2 million and 0.15).
  • Operating expenses increased mainly due to increased prototyping and overall business expansion.
  • Bank deposits increased by EUR 67.5 million as of March 31, 2022 compared to March 31, 2021.

Source: Sono Motors – press release of June 22, 2022.

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