1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
VLCN
Event Date
2021-10-06
Sector
Consumer
Subsector
Automobiles
Offer Range
$5.50-$5.50
Shares Offered
3.02M
24.06M
$623.6M
12.6%
Implied Upside vs Midpoint
Description
We are an all-electric, off-road powersports vehicle company developing and building electric two and four-wheel motorcycles and utility terrain vehicles (UTVs), also known as side-by-sides, along with a complete line of upgrades and accessories. In October 2020, we began building and testing prototypes for our future offerings with two off-road motorcycles – the Grunt and the Runt. We are currently taking orders on our website for these initial offerings and expect to begin delivering the Grunt in the third quarter of 2021 and the Runt in the first quarter of 2022. Also in 2022, we expect to expand our offerings with the Volcon Stag, a UTV, followed in 2023 by a higher performance, longer range UTV called the Beast. Both our dirt bikes and UTVs feature unique, load-managing frames with industrial designs protected by design patents. Additional patents have been filed for the unique design of Volcon’s electric motors. We initially intend to sell and distribute our vehicles and accessories in the U.S. on a direct-to-consumer sales platform. We are currently negotiating dealership agreements with retail partners to display and sell our vehicles and accessories. Once we have dealers in each state, customers can either purchase a vehicle and accessories through our website and pick them up at a local dealership, or they can buy them directly from a local dealership. Some of these retail partners will also provide warranty and repair services to our customers. To date, we have not entered into any dealership agreements. As of September 1, 2021, U.S. customers have made deposits for 277 Grunts and 5 Runts, plus accessories and a delivery fee representing total deposits of $1.9 million. These orders are cancelable by the customer until the vehicle is delivered and after a 14-day acceptance period, therefore the deposits have been recorded as deferred revenue. Based on our current production capacity, we believe we will deliver all the Grunts by November 2021 and the Runts by the first quarter of 2022. Our vehicles and accessories will be sold globally in a three-phase rollout of export sales– Latin America importers in 2021, Canada, Europe, and Africa in 2022 and Southeast Asia plus Australia in 2023. Export sales are executed with individual importers in each country that buy vehicles by the container. Each importer will sell vehicles to local dealers or directly to customers. Local dealers will provide warranty and repair services for vehicles purchased in their country. As of September 1, 2021, we have received orders from Latin America importers for 92 Grunts. Payment for these orders is due prior to shipment and are cancelable until shipped. Based on our current production capacity, we believe we will be able to fulfill all pending orders by November 2021. The estimated fulfillment of all orders we have received assumes we are successfully able to increase our production capacity in the future, of which there is no assurance. We only recently commenced assembling vehicles and we may encounter delays or setbacks as we increase production. If we are unable to satisfy pending orders on a timely basis, customers may cancel their orders. We are assembling the Grunt in a leased production facility in Round Rock, Texas. We signed a lease for a new production facility in Round Rock, Texas that will allow us to increase our production capacity. We expect to move into this facility in the fourth quarter of 2021. We have signed a lease for a built-to-suit manufacturing facility on 53 acres in Liberty Hill, Texas, 25 miles northwest of downtown Austin, from an entity controlled by our founders. We expect to begin production at this facility in the third quarter of 2022. --- Our principal executive offices are located at 2590 Oakmont Drive, Suite 520, Round Rock, TX 78665. Our website address is www.volcon.com. Telephone Number: (512) 400-4271.
Empery Digital Inc. annual income statement and balance sheet, FY 2021 to FY 2025, as reported in SEC filings.
| Metric | FY 2021 | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $449K | $4.5M | $4.0M | $975K |
| Gross profit | ($10.1M) | ($8.9M) | ($14.0M) | ($363K) |
| Operating income | ($39.2M) | ($32.1M) | ($25.7M) | ($153M) |
| Net income | ($40.1M) | ($34.2M) | ($45.5M) | ($150M) |
| Metric | FY 2021 | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | $14.6M | $22.7M | $6.2M | $372M |
| Total liabilities | $8.3M | $22.1M | $6.2M | $103M |
| Total equity | $6.3M | $635K | $40.8K | $269M |
| Cash & equivalents | $5.6M | $11.5M | $2.2M | $9.0M |