Volcon, Inc. (NASDAQ: VLCN) is engaged as an electric-based powersports company, which is focused on building and commercializing EV off-road vehicles. Shares of the EV powersports manufacturer are soaring 66% through early trading on Friday, August 19, 2022. Over the past three months, Volcon has seen average daily volume of 1.35 million shares. However, volume of 83.44 million shares or dollar volume of around $244.48 million, has already exchanged hands through early trading Friday.
Shares of Volcon are surging after the company announced that it has received pre-orders worth over $100 million for its first all-wheel drive, electric-based UTV called the Stag. The orders represent the company’s entire 2023 production forecast. Over 90% of the pre-orders have originated from Volcon’s domestic and international dealer network. The pre-orders are non-binding, but could generate over $100 million in revenue if orders are finalized and delivered.
Management notes that the company will begin working on expand its production capacity in collaboration with General Motors, in order to meet demand for the years ahead. Volcon says they will continue to accept pre-orders from dealers and consumer reservations through a waitlist.
“Stag pre-orders have surpassed our 2023 sales forecast, with dealer demand remaining prevalent following our June 27, 2022 dealer launch. While we firmly believed we would achieve our pre-production sales targets, we have been pleasantly surprised at the pace at which we achieved our goals,” said Jordan Davis, Chief Executive Officer. “Although our current focus is squarely on our goal of finalizing development of the Stag and moving into full production by Q2 2023, we will now turn additional attention and resources towards increasing our component supply and manufacturing output.”
The pre-orders announcement comes just days after the company reported Q2 2022 financial results. Volcon reported Q2 revenues of $2.4 million, a net loss of $9.9 million and adjusted EBITDA of -$9.1 million. Q2 2022 saw the official launch of the Stag UTV on July 1, 2022.
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