- Continued strong demand with pre-order1 book increasing 22% to 2,886 units as of March 31, 2022, compared to 2,356 units as of December 31, 2021. Fleet operators account for about 20% of total pre-orders.
- Inaugural snowmobile deliveries on March 18, 2022, with the Nomad™ snowmobile sold to recreational customers and commercial fleet operators in the United States by quarter end.
- Unlevered balance sheet with $71 million of cash and cash equivalents as of March 31, 2022.
MONTREAL, May 16, 2022 /CNW/ - Taiga Motors Corporation (TSX: TAIG) ("Taiga" or the "Company"), a leading electric off-road vehicle manufacturer, today reported its financial and operating results for the first quarter 2022 ending March 31, 2022.
"The first quarter ushered in a new era for the company with our landmark deliveries and our initial reported revenue. After six years of product development, building the team, and operationalizing our manufacturing process, we sold our first electric snowmobiles in the United States to both commercial fleet operators and recreational customers during the first quarter." said Samuel Bruneau, CEO of Taiga.
"The feedback we've received on our vehicles continues to be overwhelmingly positive, from clients, from Canadian and US Government officials, and from media. I am proud of what we have accomplished in the first quarter and combined with our learnings, this milestone serves as the perfect springboard to propel production for the Orca™, Taiga's personal watercraft."
Taiga remains focused on three key areas of the business, which include ramping up production and deliveries globally, building a culture of high performance, and increasing its brand awareness. The future of off-road is electric, and Taiga is working to directly support its mission to accelerate no-compromise access to the outdoors.
(All amounts in Canadian dollars unless otherwise indicated)
- Initial revenue of $141,461 recorded during the first quarter of 2022.
- Cash and cash equivalents of $71.1 million as at March 31, 2022 compared to $86.7 million as at December 31, 2021.
- Research & Development (R&D) expense (net of tax credits) increased to $1.4 million from $1.2 million compared to the first quarter of 2021.
- General & Administration (G&A) expense increased to $4.8 million from $2.5 million compared to the first quarter of 2021.
- Sales & Marketing (S&M) expense increased to $1.0 million from $0.6 million compared to the first quarter of 2021.
- Net loss for the period was $9.1 million compared to $6.3 million in the first quarter of 2021.
- Deliveries initiated on March 18, 2022, with seven Nomad™ snowmobiles sold during the first quarter of 2022. Overall, the limited snowmobile production run resulted in the sale of 28 units as at May 13, 2022.
- Commissioned the first stage of our automated battery production line and ramping up battery assembly in line with 2022 production.
- Increased headcount to 216 full time employees at the end of the first quarter of 2022, with approximately half the work force employed in engineering.
- Finalized the $30 million loan agreement for equipment with a government entity on March 18, 2022.
On March 18, 2022, the Company announced that it initiated deliveries of its first Nomad™ snowmobiles. Taiga's 2022 Nomad™ marks the world's first production electric snowmobile sale.
Following these important milestones, Taiga is working diligently to ramp up its production and deliveries in 2022. Given the supply chain disruptions, Taiga has sourced alternative supplies for its vehicles and secured chips for 1,000 units. However, production in 2022 will continue to remain limited by further factors, including the availability of raw materials and other components, manufacturing process optimization and volume related cost efficiencies. For 2023, Taiga has strategically procured certain long lead components in line with its expected production ramp up.
Taiga management will hold a conference call today (May 16, 2022) at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results.
Toll-Free Dial-In: +1 855-658-2585
International Dial-In: +1 514-375-0364
The conference call will be broadcast live and available for replay here and via the Investor Relations section of Taiga's website.
A telephonic replay of the conference call will be available after 12:00 p.m. Eastern time on the same day through May 23, 2022.
Toll-free replay number: +1 800-319-6413
International replay number: +1 604-638-9010
Replay ID: 8879
Taiga (TSX: TAIG) is a Canadian company reinventing the powersports landscape with breakthrough electric off-road vehicles. Through a clean-sheet engineering approach, Taiga has pushed the frontiers of electric technology to achieve extreme power-to-weight ratios and thermal specifications required to outperform comparable high-performance combustion powersports vehicles. The first models released include a lineup of electric snowmobiles and personal watercraft to deliver on a rapidly growing demand from recreational and commercial customers who are seeking better ways to explore the great outdoors without compromise. For more information, visit www.taigamotors.com.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes, but is not limited to, information with respect to our objectives and the strategies to achieve these objectives, the expected operations, financial results and condition of the Company, expectations regarding market trends, overall market growth rates and the Company's growth rates, the Company's future objectives and strategies to achieve those objectives, expected timelines for achieving mass-production capabilities, the ramp-up of our current facility, the anticipated performance of customer experiences and customer demand for our products, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions.
This forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", as well as the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments and therefore the reader is cautioned that such information may not be appropriate for other purposes.
Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in, or implied by, such forward-looking information. These risks and uncertainties include, but are not limited to, the effective further supply chain disruptions, and the impact of such disruptions on ability to fulfil orders, pre-orders for the Company's vehicles being cancelled and those described in the Company's management's discussion and analysis for the three month periods ended March 31, 2022, and 2021, and under the "Risk Factors" section of the Company's annual information form filed on March 28, 2022 on the Company's SEDAR profile at sedar.com.
Forward-looking statements reflect management's current beliefs, expectations and assumptions and are based on information currently available to management. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve known and unknown risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated by such statements.
All of the forward-looking information contained in this press release is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
1 Pre-orders for new Taiga vehicles are cancelable and the deposit fully refundable, and there can be no assurance that such pre-orders will be converted into sales.
SOURCE Taiga Motors Corporation
For further information: Investor Relations: Shahroz Hussain, [email protected]