Taiga Motors reported $11.87 million in revenues from the sale of 592 vehicles during fiscal year 2023, compared with $2.4 million in 2022. Revenues for the fourth quarter ending Dec. 31 were $4.5 million from 242 units sold, compared with $1.03 million in the prior year.
In a statement, the Canadian manufacturer of electric personal watercraft and snowmobiles said it “continued to build its sales channels and commenced distribution to international markets in South America and the United Arab Emirates alongside the continued development of its Taiga Service Provider network to 40 locations across Canada and the United States.”
Taiga said it produced 243 Orca PWC in the fourth quarter and delivered 119 units. Preorder levels stood at 2,442 as of Dec. 31, and the company said it completed the production launch on “high-volume” Orca Performance models.
For the full year , the company incurred research and development expenses of $11.35 million, an increase from $6.93 million in 2022. General and administration costs increased to $15.41 million from $14.6 million the previous year. Net loss for 2023 was $53.45 million, compared with $43.87 million in 2022.
Inventory increased to $24.48 million as of Dec. 31, compared with $15.34 million a year prior.
