- Continued strong demand with pre-order1 book
increasing 22% to 2,886 units as of March
31, 2022, compared to 2,356 units as of December 31, 2021. Fleet operators account for
about 20% of total pre-orders.
- Inaugural snowmobile deliveries on March 18, 2022, with the Nomad™ snowmobile sold
to recreational customers and commercial fleet operators in
the United States by quarter
- Unlevered balance sheet with $71 million of cash and cash equivalents as of
March 31, 2022.
MONTREAL, May 16, 2022
/CNW/ - Taiga Motors Corporation (TSX:
TAIG) ("Taiga" or the "Company"), a
leading electric off-road vehicle manufacturer, today reported its
financial and operating results for the first quarter 2022 ending
March 31, 2022.
"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 Samuel Bruneau, CEO of Taiga.
"The feedback we've received on our vehicles continues to be
overwhelmingly positive, from clients, from Canadian and US
Government officials, and from media. I am proud of what we have
accomplished in the first quarter and combined with our learnings,
this milestone serves as the perfect springboard to propel
production for the Orca™, Taiga's personal watercraft."
Taiga remains focused on three key areas of the business, which
include ramping up production and deliveries globally, building a
culture of high performance, and increasing its brand awareness.
The future of off-road is electric, and Taiga is working to
directly support its mission to accelerate no-compromise access to
First Quarter Financial
(All amounts in Canadian dollars unless otherwise
- Initial revenue of $141,461
recorded during the first quarter of 2022.
- Cash and cash equivalents of $71.1
million as at March 31, 2022
compared to $86.7 million as at
December 31, 2021.
- Research & Development (R&D) expense (net of tax
credits) increased to $1.4 million
from $1.2 million compared to the
first quarter of 2021.
- General & Administration (G&A) expense increased to
$4.8 million from $2.5 million compared to the first quarter of
- Sales & Marketing (S&M) expense increased to
$1.0 million from $0.6 million compared to the first quarter of
- Net loss for the period was $9.1
million compared to $6.3
million in the first quarter of 2021.
First Quarter Operational
- Deliveries initiated on March 18,
2022, with seven Nomad™ snowmobiles sold during the
first quarter of 2022. Overall, the limited snowmobile production
run resulted in the sale of 28 units as at May 13, 2022.
- Commissioned the first stage of our automated battery
production line and ramping up battery assembly in line with 2022
- Increased headcount to 216 full time employees at the end of
the first quarter of 2022, with approximately half the work force
employed in engineering.
- Finalized the $30 million loan
agreement for equipment with a government entity on March 18, 2022.
On March 18, 2022, the Company
announced that it initiated deliveries of its first Nomad™
snowmobiles. Taiga's 2022 Nomad™ marks the world's
first production electric snowmobile sale.
Following these important milestones, Taiga is working
diligently to ramp up its production and deliveries in 2022. Given
the supply chain disruptions, Taiga has sourced alternative
supplies for its vehicles and secured chips for 1,000 units.
However, production in 2022 will continue to remain limited by
further factors, including the availability of raw materials and
other components, manufacturing process optimization and volume
related cost efficiencies. For 2023, Taiga has strategically
procured certain long lead components in line with its expected
production ramp up.
Taiga management will hold a conference call today (May 16, 2022) at 9:00 a.m.
Eastern time (6:00 a.m. Pacific
time) to discuss these results.
Toll-Free Dial-In: +1 855-658-2585
International Dial-In: +1 514-375-0364
The conference call will be broadcast live and available for
replay here and via the Investor Relations section of
A telephonic replay of the conference call will be available
after 12:00 p.m. Eastern time on the
same day through May 23, 2022.
Toll-free replay number: +1 800-319-6413
International replay number: +1 604-638-9010
Replay ID: 8879
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
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, overall market growth rates and the Company's growth rates,
the Company's future objectives and strategies to achieve those
objectives, expected timelines for achieving mass-production
capabilities, the ramp-up of our current facility, the anticipated
performance of customer experiences and customer demand for our
products, as well as information with respect to our beliefs,
plans, expectations, anticipations, estimates and
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, 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.
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 effective
further supply chain disruptions, and the impact of such
disruptions on ability to fulfil orders, pre-orders for the
Company's vehicles being cancelled and those described in the
Company's management's discussion and analysis for the three month
periods ended March 31, 2022, and
2021, and under the "Risk Factors" section of the Company's annual
information form filed on March 28,
2022 on the Company's SEDAR profile at sedar.com.
Forward-looking statements reflect management's current
beliefs, expectations and assumptions and are based on information
currently available to management. Readers are cautioned not to
place undue reliance on forward-looking statements, as there can be
no assurance that the future circumstances, outcomes or results
anticipated or implied by such forward-looking statements will
occur or that plans, intentions or expectations upon which the
forward-looking statements are based will occur. By their nature,
forward-looking statements involve known and unknown risks and
uncertainties and other factors that could cause actual results to
differ materially from those contemplated by such
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
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 Taiga Motors Corporation