Not able to report any thing on revenue numbers until the half yearly report shines a light on revenues.
Even without the knock down packs, recharge boxes etc they have been profitable at these volumes in the past.
The number to focus on is sales as a percentage of opening order book. 297% is an all time record.
The good news is that the sales based on order book are for the first time since Q2/2019 better than the sales based on delivered units so it seems the worm has turned in the right direction and VMT has survived to continue kicking goals.
As you pointed out some decent orders from Vammo and Xenion have been received in July so Q3 is off to a great start.
In terms of profit it's worth noting that, before flat packs and charging boxes added revenue on top of completed units, back in 2019 they made a profit of $1.3m, when sales of completed unite were 25% lower,
China Sales:
With the bankruptcy of Super Soco, Vmoto has inherited their Chinese sales. Makes the cost of the patents well worth while to put any doubt about that in the bin.
New factory:
Given that the first and second floor structure is complete and the roof is on it seems the cost to complete is circa $6m
Cash balance
$41.7m less the $6m committed to completion of the factory leaves $35.7m
That is $17.7m less than the market Cap of $53.4m.
The new factories building cost of $14m which puts it completed value of land and buildings plus a developers margin at north of $20m. They have two of those so at todays share price you are only paying for the buildings and $13.4m of the cash.
Roll up for $22.3m of free cash and a free business that that has proven products, a massive distribution network and fully owned factory space to produce 600,000 completed unit equivalents.
Small holdings buy back:
That wasn't a buy back it was a facility where the companies only cost was brokerage and it happened in this quarter .
Chunk for the Thailand op.
The lack of any announcement in this regard is a bit puzzling. Not a big number though.
Feeding the chooks:
A fair bit of Gilding the Lilly missing from the report given the new revenue streams from parts and charge stations and the new factory in Thailand, whats happening in Brazil etc. not yet material I guess but none the lesspretty positive news worth sharing.
I think they should appoint Graziano and Ms Chen as Joint presidents of Chook Feeding.
VMT Price at posting:
13.0¢ Sentiment: None Disclosure: Held
(20min delay)