Taiga Motors Corporation (TSX: TAIG) announced today its financial results for Q1 2022. The firm recorded revenue from its inaugural deliveries of electric snowmobiles at $0.1 million.
However, cost of sales amounted to $2.2 million, leading to a gross loss of $2.0 million. The firm also recorded a net loss of $9.1 million during the quarter coming from Q4 2021’s $11.3 million net loss and Q1 2021’s $28.7 million net loss.
The quarterly loss came from notching a total of $9.2 million in operating expenses, with G&A expenses taking the biggest slice at $4.8 million. The bottomline translates to $0.29 loss per share.
“The first quarter ushered in a new era for the company with our landmark deliveries and our initial reported revenue. After six years of product development, building the team, and operationalizing our manufacturing process, we sold our first electric snowmobiles in the United States to both commercial fleet operators and recreational customers during the first quarter.” said CEO Samuel Bruneau.
The firm ended the year with a cash balance of $71.1 million from last quarter’s ending balance of $86.7 million. The current assets balance came in at $101.2 million while current liabilities ended at $9.2 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 $4.26 on the TSX.
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