Executive Summary

Q4 revenue was $0.99M, down sequentially from $1.08M in Q3 and down year over year from $1.08M in Q4’23; net loss was $5.22M and Adjusted EBITDA loss was $5.0M, reflecting sizable COGS charges tied to Stag/EVO contract terminations and inventory actions .
Management accelerated the pivot to an outsourced/partnership model: launched HF1 UTV in December 2024, received FT1 motorcycle prototypes (targeting Q3’25), signed an exclusive U.S. golf cart distribution deal with Super Sonic (Vietnam origin helps avoid China tariffs), and announced a $2M share repurchase; CEO highlighted no debt and cash runway into 2026 .
Cost items materially affected Q4 COGS (e.g., $2.5M charge for Stag/EVO agreement terminations; Grunt EVO write-down), though management said “absent the adjustments… gross margin is trending close to break even” .
Risk watch: threatened litigation from Stag manufacturer (~$26.7M), ongoing product transitions, and prior going-concern disclosure (Q3 10‑Q), partly mitigated by subsequent equity raises and management’s cash runway commentary .
No earnings call transcript was available; Wall Street consensus (S&P Global) was unavailable for EPS/revenue, so no vs-consensus beats/misses could be assessed.*

What Went Well and What Went Wrong

What Went Well
- HF1 UTV launched in December with sales commencing; FT1 motorcycle prototypes received; MN1 shipments initiated in October 2024 .
- Strategic sourcing/distribution: exclusive U.S. distribution with Super Sonic (Vietnam origin at ~2.5% tariff vs China’s ~150%+) and a Venom-EV supply agreement including an initial $2.4M PO, enhancing near-term order visibility .
- Balance sheet/capital actions: CEO stated no debt and sufficient cash runway into 2026; Board approved up to $2M share repurchase in March 2025 . Quote: “We have significantly improved our balance sheet; we have no debt and have cash that we expect will allow us to operate into 2026.”
What Went Wrong
- Material COGS charges: $2.5M for termination of Stag/EVO supply agreements; $0.3M Grunt EVO finished goods write-down; partially offset by Torrot settlement reduction of $0.7M; Q3 also included $8.7M Stag write-offs .
- Revenue softness and negative gross profit: Q4 revenue slipped to $0.99M (from $1.08M in Q3), with gross loss driven by charges; net loss was $5.22M .
- Legal/operational risk: Stag manufacturing agreement termination led to a threatened lawsuit (~$26.7M claim) by the manufacturer, adding uncertainty to the UTV roadmap and potential liabilities .

Financial Results

Note: Q4 figures are preliminary and subject to change pending completion of the annual audit .

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Revenue ($)	$1,083,800	$940,863	$1,075,864	$986,916
Gross Profit (Loss) ($)	$(5,200,144)	$(2,172,566)	$(9,218,856)	$(2,151,643)
Loss from Operations ($)	$(9,882,907)	$(5,529,301)	$(12,134,612)	$(5,105,779)
Net Loss ($)	$(3,415,652)	$(606,418)	$(13,638,478)	$(5,217,369)
Adjusted EBITDA ($)	$(9,405,290)	$(5,133,444)	$(12,055,929)	$(4,981,892)

KPI/Product mix (revenue contribution by product)

KPI	Q2 2024	Q3 2024	Q4 2024
Brat revenue ($)	~$0.2M	$361,978	~$0.4M
Grunt EVO revenue ($)	~$0.3M	$346,189	~$0.3M
Stag revenue ($)	~$0.2M	$144,901	— (not cited)
MN1 revenue ($)	—	$24,000	— (not cited)
Other (incl. rebates adj.) ($)	Volcon Youth ~$0.2M	Accessories/parts $137,722	~$0.2M expired dealer rebates adjustment

Non-GAAP/adjustments detail (Q4 2024)

COGS included: $2.5M charge for termination of Stag and EVO supply agreements; $0.3M Grunt EVO write-down; offset by $0.7M Torrot settlement reduction; management notes “absent the adjustments… gross margin is trending close to break even” .
Adjusted EBITDA reconciled as $(4.98)M for Q4 2024, adding back SBC, D&A, interest, and warrant liability revaluation .

EPS

EPS was not disclosed in the Q4 2024 press release; Q3 2024 basic/diluted net loss per share was $(23.93) per share per the 10‑Q .
No S&P Global consensus EPS available for Q4 2024.*

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance/Commentary	Change
Liquidity runway	Multi‑year	Substantial doubt beyond one year as of Q3 10‑Q (required additional funding)	CEO: no debt; cash expected to allow operations into 2026 (March 17 press release)	Raised confidence
Cash flow	Q4 2025	—	CFO: expect to be cash flow positive on a monthly basis by Q4 2025 (Feb 10, 2025 update)	New target
HF1 UTV timing	1H 2025 vs reality	Expected availability in Q1 2025 (Q2 update)	HF1 launched; sales began Dec 2024	Pulled forward
FT1 motorcycle timing	2025	—	Prototypes received Feb 2025; target availability Q3 2025	New timeline
Share repurchase	2025–2026	—	Up to $2M authorization through March 2026	New capital action
Tariffs/sourcing	Ongoing	—	Vietnam origin ~2.5% tariff vs China ~150%+ via Super Sonic partnership	Strategic advantage

No formal quantitative revenue/margin/EPS guidance was issued in Q4 materials .

Earnings Call Themes & Trends

No earnings call transcript was available for Q4 2024; themes below reflect company filings and press releases.

Topic	Previous Mentions (Q2 2024, Q3 2024)	Current Period (Q4 2024)	Trend
UTV roadmap	Announced MN1/HF1 distribution; Stag production challenges (Q2 PR; Q3 10‑Q)	HF1 launched in Dec; MN1 first production unit shipped Oct	Transition from Stag to HF1/MN1 execution
Stag supplier/legal	$1.1M suspension vendor settlement; growing Stag write‑offs (Q2 PR, Q3 10‑Q)	Termination of Stag/EVO agreements led to $2.5M charge; threatened $26.7M lawsuit by manufacturer	Elevated legal/COGS risk
Product performance	Mix included Brat/Grunt EVO, modest Stag (Q3 10‑Q)	Q4 revenue driven by Brat (~~$0.4M) and Grunt EVO (~~$0.3M); no cited Stag revenue	E‑bike/motorcycle-led near term
Sourcing/tariffs	Outsourced model; Vietnam/Thailand plans (Q2 PR; Q3 10‑Q)	Vietnam origin benefits (2.5% tariff) via Super Sonic; Venom $2.4M PO	Improving cost/market access
Liquidity/capital	Q3 10‑Q going concern; July 2024 raise repaid notes	CEO: no debt; runway into 2026; $2M buyback authorization	Strengthened balance sheet
R&D execution	Reduced in‑house dev; partner-led approach (Q2 PR; Q3 10‑Q)	FT1 prototypes received; regulatory testing in 2Q’25	Leaner, partner-first model

Management Commentary

CEO John Kim: “We have significantly improved our balance sheet; we have no debt and have cash that we expect will allow us to operate into 2026… The supplier and exclusive distribution agreements with Super Sonic will allow us to avoid the high tariffs that other golf cart OEMs are facing with products coming from China.”
On go-to-market and orders: “Venom has placed an initial purchase order for $2.4 million.”
On product cadence: “We completed testing and began selling the HF1 in December 2024… We received the first prototypes of our next generation motorcycle, the FT1… We expect this model to be available in the third quarter of 2025.”
CFO Greg Endo (Feb 10 update): “We expect to be cash flow positive on a monthly basis by the fourth quarter of 2025 and will be able to fund operations into 2026.”

Q&A Highlights

No public Q4 2024 earnings call transcript was found; as such, there are no Q&A takeaways to report for the quarter (company released results via 8‑K press release) .

Estimates Context

S&P Global consensus was not available for VLCN for Q4 2024 (EPS and revenue). As a result, we cannot provide vs-consensus comparisons or quantify beats/misses for the quarter.*
Internally reported results show Q4 revenue of $0.99M and Adjusted EBITDA loss of $5.0M; both were heavily impacted by non-recurring COGS adjustments tied to the Stag/EVO wind-down .

Key Takeaways for Investors

Execution pivot is progressing: HF1 launched ahead of the prior Q1’25 target, MN1 shipped first unit, and FT1 is slated for Q3’25—near-term volume likely remains driven by Brat/Grunt EVO while UTV/motorcycle ramps take shape .
Cost reset largely through COGS in Q3–Q4: removal of Stag/EVO obligations and inventory write-downs drove heavy losses but may reduce forward drag; management claims underlying gross margin near breakeven ex‑charges .
Balance sheet improved: notes repaid in July 2024; CEO states no debt and runway into 2026; Board authorized $2M buyback—both potentially supportive for equity if execution milestones continue .
Legal overhang: threatened $26.7M Stag litigation is a key risk to monitor; outcomes could influence capital needs and strategy .
Sourcing advantages/tariffs: Vietnam origin (Super Sonic) mitigates tariff risk versus China, potentially supporting gross margin as volumes scale .
Demand signals: $2.4M Venom PO offers initial visibility; dealer network expansion resumed in Q4 to drive sell-through .
Near-term focus: watch order conversion, HF1 channel adoption, FT1 certification pacing, and any additional capital actions while monitoring operating cash burn relative to the Q4’25 cash flow-positive target .

Footnotes:

S&P Global consensus values were unavailable for VLCN; therefore vs-consensus comparisons could not be made. All financial figures cited are from company filings/press releases as referenced.

Sources:

Q4 2024 8‑K and press release (Mar 17, 2025): results, charges, product milestones, capital actions .
Q3 2024 10‑Q (Nov 12, 2024): revenue mix, Stag termination context, legal threat, liquidity/going concern .
Q2 2024 8‑K/press release (Aug 6, 2024): prior-quarter baselines and narrative on strategy shift .
CEO Annual Update (Feb 10, 2025): liquidity and cash flow target .
Oct 21, 2024 product roadmap update: Q4 context .

Volcon, Inc. (VLCN)·Q4 2024 Earnings Summary