Zenvo Automotive in Præstø changed auditor the day before its 2025 annual report was approved.
The change was registered on June 17, 2026, when Buller Tex Flemming Olsen Registreret Revisions stepped down and 2+ Revision, based in Haderslev, took over as auditor. The annual report was approved the following day, with the audit opinion issued by 2+ Revision through state-authorised public accountant Per Kristensen.
The timing is notable because the annual report contains several serious matters. The accounts are marked by a review from the Danish Business Authority, which led to a change in accounting policy, major corrections to figures from previous years and negative equity of DKK 82.2 million.
Zenvo Automotive posted a loss of DKK 30.3 million in 2025, compared with a restated profit of DKK 19.4 million the year before. The company also states in the annual report that all capital has been lost.
The main change in the accounts stems from the Danish Business Authority’s review of the company’s annual reports for 2023 and 2024. The authority assessed that expenditure on the development of new models and production rights did not fully meet the requirements for recognition as intangible assets.
As a result, development costs incurred up to and including 2025 are now recognised directly in the income statement. According to the management review, the change has reduced the company’s intangible assets by DKK 239 million across the years 2023 to 2025.
Uncertainty over inventory
The annual report also contains audit qualifications. One concerns the inventory at the end of 2025. In the auditor’s report, 2+ Revision writes that it was appointed as the company’s auditor in spring 2026 and therefore did not have the opportunity to carry out a physical inspection of the inventory on December 31, 2025. A subsequent inspection also failed to provide sufficient evidence that the inventory existed at the balance sheet date.
The second qualification concerns financial data from a foreign branch. The auditor writes that, at the date of the auditor’s report, sufficient evidence had not been obtained for the branch’s financial data. The auditor therefore qualifies the presentation and completeness of costs of DKK 5.5 million that are included in gross profit.
The auditor also draws specific attention to significant uncertainty over Zenvo Automotive’s ability to continue as a going concern. The going concern note in the financial statements states that, as a result of losses in the year and in previous years, the company has lost all its capital. It also states that the parent company has provided a letter of support and is willing to inject the necessary capital, combined with a deferral of repayment of intercompany balances and loans, if needed.
Management writes in the annual report that Zenvo Automotive chose to comply with the Danish Business Authority’s order to ensure that the 2025 annual report could be approved and published on time. At the same time, the report states that management disagrees with the authority’s professional assessment of the capitalisation criteria.
Zenvo Automotive develops supercars in Denmark for some of the world’s wealthiest customers. The company’s Aurora model has previously been reported with a price tag of around USD 2.8 million, equivalent to approximately DKK 19 million before Danish registration tax. The plan is for the Aurora series to be completed in 2026, with sales and deliveries expected in 2027.
Zenvo Automotive was founded in 2007 and has been owned by Czech investors in Prague since 2018. Jon Paul Gunner joined the company as chief executive in November 2025.
