Navya, a leading company in autonomous driving systems, announces its results for 2020.
Etienne Hermite, CEO of Navya comments: “In 2020, Navya has reached major milestones with more than 100 trial deployments worldwide, despite the health crisis. Among the most significant achievements, the first fully autonomous level 4 operation on a private site without a safety driver on board marked a decisive step towards the development of a commercial offer. A large number of experiments were carried out for a variety of use cases, under various conditions of complexity, reinforcing our expertise and helping to maintain our technological leadership. From a financial point of view, we have continued to invest in R&D and have reduced our other operating expenses. At the same time, the Company’s financial structure has been strengthened in recent months and allows us to continue to develop our technology. In 2021, Navya’s ambition is to prepare for the industrialization of its solutions on various platforms, thus reinforcing its position as technological leader in the autonomous vehicle market in predefined environments for the first and last mile”.
Business activity and 2020 financial results
In 2020, Navya sold 23 Autonom Shuttle vehicles and generated revenues of €10.7 million, down 29% compared to 2019. Germany, South Korea and Japan represent the Company’s leading markets with 9, 7 and 5 shuttles sold respectively. As of December 31, 2020, the installed base stood at 182 vehicles, deployed in 23 countries, an increase of +14% compared to the end of 2019. This development is in line with the refocusing of the business model on the delivery of a “licenses & services” range around autonomous driving. As a result of the increase in the installed base, the Services business is growing half-year after half-year to €3.4 million, +15%. Licenses, maintenance and supervision of deployed shuttles now account for nearly one third of the Company’s annual revenues. In 2020, sales and marketing expenses and general and administrative expenses were reduced by 24% and 17% respectively. The Company has also decided to maintain a high level of investment in R&D, in favor of the development of its technology, a strategic priority for Navya.
Strengthening of the cash position to €28m at the end of December and €25 million at the end of March 2021
Cash consumption was halved during the year to €12.1 million, a decrease of €11.9 million compared to 2019. In addition to the reduction in cash consumption by the Company, the strengthening of the cash position is the result of the following elements
- ESMO Corporation’s subscription to 10 ORNANE bonds for €10 million in February 2020, of which 5 were converted end February 2021 on the basis of the contractual parity set at €2.75 per share;
- obtaining a State Guaranteed Loan (PGE) for €4.5 million in late August 2020;
- Setting up an equity financing line with Kepler Chevreux in November 2020, of which 60% was drawn down at the end of March 2021;
At the end of March 2021, the company’s available cash amounted to €25 million, compared with €19 million at the end of 2019.
Post-closing highlights
- Official launch of Navya solutions in Japan by Macnica at Automotive World in Tokyo;
- First daily autonomous shuttle service in Israel around the Sheba Medical Center campus;
- Signature of a non-biding letter of intent with Bluebus (Bolloré Group) to collaborate on the development of a 6-meters long autonomous bus.
Outlook
Over the next semesters, the development of the technology of Navya solutions will continue to focus the essential resources of the Company. Technological breakthroughs will be progressively rolled out through experiments such as shuttles and logistics tractors. At the same time, Navya is working to extend its network of distribution partners and to pave the way for the industrialization of its solutions in order to accelerate the market launch of level 4 autonomous driving systems.
2020 financial results have been approved by the Board of Directors, and were reviewed by the Supervisory Board on March 31, 2021. The Group’s Statutory Auditors have performed their audit procedures on these accounts and their reports are being issued.