SSMHIGH SIGNALFINANCIAL10-K

SSM underwent a dramatic corporate restructuring, substantially reducing liabilities and assets while transitioning to legacy solar operations only through its German subsidiary.

The company appears to have undergone a major restructuring or asset disposal, dramatically reducing its balance sheet footprint and operational scope. The shift to conducting business solely through "legacy solar operations" suggests a significant strategic pivot or downsizing from previous business activities.

Comparing 2026-04-01 vs 2025-04-17View on EDGAR →
FINANCIAL ANALYSIS

SSM's financial profile contracted dramatically across nearly all metrics, with current liabilities falling substantially from $25.2M to $1.0M and total assets declining meaningfully from $3.1M to $1.4M. The company's stockholders equity improved notably from negative $22.7M to negative $107K, though cash reserves declined significantly to just $206K. Operating cash flow losses were reduced by roughly half, suggesting improved operational efficiency despite the smaller scale, though R&D expenses increased modestly while capital expenditures were nearly eliminated.

FINANCIAL STATEMENT CHANGES
Stockholders Equity
Balance Sheet
+99.5%
-$22.7M→-$107K

Equity base grew 99.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Capital Expenditure
Cash Flow
-97.9%
$3.8M→$80K

Capex reduced 97.9% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Liabilities
Balance Sheet
-95.9%
$25.2M→$1.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
-94.1%
$25.7M→$1.5M

Liabilities reduced 94.1% — deleveraging improves balance sheet strength and financial flexibility.

Net Income
P&L
-93.8%
$65.0M→$4.0M

Net income declined 93.8% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
-84.8%
$1.4M→$206K

Cash declined 84.8% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Assets
Balance Sheet
-67%
$2.3M→$756K

Current assets declined 67% — monitor working capital adequacy and short-term liquidity.

R&D Expense
P&L
+62.5%
$1.1M→$1.8M

R&D investment increased 62.5% — signals commitment to future product development, though near-term margin impact.

Total Assets
Balance Sheet
-53.3%
$3.1M→$1.4M

Total assets contracted 53.3% — asset sales, write-downs, or balance sheet optimization underway.

Operating Cash Flow
Cash Flow
+50.6%
-$14.7M→-$7.3M

Operating cash flow surged 50.6% — exceptional cash generation, highest quality earnings signal.

LANGUAGE CHANGES
NEW — 2026-04-01
PRIOR — 2025-04-17
ADDED
As of March 25, 2026, there were 1,424,834 ordinary shares, nominal value 0.01 per share, of the registrant outstanding, 40,000 high voting shares, nominal value 0.25 per share , of the registrant outstanding and 1,401 preferred shares, nominal value 300.00 per share of the registrant outstanding.
GENERAL During the fiscal year ended December 31, 2025, we conducted our business through our subsidiary Sono Motors GmbH, a German limited liability company ( Gesellschaft mit beschr nkter Haftung ) (the Subsidiary ).
together with the Subsidiary with respect to the fiscal years ended December 31, 2025 and 2024, and refer to Sono Group N.V.
with respect to subsequent events as discussed in Item 1 of this Annual Report and elsewhere in this Annual Report, unless the context requires otherwise.
Fiscal 2025 Overview and Subsequent Developments During the year ended December 31, 2025, our business consisted of our legacy solar operations conducted through the Subsidiary.
Accordingly, references in this Item 1 to the terms Sono Motors, Sono, the Companies, we, our, ours, ourselves, us or similar terms, refer to Sono Group N.V.
together with the Subsidiary with respect to the fiscal years ended December 31, 2025 and 2024, and refer to Sono Group N.V.
with respect to subsequent developments as described below, unless the context requires otherwise.
Digital Asset Treasury Subsequent to December 31, 2025, as previously announced by the Company, we established a digital asset treasury strategy and digital asset treasury policy (the Treasury Strategy ).
Under the Treasury Strategy, the principal holding in the Company s treasury reserve on its balance sheet will be allocated to digital assets, principally Bitcoin, by applying a covered-call yield strategy.
REMOVED
false --12-31 FY 2024 true true true false false false false false 51 0 0.02 4,300,000 4,300,000 1,409,885 1,409,885 1,408,895 1,408,895 0.5 53,400 53,400 40,000 40,000 40,000 40,000 0 1 1.4 22.9 65.0 62.6 103 778 27,656 27,656 4 12 4 12 4 12 12 18 12 18 4 12 4 12 4 12 7 7 24,035 25,629 0.02 0.50 0.06 0.02 1.50 0.5 0.06 1.50 0.06 1 4 2,700 8,923 5,404 300 In December 2024, the Company effected a 1-for-75 reverse share split for Ordinary Shares and High Voting Shares.
All share and per-share data have been retroactively adjusted throughout this report to account for this share split.
In connection with the reverse share split, the Company also decreased the nominal value per share from 0.06 to 0.02 for Ordinary Shares and from 1.50 to 0.5 for High Voting Shares.
The amounts presented for the year ended December 31, 2023 reflect the prior nominal values of 0.06 and 1.50.
The closing price used to calculate the aggregate market value of ordinary shares of the registrant held by non-affiliates on June 30, 2024 has been adjusted to reflect the 75-to-1 reverse split ratio.
Share amounts on this cover page and throughout this Annual Report have been updated, as appropriate, to reflect the Company s Reverse Share Split.
As of March 24, 2025, there were 1,409,921 ordinary shares, nominal value 0.02 per share, of the registrant outstanding and 40,000 high voting shares, nominal value 0.50 per share of the registrant outstanding.
94 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (this Annual Report or this Form 10-K ) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events.
GENERAL We conduct our business through our subsidiary Sono Motors GmbH, a German limited liability company ( Gesellschaft mit beschr nkter Haftung ) (the Subsidiary ).
If we are able to successfully access the unfunded portion of the Yorkville Commitment and implement the Debt Conversion or otherwise secure sufficient funding to support our business operations, our business continues to be subject to numerous other risks, and we may be unable, for many reasons, including those that are beyond our control, to implement our business strategy.
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