Volcon ePowersports Reports Second Quarter 2024 Operational and Financial Results

Volcon Inc. (NASDAQ:VLCN), the first all-electric off-road powersports company, has announced its operational highlights and financial results for the quarter ending June 30, 2024. The company regained Nasdaq compliance on July 17, 2024, subject to a Discretionary Panel Monitor, and raised $12 million through an equity offering. Volcon also delivered additional units of its Stag model to the Army Corp and signed new manufacturing agreements for the Grunt EVO and a new UTV model.

The company reported a revenue of $0.9 million, a slight decrease from the previous quarter's $1.0 million. Operating expenses were reduced to $3.4 million from $4.7 million in the fourth quarter of 2023. Despite this, Volcon experienced a net loss of $0.6 million, a significant improvement from the $26.0 million loss in the first quarter of 2024. The second quarter's cost of goods sold included a $1.1 million settlement charge and $0.4 million for the write-off of Stag tooling.

CEO John Kim highlighted the company's strides in reducing headcount costs and streamlining product development. Moving forward, Volcon aims to minimize cash requirements and inventory to achieve profitability.