Zapp Electric Vehicles Group (ZAPP) H2 2024 earnings summary

Executive summary

• Opened a micro-factory in Thailand, completed on budget in under three months, validating a scalable, sustainable manufacturing model.

• Commercial rollout of the i300 electric two-wheeler underway in Thailand, with plans for European expansion pending regulatory approval.

• i300 has won nine design awards, including the iF DESIGN AWARD and Red Dot Award, highlighting product innovation.

Financial highlights

• IFRS net loss of $9.0 million for FY2024, a significant improvement from $222.1 million loss in FY2023, which included $213.7 million in business combination expenses.

• Operating loss narrowed to $6.2 million from $7.8 million year-over-year.

• Net cash used in operating activities was $4.9 million, down from $6.5 million in the prior year.

• Cash and cash equivalents at year-end were $1.6 million, up from $0.8 million a year earlier.

Outlook and guidance

• Liquidity of $44.9 million available under a standby equity purchase agreement, to be used at the company's discretion.

• Positive cash from operating activities anticipated beginning in 2026.

• Plans to scale production capacity using the micro-factory template in Thailand and other low-cost hubs.