Taiga Motors Corp., a Canadian manufacturer of electric off-road vehicles, including the Orca PWC, reported first quarter revenue of $1.7 million from the sale of 59 units
The company said in a statement that it also expanded its service provider network in the United States and Canada.
“The first quarter marked an important milestone for Taiga as we begin to see tangible operational results from the supply chain foundations enabling volume production that we built over the past year,” CEO Sam Bruneau said in the statement. “We were able to materially ramp up our production levels and produced 222 vehicles by May 12, with a significant throughput increase in April.”
Taiga’s preorders numbered 3,185 during the first quarter. (The company does not call out units for its Orca electric personal watercraft.)
Taiga also announced that it completed the private placement of $40.15 million aggregate principal amount of 10% secured convertible debentures due March 31, 2028. Under the terms of the placement, an option to raise additional capital was granted, and as of April 27, the two investors — Northern Private Capital and Investissement Québec — had collectively raised an additional $6.6 million, bringing the total amount to $46.75 million.
