Quarter 1, 2022: Intensified Pace in Executing B2B Solar Integration Projects for Our Organization
In the first quarter of 2022, Sono Group N.V., a pioneering company in electric vehicles and solar solutions, experienced a significant surge in revenues, surpassing the full-year 2021 total. This growth was primarily driven by B2B customer projects, reflecting the company's strategic focus on expanding its solar technology and integrating solar panels into its electric vehicles.
Despite the revenue growth, the company reported a loss from operations of €25.5 million in Q1 2022, a significant increase from the €6.9 million loss in the same period last year. The net loss also rose to €25.9 million, compared to €9.2 million in Q1 2021, resulting in a loss per share of €0.35. These figures underscore the ongoing investment in research and development, as well as the company's growth.
Sono Group has received over 18,000 private reservations for its solar car, the Sion, with an average down-payment of €2,310, translating to an equivalent net sales volume of €393 million. The majority of these reservations are from Germany, but the company is also registering increasing numbers from countries such as Austria, Switzerland, and the Netherlands.
To further support its growth, Sono Group entered into a committed equity facility with Berenberg, allowing the organization to sell and issue up to $150 million of its ordinary shares over a period of 24 months. The company also closed an underwritten follow-on offering of 10,930,000 ordinary shares, resulting in approximately $41.5 million in net proceeds on 11 May 2022. These funds will be instrumental in driving the company's growth and development.
Cash and cash equivalents stood at €103.0 million as of 31 March 2022, representing an increase of 190.1% compared to 31 March 2021. This substantial increase in cash reserves will bolster the company's financial position and enable it to navigate future challenges.
Sono Group has formed partnerships with CHEREAU S.A.S. and German logistics giant Rhenus, as well as 18 other companies worldwide for the implementation of its proprietary solar technology. This is an increase of 12 partner arrangements compared to 6 by 31 March 2021, underscoring the company's commitment to expanding its solar technology footprint.
Looking ahead, Sono Group aims to have a production set-up using one hundred percent renewable energy. The company also expects to nominate all series suppliers by the end of the third quarter of 2022. Sono Group anticipates generating further revenues with solar customers, with the vast majority expected for the fourth quarter of 2022.
Sono Group will host a webcast for analysts on 22 June 2022 at 8:00 a.m. Eastern Time (2:00 p.m. CEST), during which it will provide more detailed information about its financial performance, strategic partnerships, and future plans. The live audio webcast and supplementary information will be accessible via Sono Group's IR website at https://ir.sonogroup.com/. A recording of the webcast will also be subsequently available.
For those seeking more specific details about Sono Group's B2B partnerships and solar technology expansion in 2022, this information was not found in the provided search results and would require checking Sono Group’s official communications or financial disclosures from that year.
Science and technology are integral to Sono Group's growth strategy, as demonstrated by their ongoing investment in research and development, expansion of solar technology, and partnerships with 18 other companies worldwide. Moreover, finance and business aspects are crucial, with Sono Group securing funds through Berenberg's equity facility, underwritten follow-on offerings, and private reservations for their solar car, the Sion.
