Volcon ePowersports Announces Q1 2024 Financial and Operational Results

Volcon Inc., an all-electric off-road powersports company, has disclosed its financial and operational results for the first quarter ended March 31, 2024. The company highlighted the growth in deliveries of its electric vehicles, including the first shipments of its Stag model to a U.S. dealer, the Army Corp of Engineers, and increased sales of the Grunt EVO.

In the recent quarter, Volcon also registered a revenue of $1.03 million, maintaining the level seen in the last quarter of 2023 and showing growth from the previous year. The company listed $3.7 million in operating expenses, which is a decrease from the past two quarters. However, a net loss of $26.0 million was reported, primarily due to a significant loss recognized from warrants issued during a public offering.

CEO John Kim expressed optimism about the company’s direction, noting substantial progress in production and sales efforts. Additionally, the company reported on strategic steps taken to meet compliance requirements with Nasdaq, aiming to accomplish full compliance by June 24, 2024. Volcon's dealer network has expanded to 105 U.S. locations, benefiting from growing environmental regulations promoting electric vehicle adoption.