Zapp EV Reports Financial Results for the First Half of Fiscal Year 2024 and Raises Business Outlook
20 June 2024 - 10:30PM
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 six months ended March 31, 2024.
Recent Business Highlights
- Commenced commercial rollout in
India with an Indian partner as contract manufacturer and
supporting homologation in the country.
- i300 named winner of the world
renowned iF DESIGN AWARD 2024, taking i300's design award tally to
nine, including the Red Dot and Good Design awards.
- Received total proceeds of $2.7
million in connection with the standby equity purchase agreement,
additional at-the-market transactions and other loans, to start
production and commercial rollout of the i300 in UK, EU and
Thailand.
- Commenced launch activities for
i300 on the streets of Bangkok.
Financial Results for the six months
ended March 31, 2024
- IFRS net loss of $5.0 million
compared to $8.6 million in the same six-month period in 2023.
- Net loss included a non-cash charge
of $2.0 million related to the revaluation and termination of
financial instruments issued in connection with the business
combination in 2023.
- Operating loss of $3.1 million
compared to $3.9 million in the same six-month period in 2023.
Raised Business Outlook
- First customer deliveries of i300
are expected in the fiscal fourth quarter of 2024.
- Zapp expects to sell more than
5,000 units in the fiscal year ended September 30, 2025.
- 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 start fiscal year
2026.
Swin Chatsuwan, Founder and CEO of Zapp
EV, said: “The distinctive look of i300 is also a fit for
purpose form factor. Of an estimated $130 billion and growing in
two-wheelers sold globally, we see a large, underserved category of
consumers that want superbike specifications but still need the
maneuverability of a step-through for the city streets where they
spend the most time. After first deliveries of i300 to customers in
Europe and Thailand this summer, we expect to scale rapidly in
Southeast Asia and India where urban mobility on two wheels is
essential.”
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 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 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 EV'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 the foregoing cautionary statements. Except as
required by applicable law, 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 LIMITED
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF
PROFIT OR LOSS |
|
|
|
For the Six Months Ended March 31, |
|
($US 000's, except per share data) |
|
2024 |
|
|
2023 |
|
Revenue |
|
|
- |
|
|
|
- |
|
Cost of sales |
|
|
- |
|
|
|
- |
|
Selling 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 |
) |
Finance expense, net |
|
|
(192.9 |
) |
|
|
(339.7 |
) |
Other expense |
|
|
(1,706.1 |
) |
|
|
(4,427.0 |
) |
Loss before tax |
|
|
(5,033.1 |
) |
|
|
(8,630.2 |
) |
Income tax |
|
|
- |
|
|
|
- |
|
Loss for the year |
|
|
(5,033.1 |
) |
|
|
(8,630.2 |
) |
Earnings per share1 |
|
|
(1.61 |
) |
|
|
(3.61 |
) |
1The share numbers used in the calculation of
earnings per share have been adjusted to reflect the recent 20:1
reverse stock split.
|
ZAPP ELECTRIC VEHICLES GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED INTERIM BALANCE
SHEETS |
|
(US$ 000's) |
|
March 31, 2024 |
|
|
September 30, 2023 |
|
Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
485.0 |
|
|
|
823.2 |
|
Other current assets |
|
|
1,469.8 |
|
|
|
1,827.9 |
|
Property, plant and equipment |
|
|
510.9 |
|
|
|
590.8 |
|
Other non-current assets |
|
|
1,362.8 |
|
|
|
4,099.9 |
|
Total assets |
|
|
3,828.5 |
|
|
|
7,341.8 |
|
Liabilities and Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Trade, other payables and current liabilities |
|
|
24,883.7 |
|
|
|
23,698.2 |
|
Other non-current liabilities |
|
|
1,955.1 |
|
|
|
2,081.2 |
|
Total liabilities |
|
|
26,838.8 |
|
|
|
25,779.4 |
|
Stockholders' equity |
|
|
(23,010.3 |
) |
|
|
(18,437.6 |
) |
Total liabilities and equity |
|
|
3,828.5 |
|
|
|
7,341.8 |
|
|
ZAPP ELECTRIC VEHICLES GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH
FLOWS |
|
|
|
For the Six Months Ended March 31, |
|
(US$ 000's) |
|
2024 |
|
|
2023 |
|
Net cash used in operating activities |
|
|
(1,524.7 |
) |
|
|
(3,554.6 |
) |
Net cash used in investing activities |
|
|
(9.6 |
) |
|
|
(91.8 |
) |
Net cash from financing activities |
|
|
1,199.3 |
|
|
|
4,929.7 |
|
Net (decrease) / increase in cash and cash
equivalents |
|
|
(335.1 |
) |
|
|
1,283.3 |
|
Cash and cash equivalents at October 1, 2023 and 2022 |
|
|
823.2 |
|
|
|
1,963.1 |
|
Effect of exchange rate fluctuations on cash held |
|
|
(3.2 |
) |
|
|
143.8 |
|
Cash and cash equivalents at March 31, 2024 and
2023 |
|
|
485.0 |
|
|
|
3,390.3 |
|
Please refer to our Form 6-K with financial
results ended March 31, 2024 for financial statements and related
notes and disclosures.
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