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.
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