News and stories from the world of Powersports business.
Dainese Group Announces Grand Opening of Atlanta Flagship Location
Dainese (www.dainese.com), the world leader of protective wear for dynamic sports, today announced the grand opening of its latest flagship retail location in Atlanta.
The new Atlanta D-Store retail location offers an extensive range of Dainese’s cutting-edge motorcycle apparel, including leather suits, jackets, pants, gloves, boots, and advanced protective gear. With a reputation built on decades of innovation and commitment to rider safety, Dainese continues to push boundaries in technology, design, and craftsmanship, catering to the evolving needs of the motorcycle community. Product highlights include the world’s first and most advanced wearable airbag system for any type of motorcyclist. From D-air racing suits and jackets for street and touring and the versatile Smart Jacket, a state-of-the-art airbag vest that can be worn with any garment.
Visitors to the Atlanta D-Store can experience Dainese’s Custom Works program and design the racing suit of their dreams with full personalization, including colors, graphic art, logos, and more. The innovative line of AGV Helmets will also be available, including the just-launched Streetmodular, K6, Pista GP RR Limited Edition helmets along with the AX-9, and Legends Collection. As well as the full 2023 footwear collection for TCX Boots built with maximum protection and comfort on – and off-road, for all four seasons.
“Every Dainese store throughout the country is its own unique experience, the Atlanta store is a testament to that, and we’re very excited to be opening our doors in this diverse and dynamic city that is one of the more enthusiastic markets for the motorcycle industry,” said Louis Ortega, General Manager, Dainese North America. “We look forward to our new location becoming a premier destination for the vibrant motorcycle community within the Atlanta area, offering opportunities for group rides, events, and fostering community connections.”
Dainese Atlanta is conveniently located at 2905 Cobb Pkwy SE Suite 110, Atlanta, GA 30339, just off the 75 expressway Cumberland Mall exit. In addition to the store’s retail offerings, Dainese Atlanta will regularly host group rides and meetups, fostering a sense of community among local riders.
DAINESE GROUP
Dainese is the global leader in superior quality protection equipment and apparel for motorcycling and other dynamic sports. Headquartered in Vicenza, Italy, the company employs more than 1,000 employees and is present across EMEA, APAC and the Americas. Dainese owns three powerful brands (Dainese, AGV and TCX) synonymous with innovation and technical excellence. It is present in 96 countries through long-standing relationships with top-tier wholesale partners, 38 directly operated destination stores and a direct e-commerce channel. Founded in 1972 by Lino Dainese, the Dainese Group develops cutting-edge protective clothing for use when practicing dynamic sports: Motorcycle riding, winter sports, cycling, horse riding, and sailing. Dainese, AGV, and TCX products represent the technological frontier in terms of protection in dynamic sports, and are used by the world’s best athletes, from Valentino Rossi to Sofia, Olympic skiing champion and winner of the World Cup Downhill title.
The official opening party will be held on Saturday, May 11th from 12-6pm.
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Volcon ePowersports Reports First Quarter 2024 Operational and Financial Results
Volcon Inc. (NASDAQ: VLCN) (“Volcon”, the “Company” or “we”), the first all-electric, off-road powersports company, today reported its operational highlights and financial results for the quarter ended March 31, 2024
Company Highlights:
| ● | Nasdaq extension for compliance by June 24, 2024 | |
| ● | First Stag delivery to US Dealer and the Army Corp in May 2024 | |
| ● | Continued delivery of the Grunt EVO | |
| ● | 105 U.S. dealers and 9 international distributors covering 14 countries |
As previously noted in our 2023 annual operational updates, Volcon presented its plan of compliance to the Nasdaq Hearing Panel on March 26, 2024 regarding ongoing compliance with the bid price and equity compliance. On April 2, 2024, Nasdaq informed the Company that it has provided an extension until June 24, 2024 for the Company to execute its plan of compliance.
On May 6, 2024, the Company shipped its first Stag to a U.S. dealer to fulfill our first consumer pre-order. The Company expects to ship additional Stags to U.S. dealers to begin fulfilling previously received pre-orders for the Stag from consumers who have paid a deposit. Although pre-orders are cancelable until the customer takes delivery of the Stag, the Company expects that we will be able to convert some of these pre-orders to sales in 2024. Also, as previously announced, the Company delivered its first Stag to the Army Corp of Engineers (Army Corp) on February 27, 2024, at its Fort Leonard Wood, Missouri facility. The Company expects to ship the Army Corp three more Stags on May 10, 2024 and anticipates additional deliveries to complete the Army Corp’s orders by July 2024.
Delivery of the Grunt EVOs continues to grow. Since we began taking on-line pre-orders for continental U.S. customers, we have seen an increase in EVO sales. Customer can pay a $100 deposit and order an EVO which will be delivered to a dealer closest to the customer. We expect that as we move into the Spring/Summer sales seasons we will see higher demand due to warmer weather in the U.S., and the previously discussed ramp up in manufacturing will allow us to fulfill the expected higher demand. As noted in our third quarter earnings release, we deferred the launch of the Runt LT, our smaller off-road motorcycle, to focus on distribution of the Grunt EVO as well as to start shipping the Stag. After further evaluation, we have concluded that we will no longer launch the Runt LT. We are currently evaluating options for new two-wheel products that we could develop and sell over the next 9 – 12 months. Brat sales continue to do well, and we also expect an increase in sales as we move into the Spring/Summer sales season.
To date, the Company’s U.S. dealer count is 105 dealers. We have signed two new dealers in California where there is a large population of off-road enthusiasts. Further, California, as well as other states, are implementing regulations on off-road vehicles to limit carbon emissions, which will help the adoption of EV in the off-road industry.
John Kim, CEO, notes “We’ve made major progress in the past three months. Our Stag UTV production has started, and we are beginning to make deliveries to our customers. Also, we’re seeing strong growth in the sales of the Grunt EVO, our offroad motorcycle. In the coming months, we’ll continue to move forward with reducing cost of operations and production.”
Financial highlights:
| 3 Months Ended | ||||||||||||
| GAAP | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||
| Revenue | $ | 1,033,548 | $ | 1,083,800 | $ | 487,430 | ||||||
| Cost of goods sold | (1,621,580 | ) | (6,283,944 | ) | (3,542,468 | ) | ||||||
| Gross Margin | (588,032 | ) | (5,200,144 | ) | (3,055,038 | |||||||
| Sales & Marketing | 760,564 | 1,365,186 | 1,870,532 | |||||||||
| Product Development | 814,945 | 1,932,705 | 2,983,197 | |||||||||
| General & Administrative | 2,080,794 | 1,384,872 | 1,544,344 | |||||||||
| Total Operating Expenses | 3,656,303 | 4,682,763 | 6,398,073 | |||||||||
| Loss from Operations | (4,244,335 | ) | (9,882,907 | ) | (9,453,111 | ) | ||||||
| Other Income (Expense) | (21,803,709 | ) | (6,467,255 | ) | (1,874,785 | ) | ||||||
| Net loss | $ | (26,048,044 | ) | $ | (3,415,652 | ) | $ | (11,327,896 | ) | |||
| ● | Revenue: The Company’s revenue for the first quarter of 2024 was $1.0 million, consistent with revenue for the fourth quarter of 2023, and an increase of $0.5 million over the third quarter of 2023. Revenue for the first quarter of 2024 includes Grunt EVO sales of $0.3 million compared to approximately $0.4 million and $37,000 of sales of Grunt EVOs in the fourth and third quarters of 2023, respectively. Brat revenue in the first quarter of 2024 was $0.5 million compared to Brat revenue of $0.6 million and $0.5 million in the fourth and third quarters of 2023, respectively. | |
| ● | Operating Expenses: The Company’s operating expenses for the first quarter of 2024 were $3.7 million compared to $4.6 million and $6.4 million in the fourth and third quarters of 2023, respectively. Our sales and marketing costs have decreased as we have realigned our sales marketing efforts and reduced headcount. Our product development costs have declined each quarter due to lower prototype costs due to completion of Stag development and beginning of production. Our general and administrative costs the fourth quarter of 2024 were $0.3 million lower than the first quarter of 2024 due to lower payroll related costs, including stock-based compensation, due to the reversal of 2023 executive bonuses that were not awarded by the board of directors, and they were also $0.1 million lower due to a refund of product liability premiums on the renewal of our product liability policies. The Company continues to focus on reducing operating costs while continuing to make investments in product development to continue to build our product offerings. | |
| ● | Net loss: The Company’s net loss was $26.0 million for the first quarter of 2024 compared to a net loss of $3.4 million for the fourth quarter of 2023 and $11.3 million for the second quarter of 2023.Net loss in the first quarter of 2024 includes the recognition of a loss of $19.8 million for warrants issued in our November 2023 public offering as these warrants were deemed to be liabilities and are recorded at fair value with changes being recorded in income. The first quarter 2024 net loss also includes a loss of $0.3 million from the conversion of some of the convertible notes to common stock and a loss of $1.3 million for the exchange of the remaining convertible notes for convertible preferred stock. Interest expense for the first quarter of 2024 decreased by $0.1 million due to the conversion and exchange of all convertible notes by early March 2024. | |
| Net loss in the fourth quarter of 2023 includes the recognition of $2.1 million in cost of goods sold to terminate the agreement with Torrot to produce the Volcon Youth motorcycles as we are discontinuing this product line and a write down of $1.2 million to reduce the inventory at December 31, 2023 to its estimated net realizable value. In addition, a gain of $8.4 million was recognized for warrants issued in our November 2023 public offering as these warrants were deemed to be liabilities and are recorded at fair value with changes being recorded in income. Finally, issuance costs of $1.4 million were recognized for the warrant liabilities for the allocation of issuance costs from the public offering to these financial instruments. Interest expense decreased by $0.7 million due to the extension in September 2023 of the due date of the outstanding convertible notes to January 2025. |
| Net loss in the third quarter of 2023 includes a write-down of $1.6 million related to Volcon Youth motorcycles to reduce the inventory to its estimated net realizable value, a $0.7 million loss on the change in derivative liabilities related to the adjustable conversion features of convertible notes issued in May 2023 and the exchange of August 2022 convertible notes for convertible notes and the adjustable exercise price of warrants issued with the new notes issued in May 2023 and exchange of the warrants issued with the August 2022 convertible notes as more fully described in the Company’s interim financial statements as of and for the three and nine month periods ended September 30, 2023. The conversion feature and warrants are no longer derivative liabilities as of August 3, 2023, and have been reclassified to equity as of September 30, 2023. | ||
| ● | Adjusted EBITDA: Adjusted EBITDA for each quarter represents net loss adjusted to add back stock-based compensation, depreciation and amortization expense, interest expense, the loss/gain on derivative liabilities and warrant liabilities, and the add back of issuance costs in the fourth quarter of 2024. The Company’s adjusted EBITDA for the first quarter of 2024 was a loss of $4.1 million, compared to the fourth quarter of 2023 loss of $9.4 million and compared to the third quarter of 2023 loss of $8.9 million. See “Non-GAAP Reconciliation” below |
For the latest Company updates, follow Volcon on YouTube, Facebook, Instagram, and LinkedIn. Investor information about the Company, including press releases, company SEC filings, and more can be found at http://ir.volcon.com.
About Volcon
Based in the Austin, Texas area, Volcon was founded as the first all-electric power sports company producing high-quality and sustainable electric vehicles for the outdoor community. Volcon electric vehicles are the future of off-roading, not only because of their environmental benefits but also because of their near-silent operation, which allows for a more immersive outdoor experience.
Volcon’s vehicle roadmap includes both motorcycles and UTVs. Its first product, the innovative Grunt, began shipping to customers in late 2021 and combines a fat-tired physique with high-torque electric power and a near-silent drive train. The Volcon Grunt EVO, an evolution of the original Grunt with a belt drive, an improved suspension, and seat, began shipping to customers in October 2023. The Brat is Volcon’s first foray into the wildly popular eBike market for both on-road and off-road riding and is currently being delivered to dealers across North America. Volcon debuted the Stag in July 2022 and entered the rapidly expanding UTV market and shipped its first production unit in February 2024. The Stag empowers the driver to explore the outdoors in a new and unique way that gas-powered UTVs cannot. The Stag offers the same thrilling performance of a standard UTV without the noise (or pollution), allowing the driver to explore the outdoors with all their senses.
For more information on Volcon or to learn more about its complete motorcycle and side-by-side line-up, visit: www.volcon.com.
NON-GAAP RECONCILIATION
We believe presenting adjusted EBITDA provides management and investors consistency and facilitates period to period comparisons of operations, as it eliminates the effects of certain variations to overall performance.
The following table reconciles net loss to adjusted EBITDA for the three months ended March 31, 2024, December 31, 2023, and September 30, 2023:
| Adjusted EBITDA | 3 Months Ended | |||||||||||
| March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||
| Net loss | $ | (26,048,044 | ) | $ | (3,415,652 | ) | $ | (11,327,896 | ) | |||
| Share-based compensation (benefit) expense | (1,922 | ) | 404,568 | 540,528 | ||||||||
| Depreciation and amortization expense | 97,720 | 75,405 | 67,178 | |||||||||
| Interest expense | 329,968 | 451,266 | 1,135,089 | |||||||||
| Loss from conversion and exchange of convertible notes | 1,647,608 | – | – | |||||||||
| Issuance costs | – | 1,444,547 | – | |||||||||
| Loss (gain) on change in fair value of derivative liabilities | 19,838,987 | (8,365,424 | ) | 684,994 | ||||||||
| Adjusted EBITDA | $ | (4,135,683 | ) | $ | (9,405,290 | ) | $ | (8,900,107 | ) | |||
Forward-Looking Statements:
Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, whether the Company will be able to satisfy the Nasdaq continued listed criteria before June 24, 2024, whether the Company can increase production of the Stag to meet expected deliveries to customers, and whether the Company will successfully expand its U.S dealership network. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ”believes,” ”estimates,” ”anticipates,” ”expects,” ”plans,” ”projects,” ”intends,” ”potential,” ”may,” ”could,” ”might,” ”will,” ”should,” ”approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC’s website, www.sec.gov.
Kawasaki Unveils New Interactive Build & Price Toll for RIDGE and RIDGE XR Side x Side
Kawasaki Motors Corp., U.S.A. is thrilled to announce the launch of its new and improved Build & Price online vehicle builder experience that is now live on Kawasaki.com. This innovative tool will allow customers to personalize their Kawasaki RIDGE® side x sides in real-time during the configuration process, offering an unparalleled interactive 3D user experience.
The enhanced Build & Price tool sets a new standard in the industry, providing customers with a captivating and immersive experience. Users will have the ability to select from different background scenarios, offering a 360-degree perspective of the vehicles, including an in-vehicle interior view on side x side models. Additionally, customers can effortlessly add accessories and packages, tailoring their vehicle to suit their individual preferences.
“Our new interactive Build & Price tool represents a significant leap forward in customer engagement and satisfaction,” said Bob O’Brien, Director of Marketing, Kawasaki Motors Corp., U.S.A. “We believe that this innovative technology will enhance the purchasing experience and allow customers to build their very own Kawasaki RIDGE and see it from every angle.”
The initial models featuring the interactive Build & Price tool include the RIDGE® Ranch Edition, RIDGE® HVAC, RIDGE® Limited HVAC, and RIDGE® XR HVAC. While the tool will initially launch with the RIDGE/RIDGE XR model series, more models will be activated on an ongoing basis as they are developed.
Experience the future of vehicle customization with Kawasaki’s new interactive Build & Price tool, available exclusively on Kawasaki.com.
Husqvarna Motorcycles Announces Exciting New Motocross and Cross-Country Line-Up for 2025
Husqvarna Motorcycles sets a new and higher standard for pure motocross and cross-country performance in 2025 with a strengthened line-up of seven motocross machines and two hyper-focused cross-country models for the new year. Multiple technical updates include revised frames, engine mounts, bodywork, and suspension settings, which all combine to create an elevated riding experience with two exciting, new 2-stroke models added to the motocross range – the TC 150 and TC 300.
Based upon the class-leading TC 125, the new TC 150 bridges the gap between the TC 125 and the TC 250. Offering improved overall power and a considerable boost to the torque, the TC 150 is the perfect machine for racers looking to gain an advantage when competing against 250 cc 4-stroke machines. Assembled with race-tested components throughout and providing all riders with confidence-inspiring handling, the TC 150 certainly strengthens the 2-stroke line-up available from Husqvarna Motorcycles.
The same philosophy applies to the new TC 300. Using the proven foundations of the TC 250, the 300 cc model is capable of racing with 450 cc 4-strokes thanks to its versatile engine that delivers exceptional torque and peak performance. Undoubtedly, the TC 300 sets a new benchmark for motocross machinery, delivering the ultimate combination of unsurpassed power and rideability within a lightweight construction.
he FC 250 and FC 350 continue to be powered by state-of-the-art, DOHC engines that are designed to be lightweight and play a vital role in elevating overall handling. Together with the FC 450 – the flagship motocross machine manufactured by Husqvarna Motorcycles – all 4-stroke models feature the latest technology and electronic rider aids for superior on track performance.
Leading the way in off-road competition, the TX 300 and FX 350 cross-country machines utilize the same advanced platforms as found on the TC and FC models while enjoying large capacity fuel tanks, cross-country specific gearing, convenient side stands, WP XACT Closed Cartridge spring forks, and a 21/18-inch D.I.D DirtStar wheelset fitted with Dunlop MX33 front and AT81 rear tires.
The latest generation frame ensures all motocross and cross-country models offer exceptional handling in 2025. With material reduced around the upper shock mount and at the front of the chassis, the revisions were introduced to enhance flex characteristics, reduce weight, and improve cornering without compromising straight-line stability. Additionally, and exclusive to the three 4-stroke machines, new engine mounts aid the agility of each motorcycle.
Further chassis revisions include new suspension settings, linkage seals, and a smaller diameter linkage bolt to save weight while redesigned tank shrouds allow easier access to the adjusters on the WP shock. The seat height is 5 mm higher and wider at the lowest point for easier movement on the motorcycle while new, Swedish-inspired graphics create a distinctive look.
All models are expertly crafted with the latest technology and rider aids, in addition to featuring an extensive list of premium aftermarket components to ensure each machine delivers best-in-class rideability. New on the motocross machines for 2025 are Dunlop’s latest MX34 tires, which provide improved acceleration and cornering, while ProTaper handlebars, ODI grips, and Brembo clutch and brake systems are retained for their proven performance and durability.
Technical highlights:
- Revised chassis for enhanced flex and cornering agility
- New linkage seals and linkage bolt for smoother shock performance and weight savings
- New Dunlop Geomax MX34 tires for exceptional grip on all surfaces (FC and TC models)
- New engine mounts on FC/FX models further improve chassis flex
- New WP suspension settings adapted to the revised chassis
- Revised radiator shrouds finished with new graphics
- Revised swingarm improves durability of the chain slider
- Slightly higher and wider seat with a high-grip cover for maximum control and maneuverability
- Throttle body fuel injection on 2-stroke engines ensures class-leading power and rideability
- Multifunctional Map Select Switch offers two engine maps and houses the Quickshifter, Traction, and Launch Control buttons on all 4-stroke models
- Aluminum-polyamide hybrid subframe construction provides specifically calculated rigidity and advanced durability
- WP XACT 48 mm front forks with AER technology offer progressive end-of-stroke damping (FC and TC models)
- WP XACT Closed Cartridge 48 mm spring front forks offer consistent damping on long rides and races (FX and TX models)
- WP XACT rear shock design with CFD-optimized main piston and tool-free adjusters
- High-performance Brembo hydraulic clutch system
- Premium-quality ProTaper handlebars and ODI grips
- Electric starter on all models powered by a lightweight Li-Ion 2.0 Ah battery
A competition-focused range of Technical Accessories accompanies the launch of the 2025 motocross and cross-country machines with the headlining component the Connectivity Unit Offroad. Once installed and paired with the free-to-download Ride Husqvarna Motorcycles app, riders can create and save multiple engine maps and suspension set-ups to suit a variety of racing surfaces and conditions.
Providing comfort, Swedish-inspired styling, and safety for all riders, the Apparel collection ensures maximum protection throughout every race. The complete range includes riding gear and protective wear with every product designed in line with the 2025 line-up of motocross and cross-country models available from Husqvarna Motorcycles.
The 2025 motocross and cross-country range will be available at authorized Husqvarna Motorcycles dealers from June onward.
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