- Vmoto (VMT) reports a strong operational and commercial performance in the third quarter (Q3)
- The company’s international sales were up 40 per cent in Q3 compared with the prior corresponding period
- Vmoto has ended the September period with $17.4 million in the bank and no debt
- Shares in Vmoto are up 7.32 per cent to 44 cents each
Global electric vehicle company Vmoto (VMT) has reported a strong operational and commercial performance over the three months to the end of September.
Vmoto sold 10,142 units during the quarter — up 40 per cent on the prior corresponding period and up 52 per cent on the same time in 2019.
Of these units, 97 per cent were sold internationally, while just under three per cent were sold into the Chinese market.
All up, international sales clocked in at 9,889 units for the quarter, representing a 61 per cent increase on the third quarter of 2020 (Q320) and a 104 per cent jump on sales made in Q319.
In its quarterly activities report released today, Vmoto said it had recorded firm international orders for 6067 units at the end of September.
Notably, the tech stock said it expected sales to increase with repeat orders from existing customers and additional orders from new international customers in the fourth quarter and beyond.
Segment growth and collaborations
Meanwhile, the company said its business-to-consumer (B2C) product range continued to generate interest among motorcycle enthusiasts and other consumers.
In particular, Vmoto’s B2C distributors expanded their retail presence in Q3 with the opening of Super Soco flagship stores and corner shops in Argentina and Indonesia.
Further, regarding the company’s business-to-business activities, Vmoto revealed it was supplying products to eight ride-sharing operators globally and was in advanced discussions with another 16 operators.
The company is also supplying products to 15 delivery customers, with discussions underway with eighteen potential new customers within the delivery segment.
Further, Vmoto exhibited its brands and products at a number of world-class electric motor racing events across Europe, including the FIM ENEL MotoE World Cup, in the third quarter.
At the end of September, Vmoto recorded a cash position of $17.4 million, with no bank debt.
The company said its cash position remained strong, enabling it to pursue various strategic growth initiatives.
Shares in Vmoto were up 7.32 per cent to 44 cents each at 11:13 am AEDT.