Zapp Electric Vehicles (NASDAQ:ZAPP) stock is soaring higher on Thursday following the release of its latest earnings report.
Zapp posted results for the first half of fiscal 2024. That includes its net loss of $5 million shrinking from the $8.6 million reported in the same period of the year prior.
Operating loss reported for the first six months of fiscal 2024 came in at $3.1 million as well. Yet again, that’s an improvement over the operating loss of $3.9 million for the first half of 2023.
Zapp Electric Vehicles founder and CEO Swin Chatsuwan said the following in the earnings report:
“Of an estimated $130 billion and growing in two-wheelers sold globally, we see a large, underserved category of consumers that want superbike specifications but still need the maneuverability of a step-through for the city streets where they spend the most time. After first deliveries of i300 to customers in Europe and Thailand this summer, we expect to scale rapidly in Southeast Asia and India where urban mobility on two wheels is essential.”
ZAPP Stock Outlook
Zapp Electric Vehicles also updated its guidance in its latest earnings report. The company is expecting its first i300 customer deliveries in the fourth quarter of 2024. It also expects to sell more than 5,000 units in fiscal 2025. Following that, it plans to achieve annual deliveries of 25,000 units starting in fiscal 2026.
ZAPP stock is up 141.6% as of Thursday afternoon. This comes with some 70 million shares traded. That’s well above its daily average trading volume of about 1.2 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
