Banzai Reports Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Summary

Volcon ePowersports (NASDAQ:VLCN) has entered into a Supply Agreement with Venom-EV on February 25, 2025, to supply golf carts. The initial order comprises 500 units. Venom-EV operates through a network of 80 dealers across the United States, offering premium golf cart models ranging from 2 to 6 seats.

Volcon's CEO John Kim expressed optimism about entering the golf cart market, citing recent funding and potential opportunities from US government tariffs on Chinese-made golf carts. Venom's CEO Zack Kraus indicated the agreement would support their business growth and dealer network supply.

Positive

• New supply agreement secured with established golf cart brand Venom-EV
• Initial order of 500 units received
• Access to Venom's network of 80 US dealers
• Potential market share growth opportunity from US tariffs on Chinese golf carts

Negative

• Revenue impact and financial terms of the agreement not disclosed
• Dependent on Venom-EV's market performance for future orders

AUSTIN, TX / ACCESS Newswire / February 27, 2025 / On February 25, 2025, Volcon ePowersports ("Volcon") (NASDAQ:VLCN), a provider of electric vehicles, signed a Supply Agreement with Venom-EV ("Venom") to supply their golf carts. Venom has issued Volcon an initial order for 500 units. John Kim, Volcon's CEO, notes "We are excited for the opportunity to be a supplier of Venom golf carts. Venom has a strong brand name in the golf cart space. They are trend setters."

Venom has a range of premium models from 2 to 6 seats and are well appointed with options to purchase additional accessories and upgrades. Their network spans across 80 dealers in the United States.*

Further, Mr. Kim notes "The recent funding Volcon received gives us the ability to enter the golf cart market with vigor and to execute our market expansion plans. We hope that this initial order from Venom will be the first of many. We also hope to capture additional market share created by the US government tariffs on Chinese-made golf carts."

Zack Kraus, Venom's CEO, states: "Venom is eager to work with Volcon. Our new agreement with Volcon will help us grow our business and supply our existing dealers. We look forward to a strong relationship over the coming year and beyond."

This Supply Agreement is included in Form 8-K filed by the Company on the SEC's website, www.sec.gov.

Link to Company video

https://youtube.com/shorts/wbcnh82GDyw?feature=share

Dealership data from Venom's website www.venom-ev.com*

About Volcon

Based in the Austin, Texas area, Volcon was founded as the first all-electric power sports company producing high-quality and sustainable electric vehicles for the outdoor community. Volcon electric vehicles are the future of off-roading, not only because of their environmental benefits but also because of their near-silent operation, which allows for a more immersive outdoor experience.

Volcon's vehicle roadmap includes both motorcycles and UTVs. Its first product, the innovative Grunt, began shipping to customers in late 2021 and combines a fat-tired physique with high-torque electric power and a near-silent drive train. The Volcon Grunt EVO, an evolution of the original Grunt with a belt drive, an improved suspension, and seat, began shipping to customers in October 2023. The Brat is Volcon's first foray into the wildly popular eBike market for both on-road and off-road riding and is currently being delivered to dealers across North America. In 2024, Volcon entered the rapidly expanding LUV and UTV market and shipped its first production MN1 unit in October 2024. The new MN1 and HF1 products empower the driver to explore the outdoors in a new and unique way that gas-powered units cannot. They offer the same thrilling performance of a standard LUV / UTV without the noise (or pollution), allowing the driver to explore the outdoors with all their senses.

Volcon Contacts

For Media: media@volcon.com
For Dealers: dealers@volcon.com
For Investors: investors@volcon.com
For Marketing: marketing@volcon.com

or more information on Volcon or to learn more about its complete eBike, motorcycle and side-by-side line-up, visit: www.volcon.com

Forward-Looking Statements

Some of the statements in this release referenced in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, how many Venom vehicles will be ordered and how quickly they will be sold by Venom to generate new orders. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, www.sec.gov.

SOURCE: Volcon, Inc.

View the original press release on ACCESS Newswire

FAQ

What is the size of Venom-EV's initial order from Volcon (VLCN)?

Venom-EV placed an initial order of 500 golf cart units from Volcon.

How many dealers does Venom-EV have in their network?

Venom-EV operates through a network of 80 dealers across the United States.

What types of golf carts does Venom-EV offer in their product line?

Venom-EV offers premium golf cart models ranging from 2 to 6 seats, with options for additional accessories and upgrades.

When did Volcon (VLCN) sign the Supply Agreement with Venom-EV?

Volcon signed the Supply Agreement with Venom-EV on February 25, 2025.