Navya : reports its first half 2022 results
(marketscreener) PRESS RELEASE Navya reports its first half 2022 results Villeurban... We have built strong ecosystems and moved towards integrating Navya Drive® autonomous driving and Navya Operate® supervision packages into existing fleet bases. Thanks to our strong Tech culture, global footprint with market-leading products and transformation efforts, Navya is ideally positioned in the sustainable mobility value chain to seize growth opportunities and successfully scale up." Evolution of the regulatory framework at a global scale and Cash position of €4.0 million as of end of June 2022 Signing of technological partnerships with major mobility players (Michelin, Valeo) and involvement in the largest shuttle deployment project in Europe (Ultimo) Increased technological leadership: world first with remote supervision of a fleet of autonomous shuttles without an onboard operator (shepherding) 10% increase in the Services activity compared to H1 2021, representing now more than 50% of Business activity and financial results for the first half of 2022 • memorandum of understanding with the Ministry of Transport and Telecommunication of the Kingdom of Bahrain • service contract with Muses Europe for the assembly of 300 electric utility vehicles • memorandum of understanding to acquire Navya next generation platforms
Publié : il y a 3 ans par MarketScreener dans Finance Markets
Sophie Desormière, CEO of Navya: "The refocusing and execution of new financial, technological, industrial and commercial strategies, with a stronger emphasis on customer culture and performance, enable Navya to reinforce its leadership in markets with a growing demand for global solutions. We have built strong ecosystems and moved towards integrating Navya Drive® autonomous driving and Navya Operate® supervision packages into existing fleet bases. Thanks to our strong Tech culture, global footprint with market-leading products and transformation efforts, Navya is ideally positioned in the sustainable mobility value chain to seize growth opportunities and successfully scale up."
Evolution of the regulatory framework at a global scale and
Cash position of €4.0 million as of end of June 2022
Signing of technological partnerships with major mobility players (Michelin, Valeo) and involvement in the largest shuttle deployment project in Europe (Ultimo)
Increased technological leadership: world first with remote supervision of a fleet of autonomous shuttles without an onboard operator (shepherding)
10% increase in the Services activity compared to H1 2021, representing now more than 50% of
Business activity and financial results for the first half of 2022
During the first half of 2022, Navya sold 7 Autonom® Shuttle and generated revenue of €4.0 million. The expected changes in global regulations have led to a certain wait-and-see attitude among Navya's customers, resulting in a level of activity slightly below the one recorded a year earlier.
Benefiting from a 9% increase in the installed base, the share of revenue generated by the Services activity continues to grow, representing 52% of half-year revenue compared to 41% in the first half of 2021. At June 30, 2022, the installed base stood at 208 vehicles, deployed in 25 countries, up by 9% compared with the end of June 2021.
In terms of operating expenses, Sales and Marketing expenses were down 23%, while General and Administrative expenses increased by 25%. At the same time, the Company has intensified its investments in R&D, with expenses increasing by 9% during the period, illustrating the Company's commitment to concentrate most of its investments in this area to further develop its technology.
The leaving of the former executives in 2021 and the expansion of the beneficiaries over 2022 contributed to a significant impact on the share-based payments in H1 2022.
In total, the EBIT and the Net Result reach respectively -€13.7 million and -€13.2 million, both of them experiencing a deterioration of €2.0 million and €0.7 million compared to H1 2021.
Cash position of €4.0 million at the end of June 2022
As of June 30, 2022, the Company had a cash position of €4.0 million, compared to €19.8 million at the end of June 2021.
On July 20, 2022, a funding agreement in convertible bonds for a maximum total nominal amount of €36 million was signed with the Negma Group, an investment company based in Dubai, United Arab Emirates. This financing program replaces the existing equity line. Navya recalls that the financial partnership with the Negma Group aims to strengthen the Company's financial resources, and to support its medium-term development cycle as well as its technological and commercial projects, particularly in the Middle East.
As of August 31, 2022, the Company had cash and cash equivalents of €3.6 million, including the drawdown of the first tranche of convertible bonds (€2.5 million).
Thanks to the signing of this agreement and subject to the conditions for the issuance of the convertible bonds described in the press release of July 22, 2022 and in the 2022 half-year financial report being met, Navya considers that it will be in a position to meet its future deadlines.
Highlights for the first half of 2022
• of a unique safety system for the commercialization of level 4 autonomous vehicles;
• with the Ministry of Transport and Logistics Services of the Kingdom of Saudi Arabia;
• of autonomous vehicles at the AUTONOMY PARIS mobility show;
• self-driving shuttles for large scale deployment within the ;
• technological partnership with Michelin and beti and launch of a first autonomous mobility experiment;
• memorandum of understanding with the Ministry of Transport and Telecommunication of the Kingdom of Bahrain
• service contract with Muses Europe for the assembly of 300 electric utility vehicles
• memorandum of understanding to acquire Navya next generation platforms