Volcon ePowersports Announces 2023 Financial and Operational Milestones

Volcon ePowersports, Inc. (NASDAQ:VLCN), an all-electric off-road powersports company, provided an update on its operational accomplishments and financial outcomes for the year ending December 31, 2023. Key achievements include the appointment of John Kim as CEO and President, commencement of Stag deliveries to the Army Corp. of Engineers, ongoing shipments of the Grunt EVO, and an expansion of its dealer network in the U.S and internationally.

Regarding its Nasdaq compliance plan, the company awaits a decision from the Nasdaq Hearing Panel after presenting its strategy for ongoing compliance. Should the panel not accept the company’s plan, Volcon’s common stock could face delisting. On a brighter note, the initial delivery of its Stag model to the Army Corp received positive feedback, and the company has expectations for further deliveries in the next half year, supported by over 900 reservations for the Stag model.

The company’s financial results revealed a fourth-quarter revenue increase to $1.1 million in 2023, with a net loss reduction to $3.4 million from higher losses in previous quarters. These changes reflect adjustments in operational and marketing strategies under the direction of the new CEO. Despite discontinuing its Volcon Youth motorcycle line and facing operational losses, the company positions itself for future growth through product development and market expansion efforts.