MeritValue

Sono Group N.V.

SSMdata completeness 38%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Sono Group N.V. earns about -77% on equity, and has bought back 89% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue€16,0001€229,0001€42,0002€02€149,0003
Net income−€64M4−€183.7M4−€53.6M4——
Operating cash flow−€47.1M5−€139.6M5−€11.2M5—−€7.3M6
Capital expenditure€1.43M7€47.2M7€3.84M8€80,0008—
Free cash flow (derived)−€48.6M5−€186.8M5−€15M5——
Total debt—————
Cash & equivalents€132.9M9€30.4M9€7.41M9——
Diluted shares70.6M90.9M1.4M17.3M8.0M

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
FY21 -77%FY22 —FY23 —FY24 —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
−89% shares · 5y

Share count is down 89% 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 v0.1.0
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 2021-12-31 · accession 0001171843-24-003572 (Revenue)
  2. 10-K · period ending 2023-12-31 · accession 0001171843-25-002284 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001171843-26-002178 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001171843-24-003572 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2021-12-31 · accession 0001171843-24-003572 (CashFlowsFromUsedInOperatingActivities)
  6. 10-K · period ending 2025-12-31 · accession 0001171843-26-002178 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001171843-24-003572 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001171843-25-002284 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2021-12-31 · accession 0001171843-24-003572 (CashAndCashEquivalents)