Taiga Motors, the Canadian manufacturer of electric personal watercraft and snowmobiles, reported second-quarter revenues of $4.1 million, compared with $399,525 in the prior-year quarter, after delivering 145 vehicles.
The company said in a statement that this allowed it to close a convertible bond issuance of $46.8 million under a previously announced private placement.
The Orca Performance personal watercraft launched following the close of the second quarter. Preorders for all vehicles were 2,981.
“We’re now on our path to resume our high throughput production with the Orca Performance in the third quarter as we get through the limited-edition Orca Carbon,” CEO Sam Bruneau said in the statement.
Cash and cash equivalents were $26.4 million as of June 30, compared with $22.8 million Dec. 31, 2022. The increase was due to the private placement of $40.2 million of convertible debentures closed March 24 and an additional $6.6 million raised in connection with a private placement that closed April 27.
Cost of sales of $9.5 million during the second quarter compares with $4.2 million reported in the same quarter of 2022. Research and development costs increased to $4.3 million from $1.6 million, while general and administration expenses increased from $4.6 million in 2022 to $5 million this year.
