Taiga reports revenue growth for Q2 2023
Canadian manufacturer of electric personal watercraft, Taiga Motors, has released its financial results for the second quarter of 2023, ended 30 June 2023.
Taiga reports second-quarter revenues of CA$4.1 million, after delivering 145 vehicles. This represents revenue growth of 137 per cent compared to Q1 2023. In the comparable quarter of 2022, the firm posted revenues of CA$399,525.
Montreal-based Taiga has ramped up production, with 178 vehicles (123 snowmobiles and 55 personal watercraft) manufactured during the second quarter of 2023. In a statement, the firm says this has helped it successfully close a convertible bond issuance of CA$46.8 million under a previously announced private placement.
The firm launched the new Orca Performance personal watercraft following the close of the second quarter on 9 August 2023.
“The second quarter served as proof of our snowmobile platform’s scalability,” says Sam Bruneau, CEO of Taiga. “The 2023 Nomad was re-engineered for improved manufacturability, and we saw that yield strong throughput results in tandem with our ongoing supply chain improvements.
“We’re now on our path to resume our high throughput production with the Orca Performance in the third quarter as we get through the limited-edition Orca Carbon. We are laser-focused on building our momentum as we ramp up rapidly.”
The firm reports cash and cash equivalents of CA$26.4 million as of 30 June 2023, compared to CA$22.8 million as of 31 December, 2022. The increase in cash and cash equivalents is due to the private placement of CA$40.2 million of convertible debentures closed on 24 March 2023, and an additional CA$6.6 million raised in connection a private placement that closed on 27 April 2023.
