Volcon ePowersports Reports Operational Highlights and Fourth Quarter 2024 Financial Results
Volcon (NASDAQ: VLCN) reported Q4 2024 financial results and operational highlights. Revenue for Q4 2024 was $0.9 million, consistent with Q2 but down from Q3's $1.1 million. The company secured key partnerships, including an exclusive golf cart distribution agreement with Super Sonic Company and a $2.4 million initial purchase order from Venom-EV.
Notable developments include the launch of the HF1 UTV in Q4 2024 and receipt of first prototypes for the FT1 dual sport motorcycle. Financially, Volcon raised $19.5 million through February 2025 via ATM and equity offerings, and announced a $2 million share repurchase program.
Q4 cost of goods included a $2.5 million charge for terminating Stag and EVO supply agreements, partially offset by a $0.7 million reduction in Torrot settlement. The company reports no debt and expects current cash position to sustain operations into 2026.
Volcon (NASDAQ: VLCN) ha riportato i risultati finanziari e i punti salienti operativi del quarto trimestre 2024. I ricavi per il quarto trimestre 2024 sono stati di 0,9 milioni di dollari, in linea con il secondo trimestre, ma in calo rispetto ai 1,1 milioni di dollari del terzo trimestre. L'azienda ha ottenuto partnership chiave, inclusa un'esclusiva per la distribuzione di carrelli da golf con la Super Sonic Company e un ordine iniziale di acquisto di 2,4 milioni di dollari da Venom-EV.
Sviluppi notevoli includono il lancio dell'HF1 UTV nel quarto trimestre 2024 e la ricezione dei primi prototipi per la motocicletta dual sport FT1. Dal punto di vista finanziario, Volcon ha raccolto 19,5 milioni di dollari fino a febbraio 2025 tramite offerte ATM e di equity, e ha annunciato un programma di riacquisto di azioni da 2 milioni di dollari.
I costi delle merci del quarto trimestre hanno incluso un addebito di 2,5 milioni di dollari per la risoluzione degli accordi di fornitura con Stag ed EVO, parzialmente compensato da una riduzione di 0,7 milioni di dollari nel saldo Torrot. L'azienda riporta di non avere debiti e prevede che la posizione di cassa attuale sosterrà le operazioni fino al 2026.
Volcon (NASDAQ: VLCN) informó sobre los resultados financieros y los aspectos operativos del cuarto trimestre de 2024. Los ingresos para el cuarto trimestre de 2024 fueron de 0,9 millones de dólares, consistentes con el segundo trimestre, pero en disminución respecto a los 1,1 millones de dólares del tercer trimestre. La compañía aseguró asociaciones clave, incluyendo un acuerdo exclusivo de distribución de carritos de golf con Super Sonic Company y una orden de compra inicial de 2,4 millones de dólares de Venom-EV.
Desarrollos notables incluyen el lanzamiento del HF1 UTV en el cuarto trimestre de 2024 y la recepción de los primeros prototipos para la motocicleta dual sport FT1. Financieramente, Volcon recaudó 19,5 millones de dólares hasta febrero de 2025 a través de ofertas de ATM y de acciones, y anunció un programa de recompra de acciones de 2 millones de dólares.
Los costos de bienes del cuarto trimestre incluyeron un cargo de 2,5 millones de dólares por la terminación de los acuerdos de suministro con Stag y EVO, compensado parcialmente por una reducción de 0,7 millones de dólares en el acuerdo de Torrot. La compañía informa que no tiene deudas y espera que su posición de efectivo actual sostenga las operaciones hasta 2026.
볼콘 (NASDAQ: VLCN)은 2024년 4분기 재무 결과 및 운영 하이라이트를 보고했습니다. 2024년 4분기 수익은 90만 달러로, 2분기와 일치하지만 3분기의 110만 달러에서 감소했습니다. 회사는 슈퍼 소닉 컴퍼니와의 독점 골프 카트 유통 계약 및 베놈-EV로부터의 240만 달러 초기 구매 주문을 포함한 주요 파트너십을 확보했습니다.
주목할 만한 발전 사항으로는 2024년 4분기에 HF1 UTV를 출시하고 FT1 듀얼 스포츠 모터사이클의 첫 프로토타입을 수령한 것이 있습니다. 재무적으로 볼콘은 2025년 2월까지 ATM 및 주식 공모를 통해 1950만 달러를 모금했으며, 200만 달러 규모의 자사주 매입 프로그램을 발표했습니다.
4분기 상품 비용에는 Stag 및 EVO 공급 계약 종료에 대한 250만 달러의 비용이 포함되었으며, 이는 Torrot 합의에서의 70만 달러 감소로 부분적으로 상쇄되었습니다. 회사는 부채가 없으며 현재의 현금 위치가 2026년까지 운영을 지속할 것으로 예상하고 있습니다.
Volcon (NASDAQ: VLCN) a publié les résultats financiers et les points saillants opérationnels du quatrième trimestre 2024. Les revenus pour le quatrième trimestre 2024 s'élevaient à 0,9 million de dollars, en ligne avec le deuxième trimestre mais en baisse par rapport aux 1,1 million de dollars du troisième trimestre. L'entreprise a sécurisé des partenariats clés, y compris un accord exclusif de distribution de voiturettes de golf avec Super Sonic Company et un bon de commande initial de 2,4 millions de dollars de Venom-EV.
Parmi les développements notables, on trouve le lancement du HF1 UTV au quatrième trimestre 2024 et la réception des premiers prototypes de la moto dual sport FT1. Sur le plan financier, Volcon a levé 19,5 millions de dollars jusqu'en février 2025 par le biais d'offres ATM et d'équité, et a annoncé un programme de rachat d'actions de 2 millions de dollars.
Les coûts des biens pour le quatrième trimestre comprenaient une charge de 2,5 millions de dollars pour la résiliation des contrats de fourniture avec Stag et EVO, partiellement compensée par une réduction de 0,7 million de dollars dans le règlement avec Torrot. L'entreprise indique n'avoir aucune dette et s'attend à ce que sa position de trésorerie actuelle soutienne ses opérations jusqu'en 2026.
Volcon (NASDAQ: VLCN) hat die finanziellen Ergebnisse und betrieblichen Höhepunkte des vierten Quartals 2024 bekannt gegeben. Der Umsatz für das vierte Quartal 2024 betrug 0,9 Millionen Dollar, was mit dem zweiten Quartal übereinstimmt, jedoch im Vergleich zu den 1,1 Millionen Dollar des dritten Quartals gesunken ist. Das Unternehmen sicherte sich wichtige Partnerschaften, darunter einen exklusiven Vertrieb von Golf-Carts mit der Super Sonic Company und eine erste Bestellung über 2,4 Millionen Dollar von Venom-EV.
Bemerkenswerte Entwicklungen sind der Launch des HF1 UTV im vierten Quartal 2024 und der Erhalt der ersten Prototypen für das FT1 Dual-Sport-Motorrad. Finanzielle Aspekte: Volcon hat bis Februar 2025 19,5 Millionen Dollar durch ATM- und Aktienangebote gesammelt und ein Aktienrückkaufprogramm über 2 Millionen Dollar angekündigt.
Die Kosten der Waren im vierten Quartal beinhalteten eine Gebühr von 2,5 Millionen Dollar für die Beendigung der Lieferverträge mit Stag und EVO, die teilweise durch eine Reduzierung von 0,7 Millionen Dollar im Torrot-Vergleich ausgeglichen wurde. Das Unternehmen berichtet von keinen Schulden und erwartet, dass die aktuelle Bargeldposition die Betriebsabläufe bis 2026 aufrechterhalten kann.
- Secured $2.4M initial purchase order from Venom-EV
- Raised $19.5M through equity offerings strengthening balance sheet
- Debt-free status with cash runway extending into 2026
- Strategic partnership with Super Sonic avoiding high Chinese tariffs
- Reduced Adjusted EBITDA loss from $12.1M in Q3 to $5.0M in Q4
- Q4 revenue declined to $0.9M from $1.1M in Q3 2024
- $2.5M charge for termination of Stag and EVO supply agreements
- $0.3M write-down of Grunt EVO finished goods inventory
- Significant share dilution from equity offerings
- Operating at a loss with negative EBITDA
Insights
Volcon's Q4 2024 results showcase a company in transition with significant financial maneuvering. The $0.9 million quarterly revenue remained flat compared to Q2 and slightly down from Q3's $1.1 million, reflecting minimal market penetration despite new product introductions. The persistent gap between revenue and expenses remains concerning, with an adjusted EBITDA loss of $5.0 million in Q4, though improved from Q3's $12.1 million loss.
The company's balance sheet transformation stands out as the most positive development. Through ATM and equity offerings, Volcon raised $19.5 million, eliminating all debt and securing runway into 2026. This financial restructuring provides important breathing room for their strategic pivot.
One-time charges significantly impacted results, including $2.5 million for terminating supply agreements and $0.3 million in inventory write-downs. These charges, following similar write-offs in previous quarters, signal a complete product strategy reset that's both costly and necessary.
The $2.4 million Venom-EV purchase order represents a meaningful sales catalyst, equivalent to over two quarters of current revenue. Meanwhile, the exclusive golf cart distribution agreement with Vietnam-based Super Sonic creates a significant competitive advantage by avoiding the 150% tariffs on Chinese imports.
The announced $2 million share repurchase program creates an interesting tension – it signals management confidence but potentially reduces the runway created by recent fundraising. This suggests leadership believes the current share price significantly undervalues their repositioned business model.
Volcon's operational restructuring reveals a company making decisive moves to address fundamental supply chain challenges. The strategic shift to Vietnamese manufacturing through Super Sonic delivers an immediate competitive advantage with 2.5% tariffs versus 150+% on Chinese imports – a potential game-changer in the price-sensitive electric vehicle market.
The termination of previous supply agreements at a $2.5 million cost represents a calculated decision to reset their manufacturing strategy completely. While expensive short-term, this clears the path for a more sustainable and cost-effective production model.
The product evolution shows methodical progress with the HF1 UTV launch and FT1 motorcycle entering testing phase for a Q3 2025 release. However, the pattern of inventory write-downs across multiple quarters ($0.3 million this quarter following $0.5 million in Q3) suggests persistent forecasting challenges and possible product-market fit issues that must be addressed.
The $2.4 million Venom order validates their entry into the golf cart segment, but successful execution depends on effective quality control with new manufacturing partners. The company must ensure consistent product quality while scaling production to capitalize on its tariff advantage.
Volcon's pivot from its original pure off-road powersports focus to include golf carts represents a pragmatic diversification strategy but introduces new execution risks. The company must build effective distribution channels and dealer networks for these new product categories while maintaining sufficient manufacturing capacity to support growth if demand materializes.
AUSTIN, TX / ACCESS Newswire / March 17, 2025 / Volcon Inc. (NASDAQ:VLCN) ("Volcon'', the "Company" or "we"), the first all-electric, off-road powersports company, today reported its operational highlights and financial results for the quarter ended December 31, 2024
Company Highlights:
Signed exclusive golf cart distribution agreement with Super Sonic Company Ltd.
Signed golf cart supply agreement with Venom-EV
Launched the HF1 UTV in the fourth quarter of 2024
Received the first prototypes of the FT1 dual sport motorcycle
Raised
$19.5 million in February 2025 from our At the Market and Equity OfferingsAnnounced share repurchase program in March 2025 for up to
$2 million
As previously announced, in January 2025 we signed an agreement to be the exclusive distributor of Super Sonic Company Ltd.'s ("Super Sonic") golf carts in the U.S. Super Sonic is also our supplier for the MN1 Adventurer and MN1 Tradesman and manufactures their golf carts in Vietnam which currently has a
Also as previously announced, in February 2025 we signed a golf cart supply agreement with Venom-EV LLC ("Venom") to supply Venom golf carts. Venom has placed an initial purchase order for
In the fourth quarter of 2024 we received the first HF1 UTV shipment which has a single row bench seat and a dump bed. We completed testing and began selling the HF1 in December 2024.
We received the first prototypes of our next generation motorcycle, the FT1, in February 2025 and we are currently performing testing and will undergo regulatory compliance testing in the second quarter of 2025. We expect this model to be available in the third quarter of 2025.
In November 2024 we initiated an At the Market ("ATM") equity offering. Through February 4, 2025, we raised net proceeds totaling
In March 2025 the board of directors authorized a share repurchase program whereby the Company can repurchase up to
John Kim, CEO, notes "the Company has substantially changed over the last 12 months. We have significantly improved our balance sheet; we have no debt and have cash that we expect will allow us to operate into 2026. We have revamped our product line and will continue to look for new products to complement our existing products. The supplier and exclusive distribution agreements with Super Sonic will allow us to avoid the high tariffs that other golf cart OEMs are facing with products coming from China. The supply agreement and initial purchase from Venom is the first of what we hope are many more to come. It has been a lot of work to move the Company forward and I want to recognize the dedication of our employees who have embraced these changes to put us in a position to be successful"
Financial highlights:
| 3 Months Ended |
|
| Years Ended December 31, |
| |||||||||||||||
GAAP |
| December 31, 2024 |
|
| September 30, 2024 |
|
| June 30, |
|
| 2024 |
|
| 2023 |
| |||||
Revenue |
| $ | 986,916 |
|
| $ | 1,075,864 |
|
| $ | 940,863 |
|
| $ | 4,037,191 |
|
| $ | 3,260,988 |
|
Cost of goods sold |
|
| (3,138,559 | ) |
|
| (10,294,720 | ) |
|
| (3,113,429 | ) |
|
| (18,168,288 | ) |
|
| (11,391,040 | ) |
Gross Margin |
|
| (2,151,643 | ) |
|
| (9,218,856 | ) |
|
| (2,172,566 |
|
|
| (14,131,097 | ) |
|
| (8,130,052 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Sales & Marketing |
|
| 774,026 |
|
|
| 470,692 |
|
|
| 543,671 |
|
|
| 2,548,953 |
|
|
| 7,405,705 |
|
Product Development |
|
| 519,483 |
|
|
| 528,352 |
|
|
| 805,550 |
|
|
| 2,668,330 |
|
|
| 7,868,985 |
|
General & Administrative |
|
| 1,660,627 |
|
|
| 1,916,712 |
|
|
| 2,007,514 |
|
|
| 7,665,647 |
|
|
| 6,388,007 |
|
Total Operating Expenses |
|
| 2,954,136 |
|
|
| 2,915,756 |
|
|
| 3,356,735 |
|
|
| 12,882,930 |
|
|
| 21,662,697 |
|
Loss from Operations |
|
| (5,105,779 | ) |
|
| (12,134,612 | ) |
|
| (5,529,301 | ) |
|
| (27,014,027 | ) |
|
| (29,792,749 | ) |
Other Income (Expense) |
|
| (111,590 | ) |
|
| (1,503,866 | ) |
|
| 4,922,883 |
|
|
| (18,496,282 | ) |
|
| (15,278,462 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net loss |
| $ | (5,217,369 | ) |
| $ | (13,638,478 | ) |
| $ | (606,418 | ) |
| $ | (45,510,309 | ) |
| $ | (45,071,211 | ) |
The financial results presented herein are subject to change pending completion of the audit of the annual financial statements.
Revenue: The Company's revenue for the fourth quarter of 2024 was
$0.9 million compared to the third quarter which was$1.1 million , and the second quarter which was$0.9 million . Revenue for the fourth quarter includes Brat revenue of$0.4 million , Grunt EVO revenue of$0.3 million and$0.2 million for the adjustment of expired dealer rebates. Third quarter revenue includes Brat revenue of$0.3 million , Grunt EVO revenue of$0.3 million , Stag revenue of$0.1 million and$0.1 million for the adjustment of expired dealer rebates. Revenue for the second quarter includes Brat revenue of$0.2 million , Grunt EVO revenue of$0.3 million , Stag revenue of$0.2 million and Volcon Youth motorcycle revenue of$0.2 million .Cost of Goods Sold: Included in cost of goods sold for the fourth quarter is a charge of
$2.5 million for the termination of the Stag and EVO supply agreements, offset by a reduction in the settlement for Torrot of 0.7 million and a charge for the write down of Grunt EVO finished goods of$0.3 million . Included in cost of goods sold for the third quarter is a charge of$8.7 million for the write-off of Stag parts inventory and prepaid deposits and$0.5 million for the write down of Grunt EVO finished goods inventory. Included in cost of goods sold for the second quarter is a charge of$1.1 million for a settlement agreement with a vendor who supplied certain suspension components for the Stag. Cost of goods sold for the second quarter also includes a charge of$0.4 million for the write-off of Stag tooling due to the limited profit expected on the Stag resulting in an impairment on the recovery of these costs. Absent the adjustments noted above, the Company's gross margin is trending close to break even.Operating Expenses: Our sales and marketing costs decreased in the third quarter as we were realigning our sales and marketing efforts and we increased our sales team in the fourth quarter to expand our dealer network and increase sales. Our product development costs declined since we no longer develop our vehicles which reduced prototype costs and payroll costs due to lower headcount requirements. Our general and administrative costs have declined in the fourth quarter due to lower headcount, an adjustment for estimated franchise tax expense and a decrease in insurance premiums that renewed in the quarter. The Company continues to focus on reducing operating costs while continuing to make investments in product sourcing and our sales team to continue to build our dealer network to generate sales of our new products.
Net loss: Net loss in the fourth quarter includes the recognition of a loss of
$0.1 million for warrants issued in our November 2023 public offering as these warrants were deemed to be liabilities and are recorded at fair value with changes being recorded in income.Net loss for the third quarter includes the recognition of a gain of
$0.1 million for warrants issued in our November 2023 public offering and a loss on repayment of debt of$1.5 million for the repayment of notes issued in May 2024 that were repaid with proceeds from our July 2024 equity offering and interest expense of$0.1 million primarily for these notes.Net loss in the second quarter includes the recognition of a gain of
$5.1 million for warrants issued in our November 2023 public offering and interest expense of$0.2 million primarily for the notes issued in May 2024.Adjusted EBITDA: Adjusted EBITDA for each quarter represents net loss adjusted to add back stock-based compensation, depreciation and amortization expense, interest expense, and the loss/gain on warrant liabilities. The Company's adjusted EBITDA for the fourth quarter was a loss of
$5.0 million compared to the third quarter loss of$12.1 million and compared to the second quarter loss of$5.1 million . See "Non-GAAP Reconciliation" below.
For the latest Company updates, follow Volcon on YouTube, Facebook, Instagram, and LinkedIn. Investor information about the Company, including press releases, company SEC filings, and more can be found at http://ir.volcon.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 and sold out in March 2025. 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
For more information on Volcon or to learn more about its complete motorcycle and side-by-side line-up, visit: www.volcon.com
NON-GAAP RECONCILIATION
We believe presenting adjusted EBITDA provides management and investors consistency and facilitates period to period comparisons of operations, as it eliminates the effects of certain variations to overall performance.
The following table reconciles net loss to adjusted EBITDA:
Adjusted EBITDA |
| 3 Months Ended |
|
| Year Ended December 31, |
| ||||||||||||||
| December 31, 2024 |
|
| September 30, 2024 |
|
| June 30, |
|
| 2024 |
|
| 2023 |
| ||||||
Net loss |
| $ | (5,217,369 | ) |
| $ | (13,638,478 | ) |
| $ | (606,418 | ) |
| $ | (45,510,309 | ) |
| $ | (45,071,211 | ) |
Share-based compensation expense |
|
| 15,079 |
|
|
| 10,053 |
|
|
| 287,751 |
|
|
| 310,961 |
|
|
| 2,627,925 |
|
Depreciation and amortization expense |
|
| 92,568 |
|
|
| 72,332 |
|
|
| 99,517 |
|
|
| 362,138 |
|
|
| 249,207 |
|
Interest expense |
|
| 33,417 |
|
|
| 83,334 |
|
|
| 196,997 |
|
|
| 643,716 |
|
|
| 4,969,590 |
|
Issuance costs |
|
| - |
|
|
| - |
|
|
| - |
|
|
| - |
|
|
| 1,444,547 |
|
Loss from conversion and exchange of convertible notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,647,608 |
|
|
| 22,296,988 |
|
Loss on repayment of May 2024 Notes |
|
| - |
|
|
| 1,470,554 |
|
|
| - |
|
|
| 1,470,554 |
|
|
| - |
|
(Gain) loss on change in fair value of derivative liabilities |
|
| 94,413 |
|
|
| (53,724 | ) |
|
| (5,111,291 | ) |
|
| 14,768,385 |
|
|
| (13,473,218 | ) |
Adjusted EBITDA |
| $ | (4,981,892 | ) |
| $ | (12,055,929 | ) |
| $ | (5,133,444 | ) |
| $ | (26,306,947 | ) |
| $ | (26,956,172 | ) |
Forward-Looking Statements:
Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Whether manufacturers of new products can deliver new models on a timely basis and whether such products can pass regulatory compliance and testing, whether tariffs will change for products manufactured for us in foreign countries, whether we can continue to reduce costs and whether we have sufficient cash to operate into 2026. 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 ePowersports, Inc.
View the original press release on ACCESS Newswire
FAQ
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