Zapp EV reports financial results for fiscal year 2023

Milestone achieves support rotation to production and commercial deployments in 2024

LONDON, February 26, 2024 (GLOBE NEWSWIRE) — Zapp Electric Vehicle Group Limited (Nasdaq: ZAPP) (“Zapp EV” or the “Company”), the owner of Zapp, a British electric vehicle brand with a mission to revolutionize personal urban mobility, today announced that on 30 September 2023 We have reported the financial results for the ended fiscal year. .

Recent business highlights

• The company has entered into a standby stock purchase agreement to sell up to $10 million worth of stock, with the majority of the proceeds to be used to begin production and commercial deployment of the i300 electric city bike.

• Completed vehicle tests required for homologation in the European Union and Thailand.

Operational Highlights in 2023

• It has won two further design awards and now has a total of eight design awards, including the prestigious Red Dot Product Design Award in the motorcycle category.

• Two patents have been granted related to an exoskeleton and interchangeable front fender that reduce weight and parts.

• The first peer review by Electroheads received over 3 million views across social media channels.

• We have partnered with Paris-based fintech company Younited to offer European customers the Younited Pay instant credit payment solution upon order completion. We offer flexible payment plans designed to minimize monthly payments depending on your down payment amount and desired repayment term. schedule.

Financial results for fiscal year 2023

• IFRS net loss was $222.1 million ($3.6 million in the prior year period).

• 2023 results primarily reflect other costs of $213.7 million related to the business combination completed in April 2023.

• Operating loss was $7.8 million, compared to $3.6 million a year ago.

Swin Chatswan, Founder and CEO of Zapp EV“We have taken a well-researched approach from day one, and the start of production is a major turning point for Zapp. The $10 million standby commitment will provide us with the runway once production begins, and we will continue to invest in multiple The i300 is very fit for purpose in its use case and Zapp believes it can scale quickly following deployment in key Asian markets, including Europe and India. thinking about.”

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Teleconference information

Zapp will hold a conference call for investors and analysts on Thursday, February 29, 2024 at 8:00 ET/13:00 GMT. To participate in the conference call by telephone, participants must register in advance using the respective links below. Once registered, participants will receive a dial-in number and unique code to use to join the call. A live webcast of the conference call will be available for viewing at the link below, and webcast participants will be able to submit written questions during the call.

Event: Zapp Shareholder and Analyst Update
Date and time: Thursday, February 29, 2024
Time: 8:00 ET / 13:00 GMT
To register your dial-in details: https://register.vevent.com/register/BIefca2cabeb09491eb560e76ff8d01b8a
To register for the webcast: https://edge.media-server.com/mmc/p/jxzwhyob

A replay will be available on Zapp's Investor Relations website (ir.zappev.com) after the conference call is completed. Zapp uses this website as a means to comply with disclosure obligations.

About Zap EV

Zapp EV (Nasdaq: ZAPP) and its operating subsidiaries are led by a team of mobility industry experts with a mission to redefine the electric two-wheeler segment. Zapp's debut product, the i300, is an urban electric motorcycle that delivers traditional motorcycle-level performance in a step-through format that is easy to use, exhilarating, and fun. The i300 is the first in a series of high-performance electric two-wheelers that Zapp plans to bring to market. Zapp offers a high-quality direct-to-customer experience known as DSDTC (drop-ship-direct-to-customer). Customers who order their i300 online will have their bike easily delivered to their home by a certified 'zapper' who will provide in-home inspection, service and support throughout the lifecycle of vehicle ownership. Zapp is a registered trademark of his Zapp Electric Vehicles Limited in the UK and other countries. For more information, please visit: www.zappev.com.

Zapp Investor Information Contact:

mark kobal
Head of Investor Relations
ir@zappev.com

Zapp Media Contact:
pr@zappev.com

Prohibition of offers and solicitations

This press release is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to buy any securities of Zapp EV or its affiliates. No offers of such securities may be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom. The contents of this press release have not been reviewed by any regulatory authority in any jurisdiction.

Forward-looking statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (or the “Exchange Act”). Masu. These forward-looking statements generally include “believes,” “plans,” “anticipates,” “anticipates,” “estimates,” “intends,” “strategies,” “futures,” “budgets,” “opportunity'', “plan,'' “may,'' “should,'' “would,'' “would,'' “continue,'' “probably result.'' Expressions such as “deaf”. Forward-looking statements are not historical facts and are predictions, forecasts and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors, including but not limited to various general and specific risks and uncertainties associated with our business and finances generally, may cause actual future events or results to differ from the forward-looking statements herein. May differ materially from what is expressed or implied.

Readers should review and carefully consider the risks and uncertainties described in the “Risk Factors” section of Zapp's Annual Report on Form 20-F (File No. 001-41693). This annual report is incorporated herein by reference. The same applies to other documents submitted by us. or from time to time with the U.S. Securities and Exchange Commission. These filings identify and address important risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements contained herein. To do. The forward-looking statements contained herein represent our beliefs as of the date of this document. Subsequent events and developments may cause these views to change. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein. All of these statements are qualified by these warning statements. Zapp undertakes no obligation, and does not intend, to update or revise any forward-looking statements contained herein, whether as a result of new information, future events or otherwise. Zapp gives no guarantee that it will achieve your expectations. The inclusion of any statements in this document does not imply an admission by Zapp or any other person that the events or circumstances described in such statements are material.

¹Other expenses in 2023 primarily consist of fair value changes and stock-based expenses related to business combinations.

For complete financial statements and related notes and disclosures, please refer to our Form 20-F for the year ended September 30, 2023.