Taiga Motors Declares $5.1 Million Net Loss, $110.1 Million Cash Balance For Q3 2021

Taiga Motors Corporation (TSX: TAIG) announced today its financial results for Q3 2021. The electric automaker ended the quarter with a net loss of $5.1 million, down from Q3 2020’s net loss of $2.7 million.

The quarterly loss came from notching a total of $4.9 million in operating expenses, an increase from last year’s spend of $0.7 million. The loss translates to $0.24 per share.

The electric off-road vehicle manufacturer also said that there are 2,632 units pre-ordered as of the end of the third quarter. “The third quarter marked another strong step forward as we achieved important program milestones for our watercraft and snowmobile platforms with the goal of beginning initial customer deliveries in the coming months,” said Taiga CEO Sam Bruneau.

The firm ended the quarter with a cash balance of $110.1 million from a starting balance of $7.8 million at the beginning of the year. The cash influx is heavily influenced by net proceeds from private placements amounting to $94.2 million and a $42.7 million gain from the effect of reverse acquisition.

The current assets balance came in at $129.8 million while current liabilities ended at $5.4 million.

The Montreal-based firm relayed that it has begun installing its off-road charging network stations, targeting to install in 1,100 locations across North America by 2025.

Taiga Motors last traded at $6.98 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Taiga Motors Records Inaugural Revenue, $9.1 Million Net Loss In Q1 2022

Taiga Motors Corporation (TSX: TAIG) announced today its financial results for Q1 2022. The firm recorded...

Monday, May 16, 2022, 03:01:00 PM

Taiga Motors CFO Eric Bussières to Depart, Firm’s Shares Jump

Taiga Motors Corporation (TSX: TAIG) announced today that Chief Financial Officer Eric Bussières will leave...

Tuesday, June 25, 2024, 03:03:00 PM

Taiga Motors Completes Initial Electric Snowmobile Production, Targets Deliveries In Early 2022

Taiga Motors Corporation (TSX: TAIG) announced today that it has completed the production of its...

Thursday, December 23, 2021, 11:37:00 AM

Taiga Motors Cuts 8% Of Its Workforce

Taiga (TSE: TAIG) confirmed “temporary” layoffs affecting 31 employees, or about 8% of its workforce,...

Tuesday, February 20, 2024, 12:23:00 PM

Taiga Motors Raises $50M In Government Funding For Shawinigan Electric Vehicle Facility

Electric off-road vehicle manufacturer Taiga Motors Corporation (TSX: TAIG) announced Monday that it has been...

Tuesday, July 13, 2021, 03:19:00 PM