Taiga Motors, a Canadian manufacturer of electric personal watercraft and snowmobiles, reported $3.07 million (CAD$4.2 million) in revenue from the sale of 147 vehicles during the third quarter ended Sept. 30, a 222% increase over the year-ago quarter.
Taiga said it produced 365 Orca Performance PWC during the quarter while achieving a production level of more than 50 vehicles per week. The company delivered 112 PWC in the third quarter.
“The third quarter was another step towards establishing Taiga as a leader in powersport electrification,” CEO Sam Bruneau said in a statement. “We launched the Orca Performance, and with it, we were able to ramp up our production to double the prior quarterly throughput. The Orca Performance personal watercraft was designed for scalability in order for Taiga to leap forward in mass-market powersport electrification and drive mass adoption at a competitive price.”
During the third quarter, Taiga continue to expand its service provider network and as of Sept. 30, the company’s network included 31 locations to provide deliveries and after-sales service across Canada and the United States. Taiga made its first deliveries in California and is working on improving its production to align with seasonal consumer retail timings.
On Sept. 29, Taiga closed a $10.9 million (CAD$15 million) secured term loan agreement with Export Development Canada. The funds provide the manufacturer with additional liquidity and flexibility in managing its working capital. The loan bears interest on drawn funds at the annual prevailing Canadian prime rate of plus-5% and matures Feb. 10, 2028.
Third-quarter revenue was $3.07 million (CAD$4.2 million) compared with $942,506 (CAD$1.3 million) a year ago. Cost of sales in the quarter was $8.85 million (CAD$12) compared with $4.13 million (CAD$5.6 million) in 2022.
Net loss for the third quarter increased to $14.7 million (CAD$20.2 million) from $11.23 million (CAD$15.5 million) in 2022. Inventory increased to $23.19 million (CAD$32 million) compared with $15.08 million (CAD$20.8 million) on Dec. 31, 2022.
