Zapp EV Reports Fiscal Year 2024 Financial Results
Zapp Electric Vehicles Group (ZAPP) has reported its fiscal year 2024 financial results, highlighting key operational achievements and financial performance. The company has established a micro-factory in Thailand's Bangkok Free Trade Zone with an annual production capacity of 21,500 units, serving both domestic and export markets.
Financial results show an IFRS net loss of $9.0 million, significantly improved from the previous year's $222.1 million loss. Operating loss decreased to $6.2 million from $7.8 million, with net cash used in operating activities at $4.9 million. The company maintains $44.9 million in liquidity through a standby equity purchase agreement and expects to generate positive cash flow from operations by 2026.
The company's i300 model has received nine design awards, including the 2024 iF DESIGN AWARD. Zapp has begun commercial rollout in Thailand and secured UK Motorcycle Single Vehicle Approvals, with European homologation pending approval.
Zapp Electric Vehicles Group (ZAPP) ha reso noti i risultati finanziari per l'anno fiscale 2024, evidenziando importanti traguardi operativi e performance finanziaria. L'azienda ha stabilito una micro-fabbrica nella Zona di Libero Scambio di Bangkok, in Thailandia, con una capacità produttiva annuale di 21.500 unità, servendo sia i mercati domestici che quelli di esportazione.
I risultati finanziari mostrano una perdita netta secondo gli IFRS di 9,0 milioni di dollari, significativamente migliorata rispetto alla perdita di 222,1 milioni di dollari dell'anno precedente. La perdita operativa è diminuita a 6,2 milioni di dollari rispetto ai 7,8 milioni di dollari, con un utilizzo di liquidità netta nelle attività operative di 4,9 milioni di dollari. L'azienda mantiene una liquidità di 44,9 milioni di dollari grazie a un accordo di acquisto di capitale standby e prevede di generare un flusso di cassa positivo dalle operazioni entro il 2026.
Il modello i300 dell'azienda ha ricevuto nove premi di design, tra cui il 2024 iF DESIGN AWARD. Zapp ha avviato il lancio commerciale in Thailandia e ha ottenuto l'approvazione per i veicoli motociclistici singoli nel Regno Unito, con l'omologazione europea in attesa di approvazione.
Zapp Electric Vehicles Group (ZAPP) ha informado sobre sus resultados financieros del año fiscal 2024, destacando logros operativos clave y rendimiento financiero. La empresa ha establecido una microfábrica en la Zona de Libre Comercio de Bangkok, Tailandia, con una capacidad de producción anual de 21,500 unidades, sirviendo tanto a los mercados nacionales como a los de exportación.
Los resultados financieros muestran una pérdida neta de acuerdo a IFRS de 9,0 millones de dólares, lo que representa una mejora significativa respecto a la pérdida de 222,1 millones de dólares del año anterior. La pérdida operativa disminuyó a 6,2 millones de dólares desde los 7,8 millones, con un uso neto de efectivo en actividades operativas de 4,9 millones de dólares. La compañía mantiene 44,9 millones de dólares en liquidez a través de un acuerdo de compra de capital standby y espera generar flujo de efectivo positivo de operaciones para 2026.
El modelo i300 de la compañía ha recibido nueve premios de diseño, incluyendo el 2024 iF DESIGN AWARD. Zapp ha comenzado el lanzamiento comercial en Tailandia y ha asegurado las Aprobaciones de Vehículos Únicos de Motocicletas del Reino Unido, con la homologación europea pendiente de aprobación.
자프 전기차 그룹 (ZAPP)이 2024 회계연도 재무 결과를 보고하며 주요 운영 성과와 재무 성과를 강조했습니다. 이 회사는 태국 방콕 자유무역지대에 연간 21,500대의 생산능력을 갖춘 마이크로 공장을 설립하여 국내 및 수출 시장 모두를 겨냥하고 있습니다.
재무 결과에 따르면 IFRS 기준 순손실이 900만 달러로, 전년도 2억 2,210만 달러 손실 대비 크게 개선되었습니다. 운영 손실은 780만 달러에서 620만 달러로 감소했으며, 운영 활동에 사용된 순 현금은 490만 달러입니다. 이 회사는 4,490만 달러의 유동성을 유지하고 있으며, 대기 자본 구매 계약을 통해 2026년까지 운영에서 긍정적인 현금 흐름을 창출할 것으로 기대하고 있습니다.
회사의 i300 모델은 2024 iF 디자인 상을 포함하여 9개의 디자인 상을 수상하였습니다. 자프는 태국에서 상업 출시를 시작했으며, 영국에서 단일 차량 승인을 확보하였고 유럽 인증은 승인을 기다리고 있습니다.
Zapp Electric Vehicles Group (ZAPP) a annoncé ses résultats financiers pour l'exercice 2024, mettant en évidence des réalisations opérationnelles clés et une bonne performance financière. L'entreprise a établi une micro-usine dans la zone de libre-échange de Bangkok, en Thaïlande, avec une capacité de production annuelle de 21 500 unités, desservant les marchés nationaux et d'exportation.
Les résultats financiers montrent une perte nette selon les IFRS de 9,0 millions de dollars, ce qui représente une amélioration significative par rapport à la perte de 222,1 millions de dollars de l'année précédente. La perte d'exploitation a diminué, passant de 7,8 millions de dollars à 6,2 millions de dollars, avec un besoin net de liquidités pour les activités d'exploitation de 4,9 millions de dollars. L'entreprise maintient une liquidité de 44,9 millions de dollars grâce à un accord d'achat d'équité de standby et prévoit de générer un flux de trésorerie positif provenant des opérations d'ici 2026.
Le modèle i300 de l'entreprise a reçu neuf prix de design, dont le 2024 iF DESIGN AWARD. Zapp a commencé le déploiement commercial en Thaïlande et a obtenu les approbations pour les véhicules individuels de motocyclettes au Royaume-Uni, avec l'homologation européenne en attente d'approbation.
Zapp Electric Vehicles Group (ZAPP) hat die Ergebnisse für das Geschäftsjahr 2024 veröffentlicht und dabei wichtige betriebliche Errungenschaften sowie die finanzielle Performance hervorgehoben. Das Unternehmen hat eine Mikro-Fabrik in der Bangkok Freihandelszone in Thailand eingerichtet, die eine jährliche Produktionskapazität von 21.500 Einheiten hat und sowohl den Inlands- als auch den Exportmarkt bedient.
Die finanziellen Ergebnisse zeigen einen IFRS-Nettoverlust von 9 Millionen Dollar, was eine erhebliche Verbesserung im Vergleich zum Verlust von 222,1 Millionen Dollar im Vorjahr darstellt. Der operative Verlust verringerten sich auf 6,2 Millionen Dollar, von 7,8 Millionen Dollar, und der Nettozahlungsbedarf aus den operativen Tätigkeiten betrug 4,9 Millionen Dollar. Das Unternehmen verfügt über 44,9 Millionen Dollar Liquidität durch eine Standby-Kapitalbeteiligungsvereinbarung und erwartet, bis 2026 positive Cashflows aus dem operativen Geschäft zu generieren.
Das Modell i300 des Unternehmens hat neun Designpreise gewonnen, darunter den 2024 iF DESIGN AWARD. Zapp hat mit dem kommerziellen Rollout in Thailand begonnen und hat die Genehmigungen für Einzelmotorräder im Vereinigten Königreich bekommen, während die europäische Homologation noch auf Genehmigung wartet.
- Significant reduction in net loss from $222.1M to $9.0M year-over-year
- New micro-factory established with 21,500 units annual production capacity
- Reduced operating loss from $7.8M to $6.2M
- $44.9M available liquidity through equity purchase agreement
- Multiple international design awards for i300 model
- Continued net loss of $9.0M in FY2024
- Negative operating cash flow of $4.9M
- Positive cash flow not expected until 2026
- European homologation still pending
Insights
Zapp EV's FY2024 results reveal a complex financial picture with both encouraging signals and persistent challenges. The reduction in operating loss to
The company's micro-factory concept in Thailand represents an innovative approach to capital-efficient manufacturing, with a potential annual capacity of 21,500 units. This modular manufacturing strategy could prove important for managing cash burn while scaling operations. The
Three critical factors warrant investor attention:
- The company's cash burn rate, while improving, suggests a need for additional capital before reaching profitability
- The Thailand market entry strategy leverages a significant motorcycle market while establishing a low-cost manufacturing base
- The replicable micro-factory model could enable rapid scaling with lower capital requirements than traditional manufacturing approaches
The projection of positive operating cash flow in 2026 implies at least six more quarters of negative cash flow, making capital allocation and market penetration execution critical success factors. The company's focus on design excellence, evidenced by nine design awards, needs to translate into commercial success to justify the current business model.
The micro-factory concept implemented in Thailand represents a paradigm shift in EV manufacturing strategy. The rapid three-month setup time and 21,500-unit capacity demonstrate a lean, agile approach that contrasts sharply with traditional automotive manufacturing models requiring massive capital expenditure and lengthy setup periods.
Key strategic advantages of this manufacturing approach include:
- Location within Bangkok's Free Trade Zone reduces tax burden and facilitates both domestic distribution and exports
- Modular, replicable design enables rapid capacity expansion without the typical scale-up risks
- Integration with the drop-ship-direct-to-customer model potentially reduces inventory costs and working capital requirements
The micro-factory concept, combined with the omni-channel distribution strategy, positions Zapp to potentially achieve faster market penetration with lower capital intensity than traditional manufacturers. However, the success of this approach depends heavily on maintaining quality consistency across potential future facilities and effectively managing the supply chain complexity inherent in a distributed manufacturing model.
Recent operational achievements better position Zapp to scale production as i300 hits the streets of Bangkok
LONDON, Jan. 31, 2025 (GLOBE NEWSWIRE) -- 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, 2024.
Recent Developments
- Zapp configured and opened its own micro-factory reference site in Thailand, which was completed on-budget in less than three months and re-validates the Company's proprietary, sustainable manufacturing concept.
- The new manufacturing site is located within the Bangkok Free Trade Zone and can produce up to 21,500 units per year for the domestic Thai market as well as for export to other key Asian and European markets.
- As a reference site, it will serve as a template to expand production capacity when needed, as additional facilities can be replicated in the same and other free trade zones in Thailand, as well as in low-cost manufacturing hubs in other countries, by the Company or its contract manufacturing partners.
- Commercial rollout of i300 is underway in Thailand, itself a key global market. This involves an omni-channel approach, including mono-brand boutiques, pop-ups, offline and online resellers, and direct sales via the Zapp website, along with the concurrent rollout of Zapp's proprietary drop-ship-direct-to-customer (DSDTC) van-based delivery and after-sales-support customer experience model.
Operational Highlights
- i300 received the coveted iF DESIGN AWARD in 2024 and previously received eight other design awards, including the equally prestigious Red Dot Award for Product Design and the German Design Award in 2023, which collectively validate Zapp's innovations and design-led approach.
- The Company secured Motorcycle Single Vehicle Approvals in the United Kingdom and subsequently made first customer deliveries from the Zapp Experience Centre at Bicester Motion.
- Homologation of i300 was completed per the Department of Land Transportation in Thailand, the fifth largest market for sales of powered two-wheelers globally.
- The application for homologation in Europe was submitted in November 2024 to the type approval agency in Ireland; Zapp anticipates issuance of type approval certificate in the coming weeks and is refining plans for commercial rollout in Europe in order that deliveries may commence upon receipt.
2024 Financial Results
- IFRS Net loss of
$9.0 million compared to$222.1 million in the prior year, which reflected expenses of$213.7 million related to the business combination completed in April 2023. - Operating loss of
$6.2 million compared to$7.8 million in the prior year. - Net cash used in operating activities was
$4.9 million in 2024 compared to$6.5 million in 2023. - Liquidity of
$44.9 million available under a standby equity purchase agreement, utilisable only as required at Zapp’s discretion; the Company anticipates beginning to generate positive cash from operating activities in 2026.
Swin Chatsuwan, Founder and Chief Executive Officer of Zapp EV, said: “Our first product has now won a total of nine design awards. This goes a long way to validate i300 as fit-for-purpose in the most valuable segment of what is widely expected to be a
Conference Call Information
Zapp will host a conference call for investors and analysts on Tuesday, February 4, 2025, at 8:00 EST / 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. An accompanying slide presentation will also be published on Zapp’s Investor Relations site prior to 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 Update
Date: Tuesday, February 4, 2025
Time: 8:00 EST / 13:00 GMT
To register for dial-in details: https://register.vevent.com/register/BI8792e22ee0b948188e01dcfd661485b7
To register for webcast: https://edge.media-server.com/mmc/p/ogtmrqed
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 Kobal
Head of Investor Relations
ir@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 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, forward looking or otherwise, does not constitute an admission by Zapp or any other person that the events or circumstances described in any such statement(s) are material.
| ZAPP ELECTRIC VEHICLES GROUP LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (US | September 30, 2024 | September 30, 2023 | ||||||
| Assets | ||||||||
| Cash and cash equivalents | 1,565.1 | 823.2 | ||||||
| Other current assets | 1,890.0 | 1,827.9 | ||||||
| Property, plant and equipment | 460.9 | 590.8 | ||||||
| Other non-current assets | 1,479.5 | 4,099.9 | ||||||
| Total assets | 5,395.5 | 7,341.8 | ||||||
| Liabilities and Equity | ||||||||
| Current liabilities | ||||||||
| Trade, other payables and current liabilities | 26,885.0 | 23,698.2 | ||||||
| Other non-current liabilities | 1,026.9 | 2,081.2 | ||||||
| Total liabilities | 27,911.9 | 25,779.4 | ||||||
| Stockholders' equity | (22,516.4 | ) | (18,437.6 | ) | ||||
| Total liabilities and equity | 5,395.5 | 7,341.8 | ||||||
| ZAPP ELECTRIC VEHICLES GROUP LIMITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS | ||||||||
| For the Year Ended September 30, | ||||||||
| ($US 000's, except per share data) | 2024 | 2023 | ||||||
| Revenue | 17.4 | - | ||||||
| Cost of sales | (13.1 | ) | - | |||||
| Selling and distribution expenses | (325.8 | ) | (1,425.3 | ) | ||||
| General and administrative expenses | (5,910.0 | ) | (6,372.7 | ) | ||||
| Operating loss | (6,231.5 | ) | (7,798.1 | ) | ||||
| Finance expense, net | (1,167.2 | ) | (551.7 | ) | ||||
| Other expense1 | (1,609.4 | ) | (213,747.7 | ) | ||||
| Loss before tax | (9,008.1 | ) | (222,097.5 | ) | ||||
| Income tax | - | - | ||||||
| Loss for the year | (9,008.1 | ) | (222,097.5 | ) | ||||
| Earnings per share | (2.56 | ) | (92.99 | ) | ||||
1Other expenses in 2023 consists primarily of fair value movements and share-based expenses related to the business combination.
| ZAPP ELECTRIC VEHICLES GROUP LIMITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| For the Year Ended September 30, | ||||||||
| (US | 2024 | 2023 | ||||||
| Net cash used in operating activities | (4,883.9 | ) | (6,505.4 | ) | ||||
| Net cash used in investing activities | (37.0 | ) | (285.9 | ) | ||||
| Net cash from financing activities | 5,597.3 | 5,648.8 | ||||||
| Net increase / (decrease) in cash and cash equivalents | 676.4 | (1,142.5 | ) | |||||
| Cash and cash equivalents at October 1, 2023 and 2022 | 823.2 | 1,963.1 | ||||||
| Effect of exchange rate fluctuations on cash held | 65.5 | 2.6 | ||||||
| Cash and cash equivalents at September 30, 2024 and 2023 | 1,565.1 | 823.2 | ||||||
Please refer to our Form 20-F for the year ended September 30, 2024 for the full financial statements and related notes and disclosures.
FAQ
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