MeritValue

Sono Group N.V.

SSMdata completeness 25%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Sono Group N.V. earns about -77% on equity, and has bought back 86% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2025
Revenue$01$16,0002$229,0002$42,0002—
Net income−$56M3−$64M4−$183.7M4−$53.6M4—
Operating cash flow−$1.19M5−$47.1M6−$139.6M6−$11.2M6−$7.3M7
Capital expenditure$42,0008$1.43M9$47.2M9$3.84M10—
Free cash flow (derived)−$1.23M5−$48.6M6−$186.8M6−$15M6—
Total debt—————
Cash & equivalents$43.3M11$132.9M11$30.4M11$7.41M11—
Diluted shares57.7M70.6M90.9M1.4M8.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
—
your share of equity
Profit it earned you last year
—
Free cash flow it threw off
—
Debt you’d be carrying
—
iii. Is this a good business?
Moat signal · return on equity
-77% avg · 5y
FY20 —FY21 -77%FY22 —FY23 —FY25 —

It earned an average -77% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−86% shares · 5y

Share count is down 86% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2020-12-31 · accession 0001171843-23-007699 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001171843-24-003572 (Revenue)
  3. 20-F · period ending 2020-12-31 · accession 0001171843-23-007699 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2021-12-31 · accession 0001171843-24-003572 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2020-12-31 · accession 0001171843-23-007699 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2021-12-31 · accession 0001171843-24-003572 (CashFlowsFromUsedInOperatingActivities)
  7. 10-K · period ending 2025-12-31 · accession 0001171843-26-002178 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2020-12-31 · accession 0001171843-23-007699 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001171843-24-003572 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001171843-25-002284 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2020-12-31 · accession 0001171843-24-003572 (CashAndCashEquivalents)