Volcon Releases Third Quarter 2021 Financial Report and Company Update


AUSTIN, TX / ACCESSWIRE / November 15, 2021 / Volcon Inc. (NASDAQ: VLCN), the leading all-electric off-road powersports company, today announced its financial results for the quarter ended September 30, 2021. The company also provided an update on the company on its activities for 2021.

Recent Company Highlights:

  • Listed on the NASDAQ stock exchange

  • Started shipping Grunts in September 2021 to customers in the US and Latin America

  • More than 50 team members as of October 30, 2021

  • Nationwide dealer network launched to market Volcon products in the United States

  • Expansion into six Latin American markets, including Mexico, Costa Rica, Paraguay, Guatemala, Belize and Panama

  • Expanded its Round Rock, Texas facility from one building to three

  • Partnership with Martin Technologies for the development of the Stag electric side-by-side UTV program

  • Covered by Bloomberg, CNET, Forbes, Yahoo, Gizmodo, Electrek, Jalopnik, Cycle World, Gear Patrol, Robb Report, Inside Hook, Austin Business Journal, Maxim and many more

  • Launch of Phase I version of its highly anticipated mobile app for Apple iOS and Android devices

  • Partnered with world-class archer and outdoorsman John Dudley to bring the Volcon brand into the hunting world

  • Running a nationwide consumer tour in Dallas (TX), Birmingham (AL), University Park (PA), North Branch (MN), Costa Mesa (CA), Flagstaff (AZ), Arrington (VA), Moultire (GA) )

Management commentary:

“Volcon is the most exciting and dynamic company I have ever been involved with, having grown from just two founders in mid-2020 to a now publicly traded and NASDAQ listed company. Said Jordan Davis, CEO of Volcon. “The response to our official launch has been overwhelming and a confirmation to all of us that the time has come to be an electric vehicle maker in the off-road powersports industry. The enthusiasm has spread to the press , where we’ve received solid coverage and great reviews from some of the best publications in the industry.

“Over the next five years, we know that the shift from internal combustion engines to electric motors will be dramatic and our five-year goal is to become the largest 100% off-road powersports manufacturer dedicated to electric vehicles in this space. . Being young, ambitious, fast – moving companies give us a strategic advantage in the market, as large companies tend to move much more slowly when they have to look to new or emerging technologies. units to customers in September 2021.

Davis continued, “As we begin to grow our nationwide dealer network, which we just announced on November 8, 2021, off-road enthusiasts will now have the opportunity to see, touch and to feel our vehicles firsthand to appreciate the level of In addition, our vehicles and accessories will be sold worldwide as part of a three-phase deployment scheduled to include Latin America in 2021, Canada, the Europe and Africa in 2022, South East Asia and Australia in 2023. Another exciting announcement that we recently made is that we have partnered with Martin Technologies to bring our automotive industry expertise to our electric side-by-side UTV program for the deer.They will provide the development of chassis and peripheral components for the all-electric UTV, including working with us on the battery, power electronics systems, methods vehicle integration dologies and new eSPDM intelligent wiring technology.

“As we continue to grow, it is of the utmost importance to us that we meet the needs and the quality expected of our customers. As such, we launched the Volcon Center of Excellence, which focuses on creating an environment and culture of continuous improvement through lean methodologies and mindset. We have identified a huge opportunity to embed continuous improvement not only in processes and procedures, but also in who we are as a company. It is widely known and accepted that Lean, Kaizen and Continuous Improvement environments lead to improved quality and profitability. not to mention a level of customer satisfaction that we believe will eclipse that of our competitors. These activities, along with a number of other key projects launched during the quarter, have positioned us well in the pursuit of our strategic objectives.

Highlights of the third quarter include:

  • Delivery of the first Grunt to customers: On September 15, 2021, Volcon delivered its first Grunt to customers

  • IPO: Volcon completed its IPO on October 8, 2021 and sold 3.025 million common shares and raised over $ 15 million after fees and commissions to the underwriters and raised an additional $ 1.1 million on October 29, 2021 after the underwriter exercises his over-allotment option to sell an additional 226,875 common shares

  • Continuous improvement: The support engineering group has launched a project to reduce Grunt production costs with the aim of increasing product profitability and improving supply chain stability

  • Retail: Opening of a pop-up store in Denver, Colorado to show the public the first Grunt production units, then take the keys to the future flagship store in the heart of Denver’s RiNo district

  • Financial Results: The Company’s sales for the three and nine months ended September 30, 2021 were $ 75,000. The Company’s net loss for the three and nine months ended September 30, 2021 was $ 5.9 million and $ 25.3 million, respectively, and the loss per share was $ 2.55 and 11.95 $, respectively.

  • Adjusted EBITDA: The Company’s adjusted EBITDA for the three and nine months ended September 30, 2021 was a loss of $ 4.9 million and $ 10.9 million, respectively. Adjusted EBITDA for the three and nine months ended September 30, 2021 is defined as the net loss before: interest expense of $ 42,000 and $ 67,000, amortization charges of $ 71,000 and $ 135,000 and Stock-based compensation expenses of $ 849,000 and $ 14.3 million, respectively

We believe that the presentation of Adjusted EBITDA ensures consistency between management and investors and facilitates operating comparisons from period to period, as it eliminates the effects of certain variations unrelated to our overall performance.

For the latest company updates, follow Volcon on YouTube, Facebook, Instagram and LinkedIn. Information for investors on the company, including press releases, SEC filings and more, is available at http://ir.volcon.com.

For more information on the Volcon Grunt: https://www.volcon.com/grunt-explore

About Volcon

Volcon Inc. is the first fully electric powersports company to produce high quality all-terrain vehicles. Based in Round Rock, Texas, Volcon joins many major electric vehicle manufacturers near Austin, Texas, an area that is fast becoming the electric vehicle capital of the world.

Volcon was founded with a mission to improve the outdoor experience while reducing the industry’s environmental footprint so that adventurers and workers can enjoy the outdoors and preserve it for generations to come. Volcon produces all-electric all-terrain vehicles designed to enhance the adventure experience and help people get things done at work and at home.

Volcon’s first product, the innovative Grunt combines a large tire with high-torque electric power and a near-silent powertrain that began shipping in September 2021. Future models include the Runt, which is a youthful take on the revolutionary Grunt. The Stag and Beast will be Volcon’s adventure in the rapidly expanding world of UTVs and to come for years to come as the company continues to grow.

For more information, please visit: www.volcon.com

For the media

For more information, contact media@volcon.com

For more information on Volcon or to find out more about its full line of motorcycles and side-by-side vehicles including Grunt, Runt, Stag and Beast, visit: www.volcon.com

Safe Harbor / Forward-looking statements

Some of the statements contained in this press release are forward-looking statements, which involve risks and uncertainties. The forward-looking statements contained in this press release include, without limitation, the ability of the Company to complete the national distribution rollout; the Company’s ability to complete its planned deployment in three phases to include Latin America in 2021, Canada, Europe and Africa in 2022, South East Asia and Australia in 2023; and the Company’s ability to increase the profitability of its products and improve the stability of the supply chain. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date of their preparation, the expectations may turn out to have been materially different from the results expressed or implied by these forward-looking statements. The company has attempted to identify forward-looking statements by terminology, including ‘belief’, ” ‘estimates’, ‘,’ ” intends ” ” potential ” ” ” may, ” ” might, ” ” might, ” ” will, ” ” should, ” ” approximately ” or other words that convey the uncertainty of future events or results to identify such statements prospective. These statements are only predictions and involve known and unknown risks, uncertainties and other factors. All forward-looking statements contained in this press release speak only as of the date. The Company assumes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of unforeseen events. More detailed information on the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s most recent Form 10-Q filed with the SEC, which is available on the Company’s website. SEC, www.sec.gov.

THE SOURCE: Volcon Inc.

See the source version on accesswire.com:

Source link


Comments are closed.