Zapp Electric Vehicles Group FY 2023 EPS $(4.65), Down From $(0.09) YoY
Portfolio Pulse from Benzinga Newsdesk
Zapp Electric Vehicles Group reported a significant increase in its FY 2023 net loss to $222.1 million from $3.6 million in the previous year, primarily due to $213.7 million in expenses related to a business combination completed in April 2023. The company's operating loss also widened to $7.8 million from $3.6 million year-over-year.
February 27, 2024 | 6:56 am
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Zapp Electric Vehicles Group's FY 2023 financial results show a substantial increase in net loss to $222.1 million, mainly due to expenses from a recent business combination.
The significant increase in net loss for Zapp Electric Vehicles Group is primarily attributed to the expenses incurred from a business combination completed in April 2023. This substantial financial impact, along with the widened operating loss, is likely to negatively affect investor sentiment and the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100