Sono Group N.V. Reports Revenue Growth in Q2 2025 but Faces Net Loss and Funding Concerns

Sono Group N.V. reported its financial results for the second quarter of 2025, revealing a revenue of €25,000, a notable increase from zero revenue in the same period last year. For the first half of 2025, the company generated total revenue of €51,000, compared to no revenue in the first half of 2024. The cost of sales for the second quarter was €19,000, leading to a gross margin of €6,000. Despite this revenue growth, the company recorded a net loss of €812,000 for the quarter, an improvement from a loss of €1,443,000 in the prior year. The net income for the first half of 2025 was €8,025,000, significantly lower than the €79,439,000 reported for the same period in 2024, which included a substantial gain from the reconsolidation of its subsidiary.

The financial performance reflects significant changes compared to the previous fiscal period, particularly due to the absence of the one-time gain from the reconsolidation of Sono Motors GmbH, which had a major impact on the prior year's results. Operating expenses for the second quarter of 2025 totaled €1,778,000, up from €1,431,000 in the same quarter of 2024, driven by increased selling and distribution expenses and research and development costs. The company continues to focus on its strategic pivot towards retrofitting and integrating solar technology into third-party vehicles, following the termination of its Sion passenger car program in early 2023.

Operationally, Sono Group has made strides in its business model, emphasizing partnerships with original equipment manufacturers (OEMs) to drive adoption of its solar solutions. The company reported a cash balance of €339,000 as of June 30, 2025, down from €1,354,000 at the end of 2024. The working capital deficit stood at €14.9 million, and the accumulated deficit reached €313.4 million. The company’s employee headcount remains stable, with no significant changes reported in staffing levels.

Looking ahead, Sono Group's management expressed concerns regarding its ability to continue as a going concern, citing reliance on external financing and the need to secure additional customer contracts. The company is actively pursuing funding options, including a commitment from Yorkville and potential equity financing, to support its operations through mid-2026. However, management acknowledged that there is substantial doubt about the company's ability to meet its obligations without securing further funding or customer contracts. The outlook remains cautious as the company navigates its transition to a commercial-scale operation while managing ongoing operational losses.