[ad_1]
AUSTIN, TX / ACCESSWIRE / November 15, 2021 / Volcon Inc. (NASDAQ: VLCN), the first all-electric off-road powersports company, today announced its financial results for the quarter ended September 30, 2021. The company also released a company update on its business for 2021.
Current company highlights:
- Listed on the NASDAQ stock exchange
- Start of delivery of Grunts in September 2021 to customers in the USA and Latin America
- As of October 30, 2021, it had grown to over 50 team members
- Start of nationwide network of dealers to bring Volcon products to market in the United States
- Expansion to 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
- Released the Phase I version of its highly anticipated mobile app for Apple iOS and Android devices
- Partnered with world class archer and outdoor man John Dudley to bring the Volcon brand to the hunting world
- Conducting 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 comment:
“Volcon is the most exciting and fastest growing company I have ever worked with, having grown from just two founders in mid-2020 to a now publicly traded company listed on NASDAQ.” said Jordan Davis, CEO of Volcon. “The response to our official launch has been overwhelming and a confirmation for all of us that now is the time to be an electric vehicle manufacturer in the off-road powersports industry. The excitement has spread to the press as well, where we’ve received solid coverage and great reviews from some of the top publications in the industry.
“In the next five years, we know the shift from internal combustion engines to electric drives will be dramatic, and our five-year goal is to become the largest 100 percent off-road automaker in this space. As a young, ambitious and fast moving company, we have a strategic advantage in the market as larger companies tend to move much more slowly when they have to switch to new or emerging technologies. This is reflected in our success in moving from an idea for the Grunt in 2020 to delivering production units to customers in September 2021. ‘
Davis continued, “As we begin to expand our nationwide dealer network we just got on the 8th. Quality our products. In addition, our vehicles and accessories will be sold worldwide in a planned three-phase rollout to include Latin America in 2021, Canada, Europe and Africa in 2022 and Southeast Asia and Australia in 2023.We have partnered with Martin Technologies to bring our expertise from the automotive industry into our introduce electric side-by-side UTV program for the stag. They will offer the development of chassis and peripheral components for the all-electric UTV, including working with us on the battery, power electronics systems, vehicle integration methods and the new eSPDM Smart Wiring Technology. ‘
‘As we continue to grow, it is of the utmost importance for us to meet the needs and expected quality of our customers. This is why we created the Volcon Center of Excellence, which focuses on building an environment and culture of continuous improvement through lean methods and mindsets. We have recognized a great opportunity to incorporate continuous improvement not only in processes and procedures, but also in our company. It is well known and recognized that Lean, Kaizen, and continuous improvement environments result in improved quality and profitability, not to mention 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, positioned us well in pursuing our strategic goals. ‘
The Q3 highlights include:
- First Grunt delivery to customers: On September 15, 2021, Volcon delivered its first Grunts to customers
- Initial Public Offering: Volcon completed its initial public offering on October 8, 2021, selling 3.025 million common shares and raising over $ 15 million after charges and commissions to the syndicate banks and an additional $ 1.1 million on October 29, 2021 after the syndicate bank their over-allotment option to sell an additional 226,875 common shares
- Continuous improvement: A sustainable engineering group started a project to reduce Grunt production costs to increase the profitability of the product and improve the stability of the supply chain
- Retail: A pop-up store opened in Denver, Colorado to show the public the first Grunt production units, later taking keys to the future flagship store in the heart of Denver’s RiNo neighborhood
- Financial Results: The company’s revenue for the three and nine months ended September 30, 2021 was $ 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 its 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 net loss before: interest expense of $ 42,000 and $ 67,000, depreciation expense of $ 71,000 and $ 135,000, and stock-based compensation expense of $ 849,000 and $ 14.3 million
We believe that the Adjusted EBITDA presentation provides consistency for management and investors, and makes it easier to compare business operations from period to period by eliminating the impact of certain fluctuations unrelated to our overall performance.
For the latest company updates, follow Volcon on YouTube, Facebook, Instagram and LinkedIn. Investor information about the company, including press releases, SEC filings and more, is available at http://ir.volcon.com.
Further information on the Volcon Grunt: https://www.volcon.com/grunt-explore
About Volcon
Volcon Inc. is the first all-electric powersport company to manufacture high quality off-road vehicles. Based in Round Rock, Texas, Volcon joins many major electric vehicle manufacturers in the Austin, Texas area, an area poised to become the electric car capital of the world.
Volcon was founded with the mission to improve the outdoor experience while reducing the industry’s ecological footprint so that adventurers and workers alike can enjoy nature and preserve it for generations to come. Volcon produces fully electric off-road vehicles that enhance the adventure experience and help people get things done at work and at home.
Volcon’s first product, the innovative Grunt, combines a fat tire construction with high-torque electrical power and an almost silent drive train, which was delivered in September 2021. Future models include the Runt, a youth version of the groundbreaking Grunt. The Stag and Beast will be Volcon’s foray into the fast-growing world of UTVs, and will come in the years to come as the company continues to expand.
Further information is available at: www.volcon.com
For media
For more information, contact media@volcon.com
For more information about Volcon, or to learn more about its complete motorcycle and side-by-side line including the Grunt, Runt, Stag and Beast, visit: www.volcon.com
Safe Harbor / Forward-Looking Statements
Some of the statements in this press release are forward-looking statements that involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the company’s ability to complete the nationwide rollout; the company’s ability to complete its planned three-phase rollout, which will include Latin America in 2021, Canada, Europe and Africa in 2022, and Southeast Asia and Australia in 2023; and the company’s ability to increase the profitability of its products and improve supply chain stability. Although the company believes that the expectations expressed in such forward-looking statements are reasonable as of the date of publication, expectations may differ materially from the results expressed or implied in such forward-looking statements. The company has attempted to identify forward-looking statements by using terminology including ” believes’ ” ‘estimates” ” anticipated ” ” expected ” ” plans’ ” ‘projects” ” ‘intends” ” potentially ” ” could ” ” could ” ” could ” ” will ” ” should ” ” about ” or other words that convey uncertainty about future events or outcomes to these identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors. All forward-looking statements in this press release speak only as of the date. The company undertakes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances that occur after their date or to reflect the occurrence of unforeseen events. More detailed information about the risks and uncertainties affecting the company is included under the heading “Risk Factors” on the company’s latest Form 10-Q, filed with the SEC and available on the SEC’s website at www.sec.gov .
SOURCE: Volcon Inc.
View source version on accesswire.com:
https://www.accesswire.com/673008/Volcon-Reports-Third-Quarter-2021-Financial-Report-and-Provides-Corporate-Update
[ad_2]
https://www.bignewsnetwork.com/news/271735217/volcon-reports-third-quarter-2021-financial-report-and-provides-corporate-update
