Navya Announces Its 2020 Results
31 Marzo 2021 - 6:00PM
Business Wire
- Strengthened cash position to €28m at the end of December 2020
and €25m at the end of March 2021
- Reduced cash consumption by 50% to €12.1 m
- Reduced operating loss by -35%
- High intensity of R&D expenses to support technology
development
- Significant reduction in other operating expenses (-20%)
- Acceleration of Services activity, up +15%
- Gross margin improvement in a declining revenue environment due
to Covid-19
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Regulatory News:
Navya (Paris:NAVYA) (FR0013018041- NAVYA), a leading company in
autonomous driving systems, announces its results for 2020.
Etienne Hermite, CEO of Navya comments: « In 2020, Navya
has reached major milestones with more than 100 trial deployments
worldwide, despite the health crisis. Among the most significant
achievements, the first fully autonomous level 4 operation on a
private site without a safety driver on board marked a decisive
step towards the development of a commercial offer. A large number
of experiments were carried out for a variety of use cases, under
various conditions of complexity, reinforcing our expertise and
helping to maintain our technological leadership. From a financial
point of view, we have continued to invest in R&D and have
reduced our other operating expenses. At the same time, the
Company's financial structure has been strengthened in recent
months and allows us to continue to develop our technology. In
2021, Navya's ambition is to prepare for the industrialization of
its solutions on various platforms, thus reinforcing its position
as technological leader in the autonomous vehicle market in
predefined environments for the first and last mile ».
Business activity and 2020 financial results
In 2020, Navya sold 23 Autonom® Shuttle vehicles and generated
revenues of €10.7 million, down 29% compared to 2019. Germany,
South Korea and Japan represent the Company's leading markets with
9, 7 and 5 shuttles sold respectively. As of December 31, 2020, the
installed base stood at 182 vehicles, deployed in 23 countries, an
increase of +14% compared to the end of 2019.
This development is in line with the refocusing of the business
model on the delivery of a "licenses & services" range around
autonomous driving. As a result of the increase in the installed
base, the Services business is growing half-year after half-year to
€3.4 million, +15%. Licenses, maintenance and supervision of
deployed shuttles now account for nearly one third of the Company's
annual revenues.
In 2020, sales and marketing expenses and general and
administrative expenses were reduced by 24% and 17% respectively.
The Company has also decided to maintain a high level of investment
in R&D, in favor of the development of its technology, a
strategic priority for Navya.
Overall, the operating result for 2020 is -€20.4 million and the
net result for 2020 is -€23.7 million, an improvement of €10.8
million and €8.6 million respectively.
Simplified P&L (In €
thousand)
2020
2019
2020 vs. 2019
2020 vs. 2019
Revenues
10,668
15,016
(4,348)
-29%
Gross margin
31
(180)
211
ns
% from revenues
0.2%
(1%)
R&D
(8,129)
(8,852)
723
-8%
Sales and Marketing
(4,122)
(5,422)
1,300
-24%
General and administrative expenses
(7,170)
(8,625)
1,455
-17%
Recurring EBIT
(19,390)
(23,078)
3,688
-16%
Other expenses
(1,011)
(8,094)
7,083
-88%
EBIT
(20,401)
(31,173)
10,772
-35%
Financial result
(3,286)
(1,145)
(2,141)
187%
Net Result
(23,687)
(32,321)
8,633
-27%
Cash position
27,977
18,999
8,978
47%
Strengthening of the cash position to €28m at the end of
December and €25 million at the end of March 2021
Cash consumption was halved during the year to €12.1 million, a
decrease of €11.9 million compared to 2019. In addition to the
reduction in cash consumption by the Company, the strengthening of
the cash position is the result of the following elements
- ESMO Corporation's subscription to 10 ORNANE bonds for €10
million in February 2020, of which 5 were converted end February
2021 on the basis of the contractual parity set at €2.75 per
share;
- obtaining a State Guaranteed Loan (PGE) for €4.5 million in
late August 2020;
- Setting up an equity financing line with Kepler Chevreux in
November 2020, of which 60% was drawn down at the end of March
2021;
At the end of March 2021, the company's available cash amounted
to €25 million, compared with €19 million at the end of 2019.
Post-closing highlights
- Official launch of Navya solutions in Japan by Macnica at
Automotive World in Tokyo;
- First daily autonomous shuttle service in Israel around the
Sheba Medical Center campus;
- Signature of a non-biding letter of intent with Bluebus
(Bolloré Group) to collaborate on the development of a 6-meters
long autonomous bus.
Outlook
Over the next semesters, the development of the technology of
Navya solutions will continue to focus the essential resources of
the Company. Technological breakthroughs will be progressively
rolled out through experiments such as shuttles and logistics
tractors. At the same time, Navya is working to extend its network
of distribution partners and to pave the way for the
industrialization of its solutions in order to accelerate the
market launch of level 4 autonomous driving systems.
The annual accounts will soon be available on:
https://www.navya-corp.com/index.php/fr/investisseurs/information-reglementee/documentation
2020 financial results have been approved by the Board of
Directors, and were reviewed by the Supervisory Board on March 31,
2021. The Group's Statutory Auditors have performed their audit
procedures on these accounts and their reports are being
issued.
Next financial press release: September, 28 2021, 2021
first half results
About Navya
Created in 2014, Navya is a leading French name specialized in
the supply of autonomous driving systems and associated services.
With 280 employees in France (Paris and Lyon), in the United States
(Michigan) and in SIngapore, Navya aims at becoming the leading
player in level 4 autonomous driving systems for passenger and
goods transport. Since 2015, Navya has been the first to market and
put into service autonomous mobility solutions. The Autonom®
Shuttle, main development axis, is dedicated to passenger
transport. Since its launch, more than 180 units have been sold in
23 countries as of 31 December 2020. The Autonom® Tract is designed
to goods transport. The Valeo and Keolis groups are among Navya's
historical shareholders. Navya is listed on the Euronext regulated
market in Paris (ISIN code: FR0013018041- Navya). For more
information visit: www.navya.tech/en
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Navya Marketing & Communication Manager
Mélanie Voron melanie.voron@navya.tech +33 (0)6 68 23 82
84
CFO Benoit Jacheet
finance@navya.tech
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