Volcon Reports Big Loss in Q2

Electric powersports company lost $23 million in Q2.

Volcon says it hopes to have the Stag to dealers in Q4, but reported big losses in Q2.Volcon

Volcon reported a net loss of $23 million in the second quarter of 2023, up from a loss of $7.3 million in Q1. That’s thanks to the company being in a big production and development push, with little on hand to sell. According to Powersports Business, that should change later this year, as Volcon expects to get the long-awaited Volcon Stag electric UTV to dealers, and the Brat and Grunt EVO electric dirt bikes should be in full sales swing by then.

The loss over the first quarter is more alarming, and Volcon attributed it to selling zero Grunts in the second quarter, as parts shortages delayed the launch of the Grunt EVO. The company took in about $500,000 in Q2, according to PB. The company building the Grunt EVO and Runt eBikes and the Stag e-UTV also decided in Q2 to move production from an ElectraMeccanica facility in Mesa, Arizona, to Mexico, according to PB.

The report is a little alarming when you look at the raw numbers, but Volcon says it has preoders for the Stag that will be worth $115 million, provided everyone who put their hand up for one ends up buying a machine. We’re hopeful that we’ll start seeing Volcons in the flesh before the end of the year.

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