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Why Zapp Electric Vehicles Stock Is Charging Higher
Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) shares are trading higher Thursday after the company announced its financial results for the first half of fiscal year 2024 and raised its business outlook.
The Details:
Zapp reported an IFRS net loss of $5 million compared to $8.6 million from the same six-month period in 2023 and an operating loss of $3.1 million compared to $3.9 million from the same period in 2023.
The company now expects the first customer deliveries of its i300 in the fiscal fourth quarter of 2024 and expects to sell more than 5,000 units in the fiscal year ended September 30, 2025. Zapp said sales in fiscal year 2025 will be weighted toward the second half of the year with a resulting run-rate of more than 25,000 units per year to start fiscal year 2026.
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“The distinctive look of i300 is also a fit for purpose ...