Sono Group N.V. (SEV) stock fell under corrections in today’s premarket, April 20, 2022. At the time of writing, the stock had declined by 8.68% to reach $6.94 a share in the premarket. This downfall comes after the stock surged by a humungous 65.22% in yesterday’s trading.

The reason for yesterday’s rally was the company’s 2021 financial results which impressed the investors with robust growth expectations from the company.

SEV’s 2021 Financial Overview

In 2021, the company generated its first revenue with the figure standing at $17,250. While the revenue is minuscule, many other reasons were responsible for the hike SEV saw yesterday.

The company collected direct consumer reservations of more than 16,700 by the end of the year. This marks an increase of 31% YOY. As of March 31, 2022, the reservations have totaled over 17,000. If met fully, these reservations would equate to 368 million euros in net sales.

Although the company is still unprofitable with a reported net loss of $68.9 million for 2021, SEV increased its cash and cash equivalents by 206.9% YOY. Thus, the cash and equivalents on December 31, 2021, were 132.9 million euros.

Business Updates & Developments

In addition to the financials, the company also laid out its business developments for the year along with progress in 2022.

The company after delivering numerous B2B projects for solar integration in 2021, also delivered solar buses for public transport in Q1 2022. Moreover, SEV has increased its Solar B2B Partner Arrangements from just 2 in 2021 to 17 in Q1 2022.

Added to this, the company also partnered with Valmet Automotive (with customers like Mercedez-Benz and Porsche) to produce its Sion Solar EV. The contract manufacturer comes with a production capacity of 257,000 cars within 7 years.

SEV & the EV Market

The world recently witnessed an EV boom which has continued the demand for electric vehicles. With global warming becoming a reality that now people are becoming more and more aware of, countries and governments are shifting increasingly towards EVs. The need for eco-friendly vehicles has also brought about a further shift toward renewable energy sources like solar and wind. Thus, the solar vehicle market is expected to grow at a CAGR of 37.59% between 2021 and 2028.

SEV aims to revolutionize the future of solar-powered transport and is making its mark. With increasing partners and huge reservations, the company is looking forward to growing its revenues exponentially along with showcasing its technology.