Zapp EV Reports Fiscal Year 2023 Financial Results
27 Febbraio 2024 - 12:32AM
Zapp Electric Vehicles Group Limited (Nasdaq: ZAPP) (“Zapp EV” or
the “Company”), owner of “Zapp”, the British electric vehicle brand
on a mission to revolutionise personal urban mobility, today
reported financial results for the fiscal year ended September 30,
2023.
Recent Business Highlights
- Entered into a standby equity purchase agreement to sell up to
$10 million worth of shares, with a majority of the proceeds to be
used to start production and commercial rollout of the i300
electric urban motorcycle.
- Completed vehicle testing required for homologation in the
European Union and Thailand.
2023 Operational Highlights
- Received two additional design awards, for a current total of
eight, including the prestigious Red Dot Product Design Award in
the motorcycles category.
- Two patents were granted relating to the weight- and
component-reducing exoskeleton and interchangeable front
fender.
- The first peer review from Electroheads received more than
three million views across social media channels.
- Partnered with the Paris-based fintech firm Younited, which
offers our European customers its Younited Pay instant credit
payment solution when completing their order, with flexible payment
plans designed to minimize monthly payments depending on the amount
of the down payment and term of the desired repayment
schedule.
2023 Financial Results
- IFRS Net loss of $222.1 million compared to $3.6 million in the
prior year.
- 2023 results reflected primarily other expenses of $213.7
million, which related to the business combination completed in
April 2023.
- Operating loss of $7.8 million compared to $3.6 million in the
prior year.
Swin Chatsuwan, Founder and Chief
Executive Officer of Zapp EV, said: “We’ve taken a
well-researched approach from day one and the start of production
is a major tipping point for Zapp. The standby commitment of $10
million provides a runway beyond start of production and paves the
road for commercial rollout and launch activities in multiple
countries. The i300 is highly fit-for-purpose in its use case, and
we believe Zapp can scale quickly after rolling out in Europe and
key Asian markets, including India.”
Conference Call Information
Zapp will host a conference call for investors
and analysts on Thursday, February 29, 2024, at 8:00 ET / 13:00
GMT. To join the conference call by phone, participants need to
register in advance using the respective link below. Upon
registration, participants will receive dial-in numbers and a
unique code for use in joining the call. A live webcast of the
conference call will be available through the link below and
webcast participants may submit written questions during the
call.
Event: Zapp Shareholder & Analyst
UpdateDate: Thursday, February 29, 2024Time: 8:00 ET / 13:00 GMTTo
register for dial-in details:
https://register.vevent.com/register/BIefca2cabeb09491eb560e76ff8d01b8aTo
register for webcast:
https://edge.media-server.com/mmc/p/jxzwhyob
Following completion of the call, a replay will
be available on the Zapp investor relations website at
ir.zappev.com. Zapp uses this website as a means for complying with
its disclosure obligations.
About Zapp EV
Zapp EV (Nasdaq: ZAPP) and its operating
subsidiaries are run by a team of experts from the mobility
industry, on a mission to redefine the electric two-wheeler
segment. Zapp's debut product, the i300, is an urban electric
high-performance two-wheeler capable of traditional motorcycle
levels of performance in a step-through format, combining ease of
use with exhilaration and fun. The i300 is the first in a suite of
high-performance electric two-wheelers that Zapp plans to bring to
market. Zapp will offer a high-quality direct-to-customer
experience known as DSDTC (drop-ship-direct-to-customer). Customers
ordering the i300 online will have their bikes conveniently
delivered to their home by authorised “Zappers,” who will provide
at-home inspection, service and support throughout the vehicle
ownership lifecycle. Zapp is a registered trademark of Zapp
Electric Vehicles Limited in the United Kingdom and other
countries. For more information, visit www.zappev.com.
Zapp Investor Relations Contact:
Mark KobalHead of Investor Relationsir@zappev.com
Zapp Media Relations Contact:pr@zappev.com
No Offer or Solicitation
This press release is for informational purposes
only and does not constitute an offer to sell, a solicitation of an
offer to buy, or a recommendation to purchase any security of Zapp
EV or any of its respective affiliates. No such offering of
securities shall be made except by means of a prospectus meeting
the requirements of section 10 of the Securities Act, or an
exemption therefrom. The contents of this press release have not
been reviewed by any regulatory authority in any jurisdiction.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (or the “Exchange
Act”). These forward-looking statements generally are identified by
the words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “budget,” “opportunity,” “plan,”
“may,” “should,” “will,” “would,” “will be,” “will continue,” “will
likely result,” and similar expressions. Forward-looking statements
are not historical facts but rather are predictions, projections
and other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events
and results to differ materially from those expressed or implied by
the forward-looking statements in this document, including but not
limited to various general and specific risks and uncertainties
associated with the Company's business and finances in general.
Readers should review and carefully consider the
risks and uncertainties described in the “Risk Factors” section of
Zapp's annual report on Form 20-F (File No. 001-41693), which is
incorporated herein by reference, and other documents the Company
files with or furnishes to the U.S. Securities and Exchange
Commission from time to time. These filings identify and address
important risks and uncertainties that could cause actual events
and results to differ materially from those expressed or implied by
the forward-looking statements herein. The forward-looking
statements herein represent the Company’s views as of the date of
this document. Subsequent events and developments may cause these
views to change. Readers are cautioned not to place undue reliance
on the forward-looking statements herein, all of which are
qualified by these cautionary statements. Zapp assumes no
obligation and does not intend to update or revise the
forward-looking statements herein, whether as a result of new
information, future events, or otherwise. Zapp does not give any
assurance that it will achieve its expectations. The inclusion of
any statement in this document does not constitute an admission by
Zapp or any other person that the events or circumstances described
in any such statements are material.
ZAPP ELECTRIC VEHICLES GROUP LIMITEDCONDENSED
CONSOLIDATED BALANCE SHEETS |
(US$ 000's) |
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Assets |
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
823.2 |
|
|
|
1,963.1 |
|
Other current assets |
|
|
1,827.9 |
|
|
|
306.9 |
|
Property, plant and equipment |
|
|
590.8 |
|
|
|
480.7 |
|
Other non-current assets |
|
|
4,099.9 |
|
|
|
1,474.7 |
|
Total assets |
|
|
7,341.8 |
|
|
|
4,225.4 |
|
Liabilities and Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Trade, other payables and current liabilities |
|
|
5,653.1 |
|
|
|
1,303.2 |
|
Liabilities related to business combination |
|
|
18,045.1 |
|
|
|
- |
|
Other non-current liabilities |
|
|
2,081.2 |
|
|
|
409.7 |
|
Total liabilities |
|
|
25,779.4 |
|
|
|
1,713.0 |
|
Stockholders' equity |
|
|
(18,437.6 |
) |
|
|
2,512.4 |
|
Total liabilities and equity |
|
|
7,341.8 |
|
|
|
4,225.4 |
|
|
ZAPP ELECTRIC VEHICLES GROUP LIMITEDCONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS |
|
|
|
For the Year Ended September 30, |
|
($US 000's, except per share
data) |
|
2023 |
|
|
2022 |
|
Revenue |
|
|
- |
|
|
|
- |
|
Cost of sales |
|
|
- |
|
|
|
- |
|
Selling and distribution expenses |
|
|
(1,425.3 |
) |
|
|
(423.1 |
) |
General and administrative expenses |
|
|
(6,372.7 |
) |
|
|
(3,187.0 |
) |
Operating loss |
|
|
(7,798.1 |
) |
|
|
(3,610.1 |
) |
Finance expense, net |
|
|
(551.7 |
) |
|
|
(302.8 |
) |
Other (expenses) / income1 |
|
|
(213,747.7 |
) |
|
|
335.3 |
|
Loss before tax |
|
|
(222,097.5 |
) |
|
|
(3,577.6 |
) |
Income tax |
|
|
- |
|
|
|
- |
|
Loss for the year |
|
|
(222,097.5 |
) |
|
|
(3,577.6 |
) |
Earnings per share |
|
|
(4.65 |
) |
|
|
(0.09 |
) |
1Other expenses in 2023 consists primarily of
fair value movements and share-based expenses related to the
business combination.
ZAPP ELECTRIC VEHICLES GROUP
LIMITEDCONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
|
For the Year Ended September 30, |
|
(US$ 000's) |
|
2023 |
|
|
2022 |
|
Net cash used
in operating activities |
|
|
(6,505.4 |
) |
|
|
(2,802.9 |
) |
Net cash used in investing activities |
|
|
(285.9 |
) |
|
|
(466.2 |
) |
Net cash from financing activities |
|
|
5,648.8 |
|
|
|
5,070.0 |
|
Net (decrease) / increase in cash and cash
equivalents |
|
|
(1,142.5 |
) |
|
|
1,800.9 |
|
Cash and cash equivalents at October 1, 2022 and 2021 |
|
|
1,963.1 |
|
|
|
159.7 |
|
Effect of exchange rate fluctuations on cash held |
|
|
2.6 |
|
|
|
2.5 |
|
Cash and cash equivalents at September 30, 2023 and
2022 |
|
|
823.2 |
|
|
|
1,963.1 |
|
Please refer to our Form 20-F for the year ended
September 30, 2023 for the full financial statements and related
notes and disclosures.
Grafico Azioni Zapp Electric Vehicles (NASDAQ:ZAPP)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Zapp Electric Vehicles (NASDAQ:ZAPP)
Storico
Da Dic 2023 a Dic 2024