- Vmoto (VMT) accelerates sales over the June quarter, records a 23 per cent increase after selling 7854 units
- The scooter business says 95 per cent of the sales were to international customers, with 9636 units on order for the coming months
- It’s signed an agreement with seven ride-share operators, as well as 13 delivery customers, and says further partnerships are being discussed
- The company ended June cash flow positive with $16.5 million worth of cash in the bank and no reported debt
- VMT shares are trading up 5.48 per cent at 38.5 cents each
Vmoto (VMT) accelerated sales over the June quarter, recording a 23 per cent increase year on year after selling 7854 units.
Of those sales, the scooter business says 95 per cent of the sales were to international customers, representing a 26 per cent increase year on year.
VMT has international distributors across Indonesia, Mauritius, Bolivia, Czech Republic, Brazil, Cayman Islands and Azerbaijian. It’s also in discussion with distributors across Europe, Asia, and parts of Africa.
The company was expecting more international orders in the coming months, with 9636 units on order.
It expects those sales numbers to increase further amid more repeat orders from its existing customers and additional orders from new customers.
VMT already has agreements in place with seven ride-share operators and well as 13 delivery customers. It explained discussions were underway with an additional 16 ride-share operators and 17 new delivery customers.
In terms of finances, Vmoto ended June cash flow positive with $16.5 million worth of cash in the bank and no reported debt.
Looking ahead, VMT said the focus was on further expanding its electric vehicle options.
“The company continues to focus on expanding its product range to extend its reach and appeal to a broader spectrum of the market for electric vehicle users, including developing new products,” the company said.
“Additionally, Vmoto is evaluating and developing a new electric delivery three-wheel vehicle in consultation with its existing and new B2B customers.”
VMT shares were trading up 5.48 per cent at 38.5 cents each at 11:03 am AEST.