Taiga Motors Ends Q4 2021 With $11.3 Million Net Loss, $86.7 Million Cash Balance

Taiga Motors Corporation (TSX: TAIG) announced today its financial results for Q4 and full-year 2021, ending the quarter with a net loss of $11.3 million, down from Q3 2021’s net loss of $5.1 million.

The quarterly loss came from notching a total of $11.7 million in operating expenses, with G&A expenses taking the huge slice of the quarter-on-quarter increase to $8.0 million this year from $2.7 million in the previous quarter.

For 2021, the firm ended with a net loss of $100.1 million compared to a net loss of $107.4 million incurred for the seven months ending December 31, 2020.

But CEO Sam Bruneau looks at Q4 as a milestone quarter. “After navigating through supply chain disruptions and other challenges, we manufactured our first production electric snowmobiles with landmark deliveries starting on March 18, 2022,” Bruneau said.

The firm ended the year with a cash balance of $86.7 million. The current assets balance came in at $116.7 million while current liabilities ended at $11.4 million.

The electric vehicle manufacturer has said that due to the global semiconductor shortage, it has worked on sourcing “alternative supplies for its vehicles and secured chips for 1,000 units.”

“However, production in 2022 will remain limited by further factors, including the availability of raw materials and other components, manufacturing process optimization, and volume-related cost efficiencies,” the company said in its statement.

Taiga Motors last traded at $6.21 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

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

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 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

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...

Friday, November 12, 2021, 11:46:00 AM

Taiga Motors: Canaccord Initiates Coverage With $23 Price Target

Canaccord recently intiated coverage on Taiga Motors (TSX: TAIG), a recently de-SPAC’d company with a...

Saturday, May 8, 2021, 12:07:00 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