fox e-mobility AG announces preliminary figures for the 2022 financial year and provides information on current activities

fox e-mobility AG announces preliminary figures for the 2022 financial year and provides information on current activities

Dusseldorf, February 22, 2024. fox e-mobility AG (ISIN DE000A2NB551), a European electric vehicle company specializing in the production, marketing and development of compact electric cars in the lower price segment for individual passenger transport and logistics applications, today publishes its preliminary, unaudited key financial figures for the financial year 2022.

Preliminary key financial data for 2022
So far, fox e-mobility has not generated any revenue from vehicle sales as the company is still in the development phase. Due to various cost-saving measures, the net loss for the year was nevertheless significantly improved to EUR -2.3 million (2021: EUR -3.8 million). Equity amounted to EUR 67.8 million as of December 31, 2022. This is offset by liabilities of EUR 6.3 million, none of which have a term of more than 5 years and are not liabilities to banks. Provisions amount to EUR 0.8 million. All figures are unaudited.

The publication of the complete and audited annual financial statements for the 2022 financial year is expected by April 30, 2024 latest. The company will announce preliminary figures for the key financial data for the 2023 financial year in the upcoming week.

New appointment to the Supervisory Board
In accordance with the Articles of Association, the company's Supervisory Board consists of four members. Since the resignation of Supervisory Board member Russell Pfeiffer on February 8, 2022, the Supervisory Board has only had three members. The Supervisory Board was therefore completed to four members again on November 29, 2023 with the court appointment of Mr. Patrick Bigger. He was elected Chairman of the company's Supervisory Board on December 18, 2023.

Mr. Bigger comes from the banking industry and has worked in commercial and investment banking, both in Switzerland and Germany, as well as in London for several large international investment banks.

Update on the financial situation
The current focus of business activities is on attracting investors to finance the next phase of the project. The involvement of new investors is necessary in order to make significant progress in the development of MIA 2.0.

The Management Board and Supervisory Board of the company are in daily contact with the management of the Yangji Group. On February 18, 2024, Yangji again confirmed in writing that it will continue to adhere to its investment agreement of EUR 10 million (including a short-term irrevocable payment commitment of EUR 2 million) despite unexpected delays due to current restrictive measures for foreign investments by the South Korean supervisory authority FSS. Yangji assures that these challenges can be resolved in the short term so that the partnership can be successfully implemented.

The Management Board and Supervisory Board have secured additional loans to stabilize the tight liquidity situation in order to ensure the short-term continuation of the company.

Cooperation with VDL intended
The company signed an NDA with VDL Mobility Innovation Center BV in Eindhoven (VDL Group in the Netherlands) on February 5, 2024. The collaboration with VDL will consist of analyzing the needs in connection with the construction of prototypes of the MIA 2.0 with a view to large-scale production at VDL.

The Mobility Innovation Center offers innovative and sustainable mobility solutions: Design, electrification, connectivity, autonomous driving and services with the intention of initially focusing on alternative vehicles (autonomous driving and e-mobility) as well as battery and energy systems.

Financial calendar 2024
February 2024: Preliminary key financial data for the 2023 financial year
March 2024: Conversion to registered shares
April 2024: Publication of the audited annual financial report 2022 and the half-year financial report 2023
April 2024: Publication of the voluntary consolidated financial statements for 2022
May 2024: Publication of the audited annual financial report 2023 and the voluntary consolidated financial statements 2023
July 2024: Annual General Meeting (financial year 2022 + 2023)
September 2024: Publication of the half-year financial report 2024

Contact:
ir@fox-em.com