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Volcon, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $13,638,478 for the three months ended September 30, 2024, compared to a net loss of $11,327,896 for the same period in 2023. The net loss for the nine months ended September 30, 2024, was $40,292,940, compared to $41,655,559 in the previous year.
Revenue for the three months ended September 30, 2024, was $1,075,864, an increase from $487,430 in the same period in 2023. For the nine months ended September 30, 2024, revenue was $3,050,275, up from $2,177,188 in 2023.
Cost of goods sold for the three months ended September 30, 2024, was $10,294,720, up from $3,542,468 in the same period in 2023. For the nine months ended September 30, 2024, cost of goods sold was $15,029,729, compared to $5,107,096 in 2023.
Volcon reported total operating expenses of $2,915,756 for the three months ended September 30, 2024, compared to $6,398,073 in the same period in 2023. For the nine months ended September 30, 2024, total operating expenses were $9,928,794, down from $16,979,934 in 2023.
The company recorded a loss on extinguishment of convertible notes of $1,647,608 for the nine months ended September 30, 2024, compared to $22,296,988 in the same period in 2023.
Volcon's cash and restricted cash at the end of the period was $5,912,631, with a working capital of $4,188,004 as of September 30, 2024.
The filing highlights concerns about the company's ability to continue as a going concern, with management indicating that additional funding will be needed by the first quarter of 2025.
Volcon continues to focus on its two-wheeled and utility terrain vehicles, with new models like the Grunt EVO and Stag being developed and sold.
The company is also addressing challenges with its third-party manufacturers and is in discussions to identify new models for future production.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Volcon Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.