- Strong cash position at €27.4m at the end of August 2020 thanks
to a sharp reduction in cash burn, €4.7m in H1 2020 vs. €14.6m in
H1 2019 (-68%)
- Installed base of nearly 170 AUTONOM® SHUTTLE vehicles, up +26%
vs. H1 2019
- Interest in autonomous shuttles reinforced by the health
crisis, H1 2020 revenues of €4.7 million and additional projects
won; continued growth in the Services business (+34%), or 33% of
half-year revenues
- Continued growth in R&D expenses (+13%) to boost technology
development; 34% reduction in other costs (general expenses, sales
and marketing expenses)
- Launch of the Level 4 Autonomous experiment program (safety
driver outside the shuttle) representing the first worldwide
deployment of the new version of the vehicle "Autonomous Shuttle
Evo"
- Management team strengthened: Olivier Le Cornec (Technology),
Pierre Lahutte (Strategy & Development), Benoît Jacheet
(Finance)
Conference call | September 23, 2020 at 6 pm
CEST
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Regulatory News:
Navya (Paris:NAVYA) (FR0013018041- NAVYA), a leading company in
autonomous driving systems, announces its results for the first
half of 2020.
Etienne Hermite, Chief Executive Officer of Navya
comments: « The first half of 2020 was characterized by the
COVID-19 crisis. Many experiments around the world were interrupted
for a few weeks. They were generally able to resume without
difficulty once the lockdown was over. The health situation
provided an opportunity to highlight new use cases, such as the
fully autonomous transport of COVID tests to the Mayo Clinic in
Florida. We were also able to work on the development of an
experiment in Châteauroux (in collaboration with Keolis) in a fully
autonomous environment, with the safety driver outside of the
vehicle. At the same time, we decided to significantly reduce
overhead costs and increase our investments in R&D, which
create significant technological value. This has enabled us to
reduce our cash consumption by 68%. With a strengthened cash
position, Navya will continue to achieve technological and
time-to-market milestones for its autonomous driving systems in the
coming months ».
In € thousands
H1 2020
H1 2019
Sales
4,711
6,150
Production costs
(5,315)
(7,021)
Gross margin
(604)
(870)
R&D
(4,762)
(4,214)
Sales & Marketing expenses
(1,917)
(2,824)
General & Admin. expenses
(2,986)
(4,616)
Operating profit / loss
(10,771)
(13,183)
Financial result
(529)
(631)
Net profit / loss
(11,300)
(13,813)
Cash position
23,281
19,668
Sales activity and financial results for the first half of
2020
In the first half of 2020, Navya generated revenues of €4.7
million, down 23% compared to the first half of 2019. Health crisis
has led to some postponements of experiments, mainly for
operational reasons (impossibility to implement projects). H1 2020
revenues from Vehicle Sales stood at €3.1m, down 37% vs. H1 2019,
while Services continued to grow (+34% vs. H1 2019) and now account
for €1.6m, or 33% of revenues for the half year.
This increase in Services is the result of the growth in the
installed base and Navya's desire to focus its business model on
the delivery of a range of services around the autonomous vehicle.
With 10 vehicles sold during the first half of 2020, the installed
base of AUTONOM® SHUTTLE now stands at 169 shuttles, an increase of
+26% compared to the end of June 2019.
Sales and marketing expenses and general and administrative
expenses decreased respectively by 32% and 35%. This control
results from Navya's decision to focus investments in R&D,
which increased by 13% during the period. Quarter after quarter,
Navya continues to invest in the development of its technology,
which is the Company's strategic priority, in order to become the
benchmark player in the supply of autonomous driving systems for
specialized vehicles on the first and last mile.
Over the past six months, cash consumption has decreased
significantly to €4.7 million, a decrease of 68% compared to the
same period in 2019.
All in all, operating profit and net profit improved by €2.4
million and €2.5 million respectively to €(10.8) million and
€(11.3) million.
Strengthening of the financial structure: cash position of
€27.4 million at the end of August 2020
In January 2020, Navya received the prize money of €1.9 million
for the awards received in October 2019 as part of the "Dubai World
Challenge for Self-Driving Transport". As a reminder, the Company
had won two of the three Awards, for "Best Endurance &
Reliability" and "Best Consumer Experience", against 16
competitors.
In February 2020, Navya announced the subscription by ESMO
Corporation of the remaining 10 ORNANE (bonds repayable in cash
and/or into new and/or existing shares) for an amount of €10
million, the proceeds of which will be used to strengthen Navya's
R&D activities.
At June 30, 2020, the Company had a cash balance of €23.3
million, compared to €19.0 million at the end of 2019.
Finally, at the beginning of September, Navya announced that it
had obtained a €4.5 million credit agreement, guaranteed by the
French State. With this loan, the Company's available cash amounts
to €27.4 million as of August 31, 2020.
H1 2020 highlights and events since the end of June
- Sales of AUTONOM® SHUTTLE vehicles for open road
deployments in Europe (Germany) and Asia (Japan, South
Korea);
- Reinforcement of the Management Committee with three
strategic appointments: Olivier Le Cornec as Chief Technology
Officer (CTO), Benoît Jacheet as Chief Financial Officer (CFO), and
Pierre Lahutte as Chief Strategy & Development Office;
- Launch of a program to experiment level 4 fully
autonomous shuttle service (real autonomy without a safety
driver in the vehicle), at the National Sport Shooting Centre
(NSSC) in Châteauroux, France, in partnership with Keolis;
- This service also marks the very first worldwide deployment
of the "Autonomous Shuttle Evo" vehicle, the result of six
years of experimentation and deployments in 22 countries around the
world;
- Launch of an experiment in the Drôme, France, the first
autonomous mobility service outside urban areas.
Outlook
Over the next six months, 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 with 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.
***
First-half 2020 consolidated accounts and H1 2020 financial
report have been approved by the Board of Directors, and were
reviewed by the Supervisory Board on September 22, 2020.
The H1 2020 financial report will be available before September,
30 at:
www.navya-corp.com/fr/investisseurs/information-reglementee/documentation.
This report includes:
- H1 2020 activity report;
- Summarized H1 consolidated accounts to June 30, 2020;
- Auditors’ report on H1 2020 financial information;
- Statement from the certifying officer regarding the H1
financial report.
About Navya
Navya is a leading French name in the autonomous driving
systems. With 280 employees in France (Paris and Lyon) and in the
United States (Michigan), Navya aims at becoming the leading player
for the supply of 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, was launched in September 2015 and
nearly 160 units have been sold as of 31 December 2019, notably in
the United States, France, Germany, Switzerland, Japan and
Australia. The Autonom® Tract is dedicated to goods transport.
Created in 2014 with the support of Robolution Capital, investment
fund managed by 360 Capital Partners, his reference shareholder,
Navya’s shareholders also include the Gravitation fund and Paris
Region Venture Fund (Région Île-de-France) managed by Cap Decisif
Management as well as Valeo and Keolis groups. 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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version on businesswire.com: https://www.businesswire.com/news/home/20200923005741/en/
Navya Marketing & Communication
communication@navya.tech
Benoît Jacheet CFO finance@navya.tech
NewCap Investor relations Thomas Grojean Nicolas
Fossiez navya@newcap.eu +33 (0)1 44 71 94 94
NewCap Media relations Nicolas Merigeau
navya@newcap.eu +33 (0)1 44 71 94 98