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.
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