Quebec snowmobile and watercraft manufacturer Taiga Motors more than doubled its revenue in the second quarter of 2023 compared to the first months of the year.
Reporting its financial and operating results for the second quarter ending June 30 on Monday, the company said it generated revenue of $4.1 million 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 management of the company indicated that production has increased significantly thanks to the Nomad snowmobile.
“The Nomad 2023 model has been redesigned for better large-scale manufacturing, and we’ve 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 watercraft. It intends to maintain its momentum in the coming months and significantly increase its production with the recent launch of the Orca Performance personal watercraft.
“In the second quarter, we demonstrated the scalability of our snowmobile platform. In this third quarter, we are well on our way to restarting 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 were 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 after-sales 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 10% secured convertible debentures due March 31, 2028, and closed on March 24, 2023. The company had secured additional funds of 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.
