Quebec-based electric snowmobile and personal watercraft maker Taiga reported revenue growth in the third quarter of 2022 compared to the first quarter of the year.
For the quarter ended September 30, Taiga reported revenue of $1.3 million, compared to $399,525 in the second quarter of 2022 and the company’s first quarter earnings of the year of $141,461.
Despite this revenue increase, the company’s net loss decreased to $15.6 million in the third quarter of 2022 from $4.9 million in the third quarter of 2021.
“The third quarter marked another turning point for Taiga. We launched our second category of electric vehicle, the Orca watercraft, and delivered it to 40 customers in Canada. […]. Our third quarter shipments resulted in Taiga reporting revenue of $1 million for the quarter for the first time ever,” said Samuel Bruneau, Taiga President and CEO.
“We have made significant strides in developing centralized sourcing and manufacturing processes for large volumes. […]. As a result, we have revised our production schedule for the Montreal facility to soon accommodate simultaneous production of PWCs and snowmobiles for greater flexibility,” he added.
For all vehicles combined, the company’s pre-order register reached 3,267 as of September 30, 2022, a 39% increase from the 2,356 units on December 31, 2021.
Taiga is currently manufacturing its Orca watercraft and plans to resume production in the first half of 2023. Deliveries of these watercraft continue in Canada and will begin in the southern United States in the coming weeks. The company will also begin production of its 2023 Nomad snowmobile in the first quarter of 2023.