Key points
- Total revenue of $58.7 million, down 15% on FY23
- NPAT of $149k, down 98% on FY23
- Positive cash flows from operating activities of $11.9 million
Full summary
Vmoto Limited (ASX: VMT) has reported its unaudited preliminary final results for the financial year ended 31 December 2024 (FY24). FY24 has been a busy year for Vmoto as it actively seeks new revenue streams from regions outside Europe, while expanding its product offerings to include battery swapping and charging stations. The company's statutory results for FY24 include total revenue of $58.7 million, down 15% on FY23, NPAT of $149k, down 98% on FY23, and EBITDA of $571k, down 93% on FY23. Vmoto maintained a strong cash position of $41.5 million as at 31 December 2024 and positive cash flows from operating activities of $11.9 million. The company also acquired the remaining 50% interest in Vmoto Soco Italy, invested in Zenion Limited in the UK, and entered into joint ventures in South Africa, Thailand, Mexico and Singapore to pilot new projects. Vmoto conducted a rebranding initiative to unify its 'E-MAX', 'SUPER SOCO' and 'VMOTO' brands under one iconic 'VMOTO' brand.
Guidance
The company is not providing any high-importance, price-sensitive forward-looking financial metrics.
Outlook
The company remains confident that discussions with distributors and organisations focused on transitioning their existing fleet to EVs are likely to result in material improvement in sales in the B2B sector. The company is also actively pursuing opportunities in new regions and creating new revenue streams, which will enable it to keep innovating its products, solutions and technology while maintaining competitive advantages. The trend towards EV products globally remains strong, where government policy is facilitating the continued electrification of the transport industry.