- Accelerated product demand with pre-order book increasing
111% to 2,632 units pre-ordered1 as of October 31, 2021 compared to 1,246 at start of
2021. Continued demand for electrification with 130 multi-unit
orders from global commercial operators enrolled in Taiga's fleet
program.
- Strong unlevered balance sheet with $110 million of cash and cash equivalents as at
September 30, 2021. At this stage,
the Company has sufficient cash resources to commence production
and does not anticipate any further equity financing for the
foreseeable future.
- Appointed a new CFO, Eric
Bussières, who will take the place of Mark Orsmond effective on November 15, 2021, with a transition period until
November 30, 2021.
- Began installations of first Taiga off-road charging network
stations with 1,100 locations planned across North America by 2025, enabling 75,000 km of
electrified trails.
MONTREAL, Nov. 12, 2021 /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 third quarter that ended on September 30, 2021.
Management Commentary
"The third quarter marked
another strong step forward as we achieved important program
milestones for our watercraft and snowmobile platforms with the
goal of beginning initial customer deliveries in the coming
months," said Taiga CEO Sam Bruneau.
"In September, we began events for reservation holders and media
that gave them a chance to drive the first Orca Carbon pilot units
off the line. The positive feedback we received suggests that we
are well on our way to re-defining the powersports industry."
"The engineering teams have been hard at work navigating the
challenges associated with global supply shortages, and we have
managed to further innovate through this difficult period. We have
introduced proactive enhancements to our software platform enabling
us to rapidly deploy new electronic designs in a highly
hardware-abstracted environment. Upwards of 20 printed circuit
board re-designs towards long term component availability were made
during this quarter alone, confirming the speed at which impactful
re-designs can be implemented thus giving us a competitive edge at
deploying new innovations as we scale."
"Our focus remains on three key areas of the business including
innovating product & manufacturing, continuing to build a
world-class team to deliver on our ambitious roadmap, and growing
worldwide pre-orders. The recently announced launch of our North
American charging network and the ongoing work to build our new
production facility are prime examples of this plan in action. The
future of off-road is electric, and the work we're doing today
directly supports our mission to accelerate no-compromise access to
the outdoors for all."
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Pre-orders 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.
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Third Quarter Financial Results (All amounts in
Canadian dollars unless otherwise indicated)
Results compare 2021 third quarter (September 30, 2021) to 2020 third quarter
(September 30, 2020) unless
otherwise indicated.
- Cash and cash equivalents of $110
million at September 30, 2021
compared to $7.8 million at
December 31, 2020.
- Research & Development (R&D) expense increased to
$1.1 million compared to $551,000 in the same period last year.
- General & Administration (G&A) expense increased to
$2.7 million from $163,000 in the same period last year.
- Sales & Marketing (S&M) expense increased to
$1.1 million from $32,000 in the same period last year.
- Net loss for the quarter ended September
30, 2021 was $5.1 million
compared to $2.7 million in the same
period last year.
Operational Updates
- First Orca pilot units successfully tested by customers and
media, with a positive response.
- Completed installations of first marina charging stations at
Ontario and Quebec sites.
- Increased headcount to 134 full time employees in end of Q3,
with 30% growth in engineering since last quarter.
- Appointed new VP of Electrification Operations Doug Braswell to oversee strategic growth, new
vehicle platform launches, and the acceleration of third-party
vehicle platform electrification.
- Developed new innovative hardware-abstracted software
architecture allowing for rapid redesigns around electronic
shortages and deployment of new innovations.
- Montreal factory
progressing with pilot watercraft, battery pack and tractive unit
lines installed. Introduction of proprietary fifth generation
integrated motor-inverter tractive units to be used in production
snowmobiles and watercraft, achieving approximately 3% higher
efficiency and approximately 11% higher power density from previous
generation.
- Launched the Ride the Current Tour in October that will take
place across the United States.
These multi-city events will give reservation holders, the public
and media a chance to experience the first Orca Carbon pilot
units.
Conference Call
Taiga management will hold a
conference call today (November 12,
2021) at 10:00 a.m. Eastern
time (7:00 a.m. Pacific time)
to discuss these results.
Taiga management will host the presentation, followed by a
question-and-answer period.
Toll-Free Dial-In: 877-660-6853
International Dial-In: 201-612-7415
Please call the conference telephone number 10 minutes prior to
the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at
949-574-3860.
The conference call will be broadcast live and available for
replay here and via the Investor Relations section of Taiga's
website. The presentation will be conducted in English, and the
Company will make a French transcription available after the live
event.
A telephonic replay of the conference call will be available
after 1:00 p.m. Eastern time on the
same day through November 19,
2021.
Toll-free replay number: 877-660-6853
International replay number: 201-612-7415
Replay ID: 13723318
About Taiga
Taiga 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 that 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.
https://www.taigamotors.ca
Forward-Looking Statements
This press
release contains "forward-looking information" within the meaning
of applicable securities laws, including statements with regards to
the production capacity of the new production facility, the
anticipated performance of the charging network, the ability to
roll out additional off-road charging stations within the
anticipated timeframe, 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 anticipated performance
of customer experiences and customer demand for Taiga's products.
Forward-looking statements generally, but not always, can be
identified by the use of forward-looking terminology such as
"outlook", "objective", "may", "could", "would", "will", "expect",
"intend", "estimate", "forecasts", "project", "seek", "anticipate",
"believes", "should", "plans" or "continue", or similar expressions
suggesting future outcomes or events and the negative of any of
these terms. Forward-looking information involves known and unknown
risks and uncertainties, many of which are beyond the Company's
control, that 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 management's discussion and analysis for the three and nine
month periods ended September 30,
2021, and under "Risk Factors" in the final non-offering
prospectus dated March 26, 2021, of
Taiga (formerly Canaccord Genuity Growth II Corp.).
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
statements.
All forward-looking statements included in this news release
are qualified by these cautionary statements. Unless otherwise
indicated, the forward-looking statements contained herein are made
as of the date of this news release, and except as required by
applicable law, Taiga does not undertake any obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
SOURCE Taiga Motors Corporation