From GlobeNewswire:

Zapp Electric Vehicles Group Limited (Nasdaq: ZAPP) reported financial results for the fiscal year ended September 30, 2023. The company announced a standby equity purchase agreement to sell up to $10 million worth of shares, with proceeds to fund production of the i300 electric motorcycle. Zapp received design awards, patents, and partnered with a fintech firm. In terms of financial results, there was a net loss of $222.1 million, primarily due to business combination expenses.

Zapp Founder and CEO Swin Chatsuwan expressed excitement for the start of production, allowing for commercial rollout and launch activities in multiple countries. An investor and analyst conference call is scheduled for February 29, 2024. Zapp aims to redefine the electric two-wheeler segment with its debut product, the i300, an urban electric high-performance two-wheeler with DSDTC delivery service for customers. The company encourages interested parties to visit their investor relations website for more information.

The Zapp Electric Vehicles Group Limited Balance Sheet for September 30, 2023, shows total assets of $7,341.8 thousand, with liabilities exceeding stockholders’ equity. The Consolidated Statements of Profit or Loss for the year ended September 30, 2023, report an operating loss of $7,798.1 thousand. The Statements of Cash Flows for the same period show a net cash used in operating activities of $6,505.4 thousand. Interested parties can refer to the Form 20-F for the full financial details.



Read more at GlobeNewswire:: Zapp EV Reports Fiscal Year 2023 Financial Results