News
Zapp EV Reports Financial Results for the First Half of Fiscal Year 2024 and Raises Business Outlook
Zapp Electric Vehicle Group Limited
First customer deliveries of the i300 electric urban motorcycle are expected in summer 2024, ahead of the planned accelerated commercial launch in India and Southeast Asia
LONDON, June 20, 2024 (GLOBE NEWSWIRE) – Zapp Electric Vehicle Group Limited (Nasdaq: ZAPP) (“Zapp EV” or the “Company”), owner of “Zapp”, the British electric vehicle brand with a mission to revolutionize personal urban mobility, today released financial results for the half year ended 31 December March 2024 .
Recent Business Highlights
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Commercial launch started in India with an Indian partner as contract manufacturer and supporting type approval in the country.
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The i300 has been named winner of the world-famous iF DESIGN AWARD 2024, bringing the number of i300 design awards to nine, including the Red Dot and Good Design awards.
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Received total proceeds of US$2.7 million in connection with the standby capital purchase agreement, additional market transactions and other loans, to begin production and commercial deployment of the i300 in the UK, EU and Thailand.
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Activities to launch the i300 on the streets of Bangkok have begun.
Financial Results for the semester ended March 31, 2024
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IFRS net loss of US$5.0 million compared to US$8.6 million in the same six-month period in 2023.
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The net loss included a $2.0 million non-cash charge related to the revaluation and termination of financial instruments issued in connection with the 2023 business combination.
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Operating loss of US$3.1 million compared to US$3.9 million in the same six-month period in 2023.
Increased business perspective
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The first deliveries of the i300 to customers are expected in the fourth quarter of fiscal 2024.
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Zapp expects to sell more than 5,000 units in the fiscal year ending September 30, 2025.
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Sales in fiscal 2025 will be weighted toward the second half of the year, now with a resulting run rate of more than 25,000 units per year to begin fiscal 2026.
Swin Chatsuwan, founder and CEO of Zapp EV, said: “The i300’s distinctive appearance is also fit for purpose. With an estimated value of $130 billion and growth in two-wheelers sold globally, we see a large and underserved category of consumers who want superbike specs but still need the maneuverability of a step-through for the streets. from the city where they spend most of their time. Following the first deliveries of the i300 to customers in Europe and Thailand this summer, we look forward to rapid growth in Southeast Asia and India, where two-wheeled urban mobility is essential.”
About Zapp EV
Zapp EV (Nasdaq: ZAPP) and its operating subsidiaries are managed by a team of mobility industry experts with a mission to redefine the electric two-wheel vehicle segment. Zapp’s debut product, the i300, is a high-performance urban electric two-wheeler capable of achieving traditional motorcycle performance levels in a step-by-step format, combining ease of use with joy and fun. The i300 is the first in a suite of high-performance electric two-wheeled vehicles 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 who order the i300 online will have their bikes conveniently delivered to their home by authorized “Zappers” who will provide in-home inspection, service and support throughout the lifecycle of vehicle ownership. Zapp is a registered trademark of Zapp Electric Vehicles Limited in the United Kingdom and other countries. For more information visit www.zappev.com.
The story continues
Zapp Investor Relations Contact:
Marcos Kobal
Head of Investor Relations
ir@zappev.com
Zapp Media Relations Contact:
pr@zappev.com
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”, “will continue”, “will probably result” and similar expressions. Forward-looking statements are not historical facts, but rather 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 herein, including, without limitation, various general and specific risks and uncertainties associated with the Company’s business and finances generally.
Readers should carefully review and consider the risks and uncertainties described in the “Risk Factors” section of Zapp EV’s annual report on Form 20-F (File No. 001-41693), which is incorporated herein by reference, and other documents that the Company files with or provided 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 contained herein. The forward-looking statements contained herein represent the Company’s views as of the date hereof. Subsequent events and developments may cause these views to change. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, all of which are qualified by the foregoing cautionary statements. Except as required by applicable law, Zapp undertakes no obligation and does not intend to update or revise the forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Zapp makes no guarantee that it will meet your expectations. The inclusion of any statement herein does not constitute an admission by Zapp or any other person that the events or circumstances described in such statements are material.
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ZAPP ELECTRIC VEHICLES GROUP LIMITED |
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For the six months ending March 31, |
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($US 000, excluding data per share) |
2024 |
2023 |
||||||
|
Revenue |
– |
– |
||||||
|
Cost of sales |
– |
– |
||||||
|
Sales and distribution expenses |
(220.4 |
) |
(1,075.7 |
) |
||||
|
General and Administrative Expenses |
(2,913.8 |
) |
(2,787.9 |
) |
||||
|
Operating loss |
(3,134.1 |
) |
(3,863.5 |
) |
||||
|
Financial expense, net |
(192.9 |
) |
(339.7 |
) |
||||
|
Other expenses |
(1,706.1 |
) |
(4,427.0 |
) |
||||
|
Loss before taxes |
(5,033.1 |
) |
(8,630.2 |
) |
||||
|
Income tax |
– |
– |
||||||
|
Loss of the year |
(5,033.1 |
) |
(8,630.2 |
) |
||||
|
Earnings per share1 |
(1.61 |
) |
(3.61 |
) |
||||
1Share numbers used in calculating earnings per share have been adjusted to reflect the recent 20:1 reverse stock split.
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ZAPP ELECTRIC VEHICLES GROUP LIMITED |
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($000) |
March 31, 2024 |
September 30, 2023 |
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Active |
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Cash and cash equivalents |
485.0 |
823.2 |
||||||
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Other current assets |
1,469.8 |
1,827.9 |
||||||
|
Property, plant and equipment |
510.9 |
590.8 |
||||||
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Other non-current assets |
1,362.8 |
4,099.9 |
||||||
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Total assets |
3,828.5 |
7,341.8 |
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Liabilities and Equity |
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Current liabilities |
||||||||
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Trade, other accounts payable and current liabilities |
24,883.7 |
23,698.2 |
||||||
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Other non-current liabilities |
1,955.1 |
2,081.2 |
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Total responsibilities |
26,838.8 |
25,779.4 |
||||||
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Net worth |
(23,010.3 |
) |
(18,437.6 |
) |
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Total liabilities and net worth |
3,828.5 |
7,341.8 |
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ZAPP ELECTRIC VEHICLES GROUP LIMITED |
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For the six months ending March 31, |
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($000) |
2024 |
2023 |
||||||
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Net cash used in operating activities |
(1,524.7 |
) |
(3,554.6 |
) |
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Net cash used in investing activities |
(9.6 |
) |
(91.8 |
) |
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Net cash from financing activities |
1,199.3 |
4,929.7 |
||||||
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Net (decrease)/increase in cash and cash equivalents |
(335.1 |
) |
1,283.3 |
|||||
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Cash and cash equivalents on October 1, 2023 and 2022 |
823.2 |
1,963.1 |
||||||
|
Effect of exchange rate fluctuations on money held |
(3.2 |
) |
143.8 |
|||||
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Cash and cash equivalents as of March 31, 2024 and 2023 |
485.0 |
3,390.3 |
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See our Form 6-K Financial Results Ended March 31, 2024 for financial statements and related notes and disclosures.
