Quebec-based electrical snowmobile and watercraft producer Taiga Motors simply launched its 2023 This autumn and full-year monetary outcomes, and although year-over-year revenues elevated from the CAD $3.2 million recorded on the finish of 2022 to CAD $16.1 million on the finish of 2023, the corporate is not trying all that nice.
For these on the US facet of the border, these figures convert to US $2,367,214 in 2022 and round US $12M in 2023. At the identical time, stock additionally elevated over the previous yr, going from CAD $20.8 million on the finish of 2022 to CAD $33.2 million on the finish of 2023.
These and varied different elements are a number of the the reason why Taiga additionally introduced that it is making two strikes it stresses are non permanent. One is pausing car manufacturing, due partly to the unseasonably heat winter and its unfavourable impacts on snowmobile gross sales. And the opposite is slicing 70 jobs from the employees who have been beforehand chargeable for making these Taiga Motors autos.
The firm introduced each its monetary outcomes and these two items of stories in an announcement revealed on its devoted Investor Relations website. There, it additionally introduced that “Taiga will not be hosting a conference call to discuss its fourth quarter and full year 2023 results.”
Was this transfer made proactively in anticipation of a unfavourable response to the job cuts? We cannot say what was going via the minds of the oldsters who made any of those choices, from those who selected to chop the roles to those who selected to not maintain a convention name the place contributors may ask questions in real-time as an alternative of personally emailing the CFO’s spam filter.
Interestingly, the official launch additionally accommodates this paragraph towards the tip:
“Furthermore, given the transition period in which Taiga currently finds itself as well as the Company’s current overall operational, market and financial circumstances, the Company has decided that it does not currently intend to provide any forward-looking guidance, production or sales outlook in respect of the fiscal year ending December 31, 2024 nor for any subsequent period.”
While that is RideApart and never BusinessApart, I can inform you that I’ve personally learn sufficient quarterly and annual financial reports over time to notice that it appears fairly uncommon to haven’t any forward-looking steerage included.
What does all of it imply? There’s no approach to know for positive at this level, however we’ll be sure you keep watch over future developments from Taiga as they come up.