Unstoppable Vmoto smashes expectations with 174% surge in profits
Link copied to
EV company Vmoto has reported a total revenue of $61m for the full year, 2020, a 34% rise on the previous period, and a 174% increase in NPAT.
Vmoto (ASX:VMT) has delivered stellar results in its reporting for the full year ended 31 December, 2020, including a 34% rise in total revenue and 102% rise in EBITDA.
The electric vehicle company delivered total revenue of $61m for the period, despite significant headwinds from the COVID-19 pandemic. The company reported a net profit after tax (NPAT) of $3.7m, a 174% increase on the previous year.
The company also reported a strong positive operational cash flow position of $4 million, up 139%.
Total sales across the business were 23,547 units of electric two-wheel vehicles, up 18% on the year prior and 117% on 2018. The exceptional sales results were higher than expected given the pandemic’s impact on the world, but large orders from B2B partners, including Vmoto’s strategic ride-sharing customer, Go Sharing, helped the company experience new highs in 2020.
Vmoto is continuing to expand its B2B partnerships and has received significant increased interest from food delivery, parcel delivery and ride-sharing operators. The company established and renewed 23 international distributorships in 2020 and is continuing to grow this aspect of its business. It has also partnered with seven ride-sharing operators globally.
2021 saw Vmoto’s shares skyrocket following the announcement of its largest order to date, worth $13 million, from strategic B2B partner Greenmo Group. The company is on a trajectory to continue this growth in 2021, exploring discussions with a number of potential B2C and B2B distributors and customers around the world.
Vmoto also completed a $9.6m capital raising round in 2020 to assist in the growth of its operations and the expansion of its scooter line. At the time, Vmoto managing director Charles Chen said the support from investors showed what a strong prospect Vmoto is.
“Recent operational and commercial successes during the current global pandemic highlight that the company has reached an inflection point in its growth,” Chen said.
“As a result of the placement and the additional capital raised, Vmoto is now in an even stronger position for all its shareholders, and very well placed to accelerate its growth and expand its strategy to drive long-term value for investors,” Chen added.
This article was developed in collaboration with Vmoto, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.