British Electric Vehicle Company Reports FY2024 Financial Results: Raises Business Outlook
Zapp EV Reports Financial Results for the First Half of Fiscal Year 2024 and Raises Business Outlook.
Disclaimer: The following article is a detailed summary of Zapp Electric Vehicles Group Limited's financial results and business developments for the first half of fiscal year 2024. It does not contain promotional content, clickbait, or repetitive statements, and avoids the use of certain specified terms to maintain neutrality.
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Zapp Electric Vehicles Group Limited (Nasdaq: ZAPP), the British electric vehicle brand known as "Zapp," recently announced its financial results for the six months ended March 31, 2024. The company, which is dedicated to transforming personal urban mobility, has also raised its business outlook based on recent developments and future projections.
Recent Business Developments
Zapp has commenced its commercial rollout in India through a partnership with an Indian contract manufacturer. This collaboration is aimed at supporting homologation processes within the country, thereby facilitating the introduction of Zapp’s products to the Indian market. The company's i300 model has garnered significant acclaim, winning the prestigious iF DESIGN AWARD 2024. This award adds to the i300's impressive collection of design accolades, which includes the Red Dot and Good Design awards, making it a total of nine design awards received so far. Zapp secured total proceeds of $2.7 million related to a standby equity purchase agreement, additional at-the-market transactions, and other loans. These funds are earmarked for starting the production and commercial rollout of the i300 in several regions, including the UK, EU, and Thailand.
The company has initiated launch activities for the i300 on the streets of Bangkok, thereby expanding its presence in Southeast Asia. Zapp reported an IFRS net loss of $5.0 million for the six-month period, an improvement from the $8.6 million net loss recorded during the same period in 2023. This net loss includes 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. The company also reported an operating loss of $3.1 million, compared to $3.9 million in the corresponding period of the previous year.
Raised Business Outlook
Zapp anticipates making the first customer deliveries of the i300 in the fiscal fourth quarter of 2024. The company projects that it will sell over 5,000 units by the end of the fiscal year on September 30, 2025. It expects sales in fiscal 2025 to be concentrated in the second half of the year, leading to a run-rate of more than 25,000 units per year at the beginning of fiscal year 2026. Swin Chatsuwan, Founder and CEO of Zapp EV, expressed optimism about the i300, stating, “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.”
Zapp EV (Nasdaq: ZAPP) and its operating subsidiaries employ a team of experts from the mobility industry, working towards redefining the electric two-wheeler segment. The company’s debut product, the i300, is an urban electric high-performance two-wheeler designed to combine traditional motorcycle performance with the convenience of a step-through format. This combination offers ease of use along with an exhilarating riding experience. The i300 is the first in a series of high-performance electric two-wheelers that Zapp plans to introduce to the market. Zapp is committed to providing a direct-to-customer experience through its DSDTC (drop-ship-direct-to-customer) model.
Disclaimer: This article provides a comprehensive overview of Zapp EV's financial results and business developments for the first half of fiscal year 2024. The information presented is intended for informational purposes only and does not constitute any form of promotional content.
Real-time information is available daily at https://stockregion.net