- Produced 417 vehicles during the fourth quarter of 2023, resulting in 1,056 vehicles produced during the full year 2023
- Recorded
$6.1 million of revenue in the fourth quarter of 2023 and$16.1 million during the full year 2023 - Began deployment of enhanced omnichannel sales model with distribution to key international markets in the
U.A.E. andSouth America - Completed production launch on optimized high volume OrcaTM Performance PWC and NomadTM snowmobile product platforms achieving over 50 unit per week production on both product lines
Taiga reported
During the quarter, Taiga continued to build its sales channels and commenced distribution to international markets in
Fourth Quarter 2023 Operational Updates
- Produced 417 vehicles, of which 243 were Orca Performance watercraft and 174 were Nomad snowmobiles.
- Sold and delivered 242 vehicles, including 119 Orca PWC and 123 Nomad snowmobiles.
- Pre-order level stood at 2,442 as at
December 31, 2023 , as the Company focuses on maintaining a pre-order level and sales pipeline in line with its production plan.1 - Taiga Service Provider (TSP) network growth in 2023, with 30 TSPs onboarded as of
December 31, 2023 , covering 40 locations inNorth America . - Initiated international PWC distribution in the
U.A.E. and inSouth America as well as snowmobile deliveries across multiple fleet operators inSweden . - Completed production launch on optimized high volume Orca Performance PWC and Nomad snowmobile product platforms achieving over 50 unit per week production on both product lines.
- Launched the new Cloud Connected Mobile App, enhancing customers' experience and further solidify Taiga as a technology leader in the off-road industry.
Fourth Quarter 2023 Financial Highlights (All amounts in Canadian dollars unless indicated otherwise)
- Recorded revenue of
$6.1 million during the fourth quarter of 2023, compared to$1.4 million in the fourth quarter of 2022. - Recorded Cost of Sales of
$15.6 million during the fourth quarter of 2023, compared to$17.1 million in the fourth quarter of 2022. - Research & Development (R&D) expense (net of tax credits) increased to
$3.1 million in the fourth quarter of 2023 from$2.0 million in the fourth quarter of 2022. - General & Administration (G&A) expense increased to
$6.2 million from$4.9 million compared to the fourth quarter of 2022. - Sales & Marketing (S&M) expense of
$1.0 million remained relatively stable with no change compared to the fourth quarter of 2022. - Net loss for the period decreased to
$22.2 million compared to$23.8 million in the fourth quarter of 2022.
Full-Year 2023 Financial Highlights (All amounts in Canadian dollars unless indicated otherwise)
- Revenue of
$16.1 million recorded during 2023, compared to$3.2 million recorded in 2022. - Cost of Sales of
$43.0 million recorded during 2023, compared to$29.2 million reported in 2022. - Research & Development (R&D) expense (net of tax credits) increased to
$15.4 million from$9.4 million compared 2022. - General & Administration (G&A) expense increased to
$20.9 million from$19.8 million in 2022. - Sales & Marketing (S&M) expense increased to
$5.1 million from$4.3 million in 2022. - Net loss for 2023 increased to
$72.5 million compared to$59.5 million in 2022. - Additions to Property and Equipment decreased to
$11.4 million compared to$12.1 million in 2022. - Cash and cash equivalents of
$5.3 million as atDecember 31, 2023 , compared to$22.8 million as atDecember 31, 2022 . - Inventory increased to
$33.2 million as atDecember 31, 2023 , compared to$20.8 million as atDecember 31, 2022 .
2024 Priorities
After making major investments in 2022-2023 on new product launches and to support the Company's rapid production ramp-up, Taiga is now focused on driving cost efficiency throughout the business and on deploying its omnichannel sales model to support sustainable growth. In view of the current economic context combined with an unusually mild winter that negatively impacted the snowmobile business, Taiga is in the process of taking several steps to adjust its operations to better align seasonal production timing with dealer inventory levels. As such, the Company announced today that it is temporarily pausing its vehicle production and temporarily reducing its workforce accordingly by approximately 70 people. In addition, Taiga is committed to further reducing its operating burn in 2024 and will continue to adjust the scale of its operations to the current market reality while maintaining the Company's focus on expanding sales.
Furthermore, given the transition period in which Taiga currently finds itself as well as the Company's current overall operational, market and financial circumstances, the Company has decided that it does not currently intend to provide any forward-looking guidance, production or sales outlook in respect of the fiscal year ending
Investors should read in their entirety the Company's 2023 annual disclosure documents filed on
Taiga will not be hosting a conference call to discuss its fourth quarter and full year 2023 results. Analysts and investors may contact Taiga's Chief Financial Officer by writing to eric.bussieres@taigamotors.ca.
About Taiga
Taiga (TSX: TAIG) is a Canadian company reinventing the powersports landscape with breakthrough electric off-road vehicles. Through a clean-sheet engineering approach, Taiga has pushed the frontiers of electric technology to achieve extreme power-to-weight ratios and thermal specifications required to outperform comparable high-performance combustion powersports vehicles. The first models released include a lineup of electric snowmobiles and personal watercraft to deliver on a rapidly growing demand from recreational and commercial customers who are seeking better ways to explore the great outdoors without compromise. For more information, visit www.taigamotors.com
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes, but is not limited to, information with respect to our objectives and the strategies to achieve these objectives, the expected operations, financial results and condition of the Company, expectations regarding market trends, the Company's growth rates, the Company's future objectives and strategies to achieve those objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions.
This forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", as well as the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, its financial position, operations, prospects and risks at a point in time in the context of historical and possible future developments and therefore the reader is cautioned that such information may not be appropriate for other purposes.
We draw your attention to the "Financial Position" section of the Company's management's discussion and analysis for the fiscal year ended
Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in, or implied by, such forward-looking information. These risks and uncertainties include, but are not limited to, the Company's continuing negative operating cash flows and the limited prospects for the Company to obtain a meaning amount of additional funding or financing, limited operating history, delays in the ramp-up and commissioning of our assembly and production facilities, development of the network of dealers, supply chain dependence and disruptions and the impact of such disruptions on our ability to fulfil orders, quality control concerns, regulatory compliance, future capital requirements, warranty and product recalls, product and those described in the Company's management's discussion and analysis for the fiscal year ended
All of the forward-looking information contained in this press release is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
1Pre-orders for new Taiga vehicles are cancelable and the deposit fully refundable, and there can be no assurance that such pre-orders will be converted into sales.
SOURCE
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