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- Electric scooter manufacturer Vmoto (VMT) has posted healthy fourth-quarter and full-year sales figures
- In its December quarter, the company sold just over 6000 units, bringing full-year sales to around 23,500 units, up 18 per cent on 2019’s corresponding period
- While fourth-quarter sales were slightly down on the company’s third-quarter performance, Vmoto maintains that the figures remain in line with expectations when accounting for seasonal fluctuations in demand
- Vmoto attributed the improving yearly figures to a surge in interest from the food delivery, parcel delivery and ride-share sectors
- Vmoto shares are down 1.94 per cent and trading at 50 cents each
Electric scooter manufacturer Vmoto (VMT) has posted healthy fourth-quarter and full-year sales figures.
In its December quarter, the company sold just over 6000 units, bringing full-year sales to around 23,500 units, up 18 per cent on 2019’s corresponding period.
While fourth-quarter sales were slightly down on the company’s third-quarter performance, Vmoto maintains that the figures remain in line with expectations when accounting for seasonal fluctuations in demand.
The increasing sales were, in part, driven by record international sales, which accounted for more than 21,000 units in 2020.
Looking forward, the company had just over 6700 units in pending international orders by the end of last quarter, which was further bolstered last month by an additional order from Greenmo Group for 5904 units. This brings the company’s current order book to over 11,000 units.
Vmoto attributed the improving yearly figures to a surge in interest from the food delivery, parcel delivery and ridesharing sectors, as ongoing COVID-19 restrictions continue to place pressure on transport services.
Vmoto shares are also experiencing a strong start to the year and are currently up more than 17 per cent since January 1.
Turning to Vmoto’s balance sheet, the company closed out 2020 with around $15 million in cash after successfully paying out its debt facility.
Despite the largely positive full-year results, Vmoto shares closed 1.94 per cent down at 50 cents each.
