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27 March 2019

NAVYA announces its 2018 annual results



Conference call | Wednesday, March 27 at 6:00 pm CET

France: +33 1 72 72 74 03 / Code: 25 82 82 53#

UK: +44 207 194 37 59 / Code: 25 82 82 53#

USA: +1 646 722 49 16 / Code: 25 82 82 53#

The slideshow presentation will be available in the Investors section
of NAVYA’s website.


Villeurbanne, France, March 27, 2019 – 5:45 pm CET – NAVYA (FR0013018041- NAVYA), a leading company in the autonomous vehicle market and in smart and shared mobility solutions, announces its 2018 annual results.

Etienne Hermite, Chief Executive Officer, states: “2018 was marked by the sale of 68 autonomous vehicles taking the cumulative installed base of AUTONOM® SHUTTLE vehicles to 116. The geographical breakdown of shuttle sales reaffirms our international deployment, with notably almost 30% of our volumes sold in North America and the Asia-Pacific region. The substantial improvement in gross margin bolsters our strategy of implementing a virtuous economic model associated with revenues growth. Moreover, in October 2018, we announced, with Charlatte Manutention, the creation of a subsidiary to develop solutions on the high-potential autonomous tractor market. In line with our expectations, our prototypes will be ready to be deployed during the first half of 2019. Lastly, the recent drawdown of tranche A of the financing agreement concluded with the European Investment Bank in August 2018 will enable us to strengthen our teams and our commercial presence, improve client support and ensure the maturing of our product portfolio. The teams are working hard to seize any market opportunities and make NAVYA the global leader in autonomous shuttles”.


Simplified income statement


Revenues of €19 million and substantial improvement in gross margin to 18%

In 2018, NAVYA recorded revenues of €19 million, essentially from the sale of 68 vehicles. The geographical breakdown of shuttle sales reaffirms NAVYA’s international deployment, with 12 shuttles sold in the Asia-Pacific region, 45 in the Europe, Middle East and Africa region and 6 in North America. Hence, as at December 31, 2018, the installed base of AUTONOM® SHUTTLES reached 116 shuttles.

The share of Services is continuing to record strong growth, with sales totaling €2.3 million in 2018, accounting for 12.2% of total revenues, versus 9.6% in 2017. This ramp-up is in line with NAVYA’s strategy of developing a range of services for autonomous vehicles.

Gross margin improved significantly from 13% in 2017 to 18% in 2018 as a result of the increase in volumes and services sold and performance improvement of the Services activity, which became profitable.

R&D investments increased substantially in 2018, with c. 70% increase in headcount, notably in order to accelerate the development of NAVYADRIVE autonomous driver solution for both the autonomous shuttle and tractor in the context of the partnership with Charlatte Manutention. NAVYA also improved its supervision and 3D mapping solutions, essential for the deployment of autonomous vehicles.

There was also an important increase in Sales & Marketing expenses. The c. 40% increase in headcount in these two departments compared with the end of 2017 is in line with NAVYA’s strategy of strengthening its technological leadership and commercial presence. At the end of December 2018, NAVYA had more than 270 employees.

The rise in General & Administrative costs derived from the increase in the workforce in support functions, the increase in IT services spending and in fees, in line with the development of NAVYA’s activity.

The recurring operating loss, before share-based payments and exceptional expenses, amounted to -€14 million.

Free cash flow amounted to -€31.6 million, after €9.8 million of investments and +€11.7 million increase in Working Capital Requirements. NAVYA thus had a net cash position of €19.5 million at the end of December 2018, a higher level as compared to end of 2017.


Strengthened financial structure: cash position of €19.5 million at the end of 2018 and drawdown on the first €15 million tranche of financing agreed with the European Investment Bank (EIB)

At the end of December 2018, the Company had cash and cash equivalents of €19.5 million. This amount takes into account the €37.6 million raised by NAVYA during its IPO on Euronext Paris in July 2018 and an acceleration in cash burn notably associated with the build-up of inventories.

In August 2018, NAVYA signed a €30 million financing agreement with the European Investment Bank. In March 2019, the company drawn the €15 million Tranche A of this financing in order to strengthen its R&D teams and implement its investment strategy focused on product development and operational performance.


Next financial press release

July 25, 2019, 5:45 pm CEST: H1 2019 revenues

Given the emerging nature of NAVYA’s market and the volatile volumes sold per quarter, NAVYA considers that quarterly information on its sales is not yet relevant to measure the growth of the autonomous vehicle market. In consequence, NAVYA will no longer publish its level of sales in the first and third quarter of each year.

Annual accounts can be found at:  

The Company’s 2018 annual results have been approved by the Board of Directors, and were reviewed by the Supervisory Board on March 27, 2019.




NAVYA is a leading French name in the autonomous vehicle market and in smart shared mobility solutions. With more than 270 employees in France (Paris and Lyon) and in the United States (Michigan), NAVYA develops, manufactures and commercializes autonomous, driverless, and electric vehicles that combine robotic, digital and driving technologies at the highest level. Since 2015, NAVYA has been the first to market and put into service autonomous mobility solutions. NAVYA has a range of two autonomous vehicles: the AUTONOM® SHUTTLE, main development axis, launched in September 2015, of which more than 115 had been sold as of 31 December 2018, notably in the United States, France, Germany, Switzerland, Japan and Australia, and the AUTONOM® CAB, unveiled in November 2017 and whose first road tests will start shortly. Created in 2014 with the support of Robolution Capital, investment fund managed by 360 Capital Partners, his reference shareholder, NAVYA’s shareholders also include the Gravitation fund and Paris Region Venture Fund (Région Île-de-France) managed by Cap Decisif Management as well as Valeo and Keolis groups.

NAVYA is listed on the Euronext regulated market in Paris (ISIN code: FR0013018041- NAVYA).

For more information visit:




Nicolas de Crémiers

Head of Marketing

+33 (1) 85 50 01 10


Frank Maccary


+33 (4) 28 70 16 61


Investor relations

Théodora Xu

+33 (0)1 44 71 20 42







Media relations

Nicolas Merigeau

+33 (0)1 44 71 94 98








This document may contain certain statements reflecting estimates, forecasts and expectations that constitute forward-looking information. By their nature, these statements are subject to a number of assumptions and entail known and unknown risks and uncertainties as they relate to events and depend on circumstances that will occur in the future. The known risks are those discussed or identified in Chapter 4, “Risk Factors” of Navya’s registration document which is available on the company’s website ( The actual results and developments could differ materially from those expressed or implied by these statements and there can be no assurance that these statements will prove to be accurate. The past performance of Navya and its subsidiaries cannot be relied on as a guide to future performance. These forward-looking statements should be used with caution and circumspection and in no event can Navya or its management be held responsible for any investment or other decision based upon such statements. These forward-looking statements only reflect Navya’s view as of the date hereof and the company expressly disclaims any obligation or undertaking to release any update thereto. The information in this document does not constitute an offer to sell or an invitation to buy shares in Navya or an invitation or inducement to engage in any other investment activities.



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