Sono Group N.V. Reports Second Quarter and First Half 2025 Results: Net Income of €8.0 Million for H1 and Continued Commercial Momentum in Solar Mobility
Sono Group N.V. (OTCQB: SEVCF) reported strong financial results for H1 2025, achieving a net income of €8.0 million, primarily driven by fair value adjustments in convertible notes. The company demonstrated improved financial discipline with a 78% reduction in cash used for operations to €3.5 million in H1 2025 compared to €15.9 million in H1 2024.
The company, through its subsidiary SonoSolar, is advancing its commercial solar technology integration with major OEMs. Notable partnerships include MAN Truck & Bus implementing Sono's solar technology as a factory-installed option, and Ford testing high-voltage vehicle-integrated photovoltaics on the E-Transit. The company has successfully reduced G&A expenses by 21% in H1 2025 and 35% in Q2 2025 year-over-year.
Sono Group N.V. (OTCQB: SEVCF) ha pubblicato risultati finanziari solidi per il primo semestre 2025, registrando un utile netto di €8,0 milioni, trainato soprattutto da rettifiche di fair value su obbligazioni convertibili. L'azienda ha mostrato una maggiore disciplina finanziaria riducendo il flusso di cassa utilizzato per le attività operative del 78%, a €3,5 milioni nel S1 2025 rispetto a €15,9 milioni nel S1 2024.
Attraverso la controllata SonoSolar, la società sta avanzando nell'integrazione commerciale della sua tecnologia solare con importanti OEM. Tra le collaborazioni principali figurano MAN Truck & Bus, che offrirà la tecnologia solare di Sono come opzione installata in fabbrica, e Ford, che sta sperimentando fotovoltaico integrato ad alta tensione sul modello E-Transit. La società ha inoltre ridotto le spese generali e amministrative del 21% nel S1 2025 e del 35% nel Q2 2025 su base annua.
Sono Group N.V. (OTCQB: SEVCF) presentó sólidos resultados financieros en el primer semestre de 2025, con un beneficio neto de €8,0 millones, impulsado principalmente por ajustes a valor razonable en bonos convertibles. La compañía mostró mayor disciplina financiera, reduciendo el efectivo utilizado en operaciones en un 78% hasta €3,5 millones en H1 2025 frente a €15,9 millones en H1 2024.
A través de su filial SonoSolar, la empresa avanza en la integración comercial de su tecnología solar con importantes fabricantes OEM. Entre las alianzas destacadas está MAN Truck & Bus, que implementará la tecnología solar de Sono como opción instalada en fábrica, y Ford, que está probando fotovoltaica integrada de alta tensión en la E-Transit. Además, la compañía logró reducir los gastos generales y administrativos en un 21% en H1 2025 y un 35% en Q2 2025 interanual.
Sono Group N.V. (OTCQB: SEVCF)는 2025년 상반기 견조한 실적을 발표하며 주로 전환사채의 공정가치 조정으로 인해 순이익 €8.0백만을 기록했습니다. 회사는 재무건전성을 강화해 영업활동에 사용된 현금을 전년 동기 대비 78% 감소시켜 2025년 상반기에는 €3.5백만으로 줄였습니다(2024년 상반기 €15.9백만).
자회사 SonoSolar를 통해 주요 OEM과의 상용 태양광 기술 통합을 추진 중입니다. 주요 파트너로는 Sono의 태양광 기술을 공장장착 옵션으로 도입하는 MAN Truck & Bus와 E-Transit에 고전압 차량 통합형 태양광을 테스트 중인 Ford가 있습니다. 또한 총관리비(G&A)를 전년 동기 대비 2025년 상반기 21%, 2025년 2분기 35% 감축했습니다.
Sono Group N.V. (OTCQB: SEVCF) a publié de solides résultats pour le premier semestre 2025, enregistrant un résultat net de €8,0 millions, principalement lié à des ajustements de juste valeur sur des obligations convertibles. La société a fait preuve d'une discipline financière accrue en réduisant de 78% les liquidités utilisées par les activités opérationnelles, à €3,5 millions au S1 2025 contre €15,9 millions au S1 2024.
Via sa filiale SonoSolar, l'entreprise poursuit l'intégration commerciale de sa technologie solaire auprès de grands OEM. Parmi les partenariats notables, MAN Truck & Bus proposera la technologie solaire de Sono en option d'usine, et Ford teste des photovoltaïques intégrés haute tension sur l'E-Transit. Les frais généraux et administratifs ont par ailleurs été réduits de 21% au S1 2025 et de 35% au T2 2025 en glissement annuel.
Sono Group N.V. (OTCQB: SEVCF) meldete starke Finanzergebnisse für das erste Halbjahr 2025 und erzielte einen Nettoertrag von €8,0 Millionen, vor allem bedingt durch Bewertungsanpassungen bei Wandelanleihen. Das Unternehmen zeigte diszipliniertere Finanzen und verringerte den für operative Tätigkeiten genutzten Cashflow um 78% auf €3,5 Millionen in H1 2025 gegenüber €15,9 Millionen in H1 2024.
Über die Tochter SonoSolar treibt die Gesellschaft die kommerzielle Integration ihrer Solartechnologie mit großen OEMs voran. Bedeutende Partnerschaften sind unter anderem MAN Truck & Bus, das Sonos Solartechnologie als werksseitige Option einführt, sowie Ford, das integrierte Hochvolt-Photovoltaik im E-Transit testet. Die Verwaltungskosten (G&A) wurden zudem im Jahresvergleich um 21% im H1 2025 und 35% im Q2 2025 gesenkt.
- None.
- Q2 2025 revenue remains minimal at only €25,000
- Significant total liabilities of €16.7 million as of June 30, 2025
- Negative shareholders' equity of €14.7 million
- Limited cash position of €339,000, down from €1.4 million in December 2024
Insights
Sono Group's €8M H1 profit masks underlying operational challenges despite promising OEM partnerships and strategic repositioning as SonoSolar.
Sono Group's H1 2025 results present a complex financial picture that requires careful interpretation. The headline €8.0 million net income is misleading when examined closely - it stems primarily from €11.1 million in non-cash fair value adjustments to convertible notes rather than operational success. Stripping away these accounting adjustments reveals the company is still operating at a loss.
The company's cash position is concerning, with only €339,000 remaining as of June 30, a 75% decline from December 2024. While management highlights reduced cash burn (€3.5M in H1 vs €15.9M YoY), this improvement appears driven by necessity rather than operational efficiency. With current assets of just €1.27M against €16.2M in current liabilities, Sono faces significant short-term liquidity challenges.
On a positive note, Sono is showing nascent revenue generation with €51,000 in H1 2025, indicating initial customer acceptance of their solar technology. The G&A expense reduction of 21% in H1 and 35% in Q2 demonstrates management's focus on financial discipline.
The company's strategic pivot from being a solar vehicle manufacturer to a solar technology integrator for commercial vehicles appears well-targeted. Partnerships with MAN Truck & Bus and Ford on their E-Transit provide critical validation of their technology in the commercial vehicle sector where solar integration can deliver tangible operational benefits through extended range and reduced charging requirements.
However, investors should note the stark reality of Sono's balance sheet: a negative shareholders' equity of €14.7 million and heavy reliance on convertible notes. While the strategic direction shows promise, the financial foundation remains extremely precarious, making future funding critical for survival despite the improved H1 results.
H1 2025 net income of
MUNICH, Aug. 20, 2025 (GLOBE NEWSWIRE) -- Sono Group N.V. (OTCQB: SEVCF) (hereafter referred to as “Sono” or the “Company”, parent company to Sono Motors GmbH, hereafter referred to as “SonoSolar” or “Subsidiary”), the solar technology company, today announced its financial results for the second quarter ended June 30, 2025 and the first half of 2025.
H1 2025 Financial Highlights
- Net income of
€8.0 million , reflecting primarily gains from fair value changes in convertible notes; Q2 2025 net loss of€0.8 million , a44% reduction in net loss from Q2 2024. - Cash used in operating activities of
€3.5 million in H1 2025, a significant improvement from€15.9 million in H1 2024. - Maintained revenue generation consistent with the Company’s commercialization roadmap, driven by initial deliveries and customer acceptances.
- Sustained tight expense control as G&A expenses were reduced
21% in H1 2025 and35% in Q2 2025 compared to previous year. The company will continue to keep a tight control over G&A expenses as it attempts to scale its business.
Business Updates and Outlook
OEM momentum and real-world validation. MAN Truck & Bus, one of Europe’s leading commercial vehicle manufacturers, is equipping its series vehicles with Sono’s solar technology as a factory-installed option. In parallel, Ford is testing high-voltage vehicle-integrated photovoltaics (VIPV) on the E-Transit under the EU-funded SolarMoves project—clear signals of deepening OEM engagement and product maturity.
Commercial rollout focus. Sono is progressing from pilots to early deployments in priority use cases—particularly refrigerated trailer transport and electric trucks—consistent with its accelerated rollout plan. Recent installations demonstrate scalability and readiness for broader field adoption.
Market visibility and pipeline. At Transport Logistic 2025, the Company showcased solar-integrated solutions for commercial vehicles (including refrigerated applications).
Brand architecture aligned to strategy. Post-quarter, the operating subsidiary began using the “SonoSolar” brand, sharpening the Company’s positioning as a solar mobility integrator for commercial vehicles, from the previous solar auto manufacturer, while the legal entity remains Sono Motors GmbH.
George O’Leary, Managing Director and CEO, said: “We are closely watching our spending as we attempt to scale in the large OEM market. I am pleased with our reduction in G&A expenses in H1 2025 and Q2 2025 and we will continue to monitor closely as we continue to work with the OEM market on generating orders in Q3 and Q4 2025.”
Sono remains very disciplined and execution-oriented, with a commercialization roadmap centered on OEM driven customer value and partner-led scale. The Company will continue to update stakeholders when programs progress and milestones are achieved.
The full unaudited quarterly report on Form 10-Q for the period ended June 30, 2025, is available on the Company’s investor relations website at ir.sonomotors.com and filed with the U.S. Securities and Exchange Commission.
ABOUT SONO GROUP N.V.
Sono Group N.V. (OTCQB: SEVCF) and its wholly owned subsidiary Sono Motors GmbH, operating under the brand name SonoSolar, are on a pioneering mission to accelerate the revolution of mobility by making every commercial vehicle solar. Our disruptive solar technology has been developed to enable seamless integration into all types of commercial vehicles to reduce the impact of CO2 emissions and pave the way for climate-friendly mobility. For more information about Sono Group N.V., SonoSolar, and their solar solutions, visit sonogroupnv.com and sono-solar.com. Follow us on social media: LinkedIn, Facebook, BlueSky, Truth Social, and X.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. The words "expect", "anticipate", "intend", "plan", "estimate", "aim", "forecast", "project", "target", “will” and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the intentions, beliefs, or current expectations of the Company and its subsidiary Sono Motors GmbH (together, the “companies”). Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and could cause the companies’ actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and assumptions include, but are not limited to, risks, uncertainties and assumptions with respect to: the Company’s ability to uplist to the Nasdaq Capital Market, including meeting the initial listing requirements; the Company’s ability to satisfy the conditions precedent set forth in its recent securities purchase agreement (“Securities Purchase Agreement”) and exchange agreement (“Exchange Agreement”) entered into with YA II PN, Ltd. (“Yorkville”); the timing of closing the transactions contemplated by the Securities Purchase Agreement and the Exchange Agreement; the impact of the transactions contemplated by the Exchange Agreement and Securities Purchase Agreement on the Company’s operating results; our ability to maintain relationships with creditors, suppliers, service providers, customers, employees and other third parties in light of the performance and credit risks associated with our constrained liquidity position and capital structure; our ability to comply with OTCQB continuing standards; our ability to achieve our stated goals; our strategies, plan, objectives and goals, including, among others, the successful implementation and management of the pivot of our business to exclusively retrofitting and integrating our solar technology onto third party vehicles; our ability to raise the additional funding required beyond the investment from Yorkville to further develop and commercialize our solar technology and business as well as to continue as a going concern. For additional information concerning some of the risks, uncertainties and assumptions that could affect our forward-looking statements, please refer to our filings with the U.S. Securities and Exchange Commission (“SEC”), including our Annual Report on Form 20-F for the year ended December 31, 2023, which are accessible on the SEC’s website at www.sec.gov and on our website at ir.sonomotors.com. Many of these risks and uncertainties relate to factors that are beyond our ability to control or estimate precisely, such as the actions of courts, regulatory authorities and other factors. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. Except as required by law, the Company assumes no obligation to update any such forward-looking statements.
CONTACT:
Press:
press@sono-solar.com | ir.sonomotors.com/news-events
Investors:
ir@sonomotors.com | ir.sonomotors.com
LinkedIn:
https://www.linkedin.com/company/sonogroupnv
FINANCIAL RESULTS
(amounts in € thousands, except share and per share data)
CONDENSED CONSOLIDATED BALANCE SHEETS
| €k | June 30, 2025 | December 31, 2024 | ||
| ASSETS | ||||
| Current Assets | ||||
| Cash | 339 | 1,354 | ||
| Inventory | 298 | 304 | ||
| Prepaid taxes | 536 | 531 | ||
| Prepaid expenses and other | 100 | 103 | ||
| Total Current Assets | 1,273 | 2,292 | ||
| Property, plant and equipment | 121 | 129 | ||
| Right of use lease assets | 602 | 630 | ||
| TOTAL ASSETS | 1,996 | 3,051 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
| Current Liabilities | ||||
| Accounts payable and accrued expenses | 697 | 575 | ||
| Lease liability, current portion | 167 | 58 | ||
| Convertible notes payable at fair value | 15,341 | 24,035 | ||
| VAT payable | - | 487 | ||
| Other current liabilities | 12 | 5 | ||
| Total Current Liabilities | 16,217 | 25,160 | ||
| Long-Term Liabilities | ||||
| Lease liability, long term portion | 435 | 572 | ||
| Total Liabilities | 16,652 | 25,732 | ||
| Shareholders’ Equity | ||||
| Ordinary Shares | 28 | 28 | ||
| High Voting Shares | 20 | 20 | ||
| Additional paid-in capital | 298,699 | 298,699 | ||
| Accumulated deficit | (313,403 | ) | (321,428 | ) |
| Total Shareholders’ Equity | (14,656 | ) | (22,681 | ) |
| TOTAL EQUITY AND LIABILITIES | 1,996 | 3,051 | ||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
| €k | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | ||||
| Revenue | 25 | – | 51 | – | ||||
| Cost of sales | 19 | – | 39 | – | ||||
| Gross margin | 6 | – | 12 | – | ||||
| Operating Expenses and Costs | ||||||||
| Selling and distribution expenses | 244 | 193 | 474 | 243 | ||||
| General and administrative expenses | 1,137 | 1,740 | 2,281 | 2,874 | ||||
| Research and development | 525 | 336 | 968 | 557 | ||||
| Gain on deconsolidation/reconsolidation | – | (756 | ) | – | (63,491 | ) | ||
| Other operating income | (128 | ) | (82 | ) | (132 | ) | (70 | ) |
| Total Operating Expenses and Costs | 1,778 | 1,431 | 3,591 | (59,887 | ) | |||
| (Loss)/Income from Operations | (1,772 | ) | (1,431 | ) | (3,579 | ) | 59,887 | |
| Other Income (Expenses) | ||||||||
| Income from changes in fair value of convertible note payable carried at fair value | 813 | 847 | 11,144 | 21,909 | ||||
| Gain/(Loss) on foreign currency transactions | 147 | (859 | ) | 460 | (2,357 | ) | ||
| Total other income / (expense) | 960 | (12 | ) | 11,604 | 19,552 | |||
| NET (LOSS) / INCOME | (812 | ) | (1,443 | ) | 8,025 | 79,439 | ||
| Net (loss) / income per share to common shareholders: | ||||||||
| Basic, € | (0.56 | ) | (1.00 | ) | 5.53 | 54.82 | ||
| Diluted, € | (0.56 | ) | (1.00 | ) | 0.74 | 4.62 | ||
| Weighted average number of common shares: | ||||||||
| Basic, € | 1,449,991 | 1,449,293 | 1,449,919 | 1,449,094 | ||||
| Diluted, € | 1,449,991 | 1,449,293 | 10,874,054 | 17,194,420 | ||||
FAQ
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