2023-08-14 22:27:28
Expansion also continues on the Taiga Service Provider network side. As of June 30, it had 20 locations offering delivery and aftermarket services in Canada and the United States. (Photo: 123RF)
Quebec snowmobile and watercraft maker Taiga Motors more than doubled its revenue in the second quarter of 2023 compared to the first few months of the year.
Presenting Monday its financial and operating results for the second quarter ending June 30, the company announced that it generated $4.1 million in revenue from the sale of 145 vehicles. This represents an increase of 137% compared to the previous quarter.
The manufacturer also suffered a net loss before other costs of $15.9 million in the second quarter compared to $11.1 million in the corresponding quarter of 2022.
The company’s management has indicated that production has increased significantly thanks to the Nomad snowmobile.
“The 2023 Nomad model has been redesigned for better large-scale manufacturing, and we have seen strong results alongside continued improvements in our supply chain,” Taiga President and CEO Samuel Bruneau said in a statement. communicated.
In the second quarter, the company produced a total of 178 snowmobiles and personal watercraft. It intends to maintain its momentum in the coming months and significantly increase its production with the recent launch of the Orca Performance watercraft.
“In the second quarter, we demonstrated the scalability of our snowmobile platform. In this third quarter, we are on track to relaunch high-capacity production, with our Orca Performance model, as we complete the limited edition Orca Carbon,” added Mr. Bruneau.
Research and development expenditure is also on the rise. They amounted to $4.3 million compared to $1.6 million in the second quarter of 2022, Taiga said.
Expansion also continues on the Taiga Service Provider network side. As of June 30, it had 20 locations offering delivery and aftermarket services in Canada and the United States.
Taiga also reported the closing of the issuance of $46.8 million aggregate principal amount of convertible debentures pursuant to a private placement announced last April.
This is an aggregate principal amount of $40.15 million of 10% secured convertible debentures maturing on March 31, 2028, and having been entered into on March 24, 2023. The company had obtained additional funds from $6.6 million in gross proceeds by issuing additional convertible debentures to Northern Private Capital and Investissement Québec, each having subscribed for $3.3 million.
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