Las Vegas, Nevada--(Newsfile Corp. - September 11, 2024) - Vivic Corp. (OTCQB: VIVC) (the "Company", "we" or "VIVC"), which previously initiated operations in several business areas related to the pleasure boat industry before focusing on the sale of luxury yachts in 2023, today reported financial results for the six-month period ended June 30, 2024. The Company's revenue for the first half of 2024 was in excess of $4.4 million. A comparison to the same period of 2023 is not meaningful since the Company did not have revenue-generating operations during that period.
Image 1
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10822/223032_viviccorpimage.jpg
The Company expects second-half performance to be stronger than the first half, slightly weighted towards the fourth quarter, as it continues to expand its marketing efforts.
Vivic is a leading global provider of access to luxury yachts. The Company is focused on yacht sales worldwide from its headquarters in Taiwan which enables it to have quick access to leading yacht builders. The Company is the exclusive distributor of Monte-Fino yachts in Asia and the Middle East and is the non-exclusive distributor in other territories for which Monte-Fino has not appointed an exclusive distributor. Monte Fino is a well-known brand owned by Taiwan Kha Shing Yacht Company, one of the world's leading yacht manufacturers.
President and CEO Shang-Chiai Kung commented, "We delivered a solid second quarter and first half of 2024 as charter yacht operators across the globe continue to rely on Vivic to support their operations. Sales growth was better than anticipated. The fundamentals supporting Vivic's growth remain strong, and we expect the second half of the year to be even stronger as our operations gain traction in our markets worldwide."
The Company's global headquarters is located in Taiwan with regional operations engaged in yacht procurement, sales, and leasing services in Taiwan and other nearby countries.
The financial results announced today reflect the Company's performance through the first half of 2024. Projections as to future performance are management's estimates based upon the state of the business as of today and are subject to revision. Results for the third quarter and nine-month periods ended September 30, 2024 will be publicly reported when the company files its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission.
About Vivic Corp.
Vivic Corp. is a distinguished company in the yacht industry, bringing unparalleled value and experiences to clients through innovative technology, product diversity, global presence, professionalism, and a commitment to sustainable development. We continuously explore the latest technological solutions to enhance yacht performance, safety, and comfort; offer a diverse product line to meet the needs and preferences of an array of clients. We have established a broad market and service network worldwide, providing comprehensive pre-sales and after-sales services; and employ a professional, dedicated, and experienced team to deliver high-quality products and services. Additionally, we emphasize environmental protection and social responsibility, striving for sustainable development. As a leader and pioneer in the yacht industry, we will continue to work hard to bring even better and more outstanding products and services to our customers. The company's main businesses include: Independent design, development, and sales of the "VIVIC" series of operational yachts mainly targeting domestic and foreign yacht clubs and water cultural tourism operators, with sales of mass-produced yachts including several models such as VV1 (40 feet), VV2 (46 feet), and V55 (55 feet). The company continues to independently design, develop, and manufacture all-electric and traditional power yachts through its own and subcontracted factories. Our products include leisure yachts, sea fishing yachts, diving function yachts, party function catamarans, large sailboats, and more, with maintenance and repair services available to our customers. The Company acts as sales agent for other luxury yacht brands and holds exclusive agency rights for the "MONTE FINO" series of luxury yachts from Kha Shing Enterprises in regions outside Taiwan and the United States, selling luxury yachts ranging from 45 to 130 feet. For more information, please visit www.vivicyacht.com.
Forward-Looking Statements and Non-GAAP financial measures
Statements in this news release concerning economic outlook, expected revenue, expected margins, expected savings, expected results, expected expenses, orders, deliveries, financial position, as well as any other statement that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements.
Forward-looking statements include statements as to demand for the Company's products and the impact of geopolitical conditions, including any related international trade restrictions. These factors include uncertainties as to the ability to record revenues based upon the timing of product deliveries, changes in economic conditions, and other risks, including those described in the Company's filings with the Securities and Exchange Commission (SEC), press releases, and other communications.
Non-GAAP financial measures, such as EBITDA and Adjusted EBITDA, should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. We believe that these non-GAAP financial measures may provide meaningful supplemental information regarding the Company's results and facilitate the comparison of results.
Investor Relations Contact:
Darrow Associates
Jordan Darrow
631-766-4528
jdarrow@darrowir.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223032
The 2022 Guangdong-Hong Kong-Macao Greater Bay Area Service Trade Conference, a three-day event, kicked off in Zhuhai on the 22nd. VIVIC Group is exhibiting at booth [1c22], showcasing their VVT new energy yacht. We warmly welcome all customers and friends to visit our booth.
The Greater Bay Area Service Trade Conference is the first high-level, comprehensive exhibition in the Guangdong-Hong Kong-Macao Greater Bay Area focused on service trade, integrating exhibitions, industry dialogues, and business exchanges.
This year’s conference is being held in the format of "Exhibition + Conference Forum + Supporting Activities," with an exhibition area of 25,000 square meters. It begins with city introductions, centers on digital trade, and is complemented by life services, highlighting the strengths and showcasing the excellence of service trade in the Greater Bay Area. The conference has attracted over 400 companies from the Greater Bay Area and 27 provinces and cities across the country, including well-known enterprises and institutions such as Tencent, China Telecom, Xinhua Group, JD.com, Zijinshan Laboratory, and iFlytek.
In response to the growing market demand for electric yachts, VIVIC Group launched a 27-foot electric propulsion yacht, the “VVT,” in May 2022, equipped with the VIVIC-E power unit for navigation in coastal and inland lake waters.
The VIVIC-E power unit electric propulsion system is not merely a traditional motor coupled with a high-voltage battery pack but a fully intelligent vessel vector control system. This patented technology aims to enhance performance and efficiency, thereby improving the driving experience and cruising range.
Yachts equipped with the VIVIC-E power unit propulsion system are particularly suitable for navigation in protected lake water areas with restrictive water resources. They feature lightweight, low noise, quick acceleration, shallow draft, anti-cavitation, low hull resistance, and excellent maneuverability. The “VVT” yacht boasts a beautiful and stylish design with a total tonnage of 2.96T, a beam of 2.21M, and a waterline length of 6.76M. It can accommodate up to 12 people, achieving zero emissions and virtually silent propulsion. Now in commercial-scale production, this exhibition provides customers a close-up opportunity to experience the new energy yacht and offers the potential for further cooperation.
At the 4th Zhejiang (Wenzhou) Imported Consumer Goods Expo, VIVIC Group released VVT new energy yachts globally.
"VVT" yacht has a beautiful, stylish and generous design. Gross design tonnage: 2.96T; boat width: 2.21M; waterline length: 6.76M. It can accommodate up to 12 people, achieves zero emissions and almost silent propulsion, and has now been commercialized. Large-scale production, looking forward to cooperating with more yacht and cultural tourism operating companies.
The "VVT" yacht is equipped with the VIVIC-E electric propulsion system, which is not just a drive motor in the traditional sense with a high-voltage battery pack, but also a set of intelligent whole-ship vector control systems. The goal is to achieve high performance and high performance through this patented technology. High efficiency, improve driving experience and range.
The "VVT" yacht is particularly suitable for sailing in restricted water resources protected lakes. It has the characteristics of light weight, low noise, fast speed, shallow draft, anti-cavitation, small attached resistance, and good maneuverability.
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Hainan Daily reporter Ang Ying
On December 9, the reporter visited a Taiwan-funded yacht manufacturing company located in Jinjinggang Development Zone, Lingao County. The sound of cutting machines and electric drills is endless in the workshop. Workers wearing masks are busy in an orderly manner, polishing and polishing the yacht hull molds.
The reporter walked around the factory and found that some yacht molds had begun to take shape, so he curiously asked the workers about the yacht manufacturing process. "We are stepping up production and repair of the main deck, roof and some split molds of the VV2 yacht. The next step is to use the vacuum infusion process to manufacture the hull. After the hull is solidified, the finished product can be demoulded, and then the hull, deck, roof and It will be closed, followed by outfitting and other processes. After passing the inspection by the shipping department, a yacht will be 'out of the oven'," technical worker Zhang Yunbing told reporters while repairing the mold without even raising his head.
The person in charge of the factory on the side, Taiwanese businessman Deng Rensheng, saw this and took over the conversation: "The VV2 yacht is made of fiberglass and has a solid double-hull structure. It cruises smoothly and consumes less fuel. This yacht is specially designed by Charles Schwab Yacht Group to leverage its potential. Hainan’s huge yacht leisure tourism market is a newly developed sea vacation yacht. It has a large space, like a sea bar, and has the ability to travel in shallow areas, and can sail to beautiful ocean views that many yachts and sailboats cannot approach.”
"At present, VV2 yachts are only produced in Hainan and are expected to be launched in June next year. We have received many orders one after another, and the price range of a single boat is between 4 million and 8 million yuan." He said that the Lingao base covers a total area of 4 Ten thousand square meters, the first phase of the factory construction is about 10,000 square meters. After the company gets on track, it is expected to produce 30 yachts of various types annually, with an output value of up to 200 million yuan in 2023.
"The yacht industry is called the 'gold industry floating on the blue sea.' Hainan has a long coastline, vast sea area, and residents' income levels are getting higher and higher. There is great potential for yacht consumption in the future, and it is very suitable for the development of the yacht industry." Hainan Jiaxin Yacht Group Chairman and Taiwanese businessman Gong Yunguang noted that with the release and implementation of policies such as the "Hainan Free Trade Port Yacht Industry Promotion Regulations" and the "Hainan Province Action Plan to Promote the High-Quality Development of the Yacht Repair and Building Industry (2022-2026)" this year, Hainan Yachts The industry will enter a period of rapid development and gradually become a sunrise industry for urban leisure consumption in Hainan.
"As the first Taiwan-funded enterprise in the yacht industry in Hainan, we are willing to lead Hainan tourists and citizens to gradually enter the 'yacht life circle' of sports, leisure, and trendy fashion." Gong Yunguang believes that the conditions are ripe and the time is right for the introduction of Hainan's yacht industry policy. It provides long-term institutional support for building a modern yacht industry system in Hainan Free Trade Port. It proposes to promote the research and development and manufacturing of diversified and functional yacht products, realize green and intelligent development of yacht building, and accelerate the development of new products for enterprises. R&D and transformation are provided with greater support.
Gong Yunguang said that the group will actively respond to Hainan’s new energy strategy and promote the development of the new energy yacht industry. “We are negotiating cooperation with CATL in areas such as power battery utilization. In the future, we will also launch a pure electric version of EV2 yachts and strive to expand the market in the new energy industry. Major breakthroughs have been achieved in the research and development of energy yachts.”
"The group will rely on the Lingao base to expand yacht maintenance, modification, supply and other businesses, launch yacht experience, driving training, marine events and other related activities, and form a synergy with the scenic spots near Lingao." Gong Yunguang believes that in the free trade Under the new opportunities of port development, enterprises will "swim" to a wider world. "We will gradually cultivate a yacht industry cluster in the second and third phases of the project, build Hainan's first yacht-themed tourism factory, and industrial production." The landscape and coastal scenery are regarded as tourism projects, coupled with corresponding services such as tour guides, B&Bs, and food, allowing tourists to obtain diversified experiences such as sightseeing, leisure, and science popularization, and promote the development of the upstream and downstream yacht industries in the Hainan Free Trade Port.”
Recently, the Xianglang platform version 1.0 conducted a new round of on-site channel training. This one-day training session saw participants' enthusiasm for learning reach new heights, creating an electrifying atmosphere throughout the event!
The training included theoretical learning, marketing techniques, and yacht experiences. During this session, participants significantly improved their practical skills and gained a deeper understanding of product knowledge, product pairing, after-sales service, and end-user marketing experience. Each participant benefited greatly and left with a wealth of new knowledge.
Las Vegas, Nevada--(Newsfile Corp. - September 11, 2024) - Vivic Corp. (OTCQB: VIVC) (the "Company", "we" or "VIVC"), which previously initiated operations in several business areas related to the pleasure boat industry before focusing on the sale of luxury yachts in 2023, today reported financial results for the six-month period ended June 30, 2024. The Company's revenue for the first half of 2024 was in excess of $4.4 million. A comparison to the same period of 2023 is not meaningful since the Company did not have revenue-generating operations during that period.
Image 1
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10822/223032_viviccorpimage.jpg
The Company expects second-half performance to be stronger than the first half, slightly weighted towards the fourth quarter, as it continues to expand its marketing efforts.
Vivic is a leading global provider of access to luxury yachts. The Company is focused on yacht sales worldwide from its headquarters in Taiwan which enables it to have quick access to leading yacht builders. The Company is the exclusive distributor of Monte-Fino yachts in Asia and the Middle East and is the non-exclusive distributor in other territories for which Monte-Fino has not appointed an exclusive distributor. Monte Fino is a well-known brand owned by Taiwan Kha Shing Yacht Company, one of the world's leading yacht manufacturers.
President and CEO Shang-Chiai Kung commented, "We delivered a solid second quarter and first half of 2024 as charter yacht operators across the globe continue to rely on Vivic to support their operations. Sales growth was better than anticipated. The fundamentals supporting Vivic's growth remain strong, and we expect the second half of the year to be even stronger as our operations gain traction in our markets worldwide."
The Company's global headquarters is located in Taiwan with regional operations engaged in yacht procurement, sales, and leasing services in Taiwan and other nearby countries.
The financial results announced today reflect the Company's performance through the first half of 2024. Projections as to future performance are management's estimates based upon the state of the business as of today and are subject to revision. Results for the third quarter and nine-month periods ended September 30, 2024 will be publicly reported when the company files its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission.
About Vivic Corp.
Vivic Corp. is a distinguished company in the yacht industry, bringing unparalleled value and experiences to clients through innovative technology, product diversity, global presence, professionalism, and a commitment to sustainable development. We continuously explore the latest technological solutions to enhance yacht performance, safety, and comfort; offer a diverse product line to meet the needs and preferences of an array of clients. We have established a broad market and service network worldwide, providing comprehensive pre-sales and after-sales services; and employ a professional, dedicated, and experienced team to deliver high-quality products and services. Additionally, we emphasize environmental protection and social responsibility, striving for sustainable development. As a leader and pioneer in the yacht industry, we will continue to work hard to bring even better and more outstanding products and services to our customers. The company's main businesses include: Independent design, development, and sales of the "VIVIC" series of operational yachts mainly targeting domestic and foreign yacht clubs and water cultural tourism operators, with sales of mass-produced yachts including several models such as VV1 (40 feet), VV2 (46 feet), and V55 (55 feet). The company continues to independently design, develop, and manufacture all-electric and traditional power yachts through its own and subcontracted factories. Our products include leisure yachts, sea fishing yachts, diving function yachts, party function catamarans, large sailboats, and more, with maintenance and repair services available to our customers. The Company acts as sales agent for other luxury yacht brands and holds exclusive agency rights for the "MONTE FINO" series of luxury yachts from Kha Shing Enterprises in regions outside Taiwan and the United States, selling luxury yachts ranging from 45 to 130 feet. For more information, please visit www.vivicyacht.com.
Forward-Looking Statements and Non-GAAP financial measures
Statements in this news release concerning economic outlook, expected revenue, expected margins, expected savings, expected results, expected expenses, orders, deliveries, financial position, as well as any other statement that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements.
Forward-looking statements include statements as to demand for the Company's products and the impact of geopolitical conditions, including any related international trade restrictions. These factors include uncertainties as to the ability to record revenues based upon the timing of product deliveries, changes in economic conditions, and other risks, including those described in the Company's filings with the Securities and Exchange Commission (SEC), press releases, and other communications.
Non-GAAP financial measures, such as EBITDA and Adjusted EBITDA, should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. We believe that these non-GAAP financial measures may provide meaningful supplemental information regarding the Company's results and facilitate the comparison of results.
Investor Relations Contact:
Darrow Associates
Jordan Darrow
631-766-4528
jdarrow@darrowir.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223032
The 2022 Guangdong-Hong Kong-Macao Greater Bay Area Service Trade Conference, a three-day event, kicked off in Zhuhai on the 22nd. VIVIC Group is exhibiting at booth [1c22], showcasing their VVT new energy yacht. We warmly welcome all customers and friends to visit our booth.
The Greater Bay Area Service Trade Conference is the first high-level, comprehensive exhibition in the Guangdong-Hong Kong-Macao Greater Bay Area focused on service trade, integrating exhibitions, industry dialogues, and business exchanges.
This year’s conference is being held in the format of "Exhibition + Conference Forum + Supporting Activities," with an exhibition area of 25,000 square meters. It begins with city introductions, centers on digital trade, and is complemented by life services, highlighting the strengths and showcasing the excellence of service trade in the Greater Bay Area. The conference has attracted over 400 companies from the Greater Bay Area and 27 provinces and cities across the country, including well-known enterprises and institutions such as Tencent, China Telecom, Xinhua Group, JD.com, Zijinshan Laboratory, and iFlytek.
In response to the growing market demand for electric yachts, VIVIC Group launched a 27-foot electric propulsion yacht, the “VVT,” in May 2022, equipped with the VIVIC-E power unit for navigation in coastal and inland lake waters.
The VIVIC-E power unit electric propulsion system is not merely a traditional motor coupled with a high-voltage battery pack but a fully intelligent vessel vector control system. This patented technology aims to enhance performance and efficiency, thereby improving the driving experience and cruising range.
Yachts equipped with the VIVIC-E power unit propulsion system are particularly suitable for navigation in protected lake water areas with restrictive water resources. They feature lightweight, low noise, quick acceleration, shallow draft, anti-cavitation, low hull resistance, and excellent maneuverability. The “VVT” yacht boasts a beautiful and stylish design with a total tonnage of 2.96T, a beam of 2.21M, and a waterline length of 6.76M. It can accommodate up to 12 people, achieving zero emissions and virtually silent propulsion. Now in commercial-scale production, this exhibition provides customers a close-up opportunity to experience the new energy yacht and offers the potential for further cooperation.
At the 4th Zhejiang (Wenzhou) Imported Consumer Goods Expo, VIVIC Group released VVT new energy yachts globally.
"VVT" yacht has a beautiful, stylish and generous design. Gross design tonnage: 2.96T; boat width: 2.21M; waterline length: 6.76M. It can accommodate up to 12 people, achieves zero emissions and almost silent propulsion, and has now been commercialized. Large-scale production, looking forward to cooperating with more yacht and cultural tourism operating companies.
The "VVT" yacht is equipped with the VIVIC-E electric propulsion system, which is not just a drive motor in the traditional sense with a high-voltage battery pack, but also a set of intelligent whole-ship vector control systems. The goal is to achieve high performance and high performance through this patented technology. High efficiency, improve driving experience and range.
The "VVT" yacht is particularly suitable for sailing in restricted water resources protected lakes. It has the characteristics of light weight, low noise, fast speed, shallow draft, anti-cavitation, small attached resistance, and good maneuverability.
Hainan Daily reporter Ang Ying
On December 9, the reporter visited a Taiwan-funded yacht manufacturing company located in Jinjinggang Development Zone, Lingao County. The sound of cutting machines and electric drills is endless in the workshop. Workers wearing masks are busy in an orderly manner, polishing and polishing the yacht hull molds.
The reporter walked around the factory and found that some yacht molds had begun to take shape, so he curiously asked the workers about the yacht manufacturing process. "We are stepping up production and repair of the main deck, roof and some split molds of the VV2 yacht. The next step is to use the vacuum infusion process to manufacture the hull. After the hull is solidified, the finished product can be demoulded, and then the hull, deck, roof and It will be closed, followed by outfitting and other processes. After passing the inspection by the shipping department, a yacht will be 'out of the oven'," technical worker Zhang Yunbing told reporters while repairing the mold without even raising his head.
The person in charge of the factory on the side, Taiwanese businessman Deng Rensheng, saw this and took over the conversation: "The VV2 yacht is made of fiberglass and has a solid double-hull structure. It cruises smoothly and consumes less fuel. This yacht is specially designed by Charles Schwab Yacht Group to leverage its potential. Hainan’s huge yacht leisure tourism market is a newly developed sea vacation yacht. It has a large space, like a sea bar, and has the ability to travel in shallow areas, and can sail to beautiful ocean views that many yachts and sailboats cannot approach.”
"At present, VV2 yachts are only produced in Hainan and are expected to be launched in June next year. We have received many orders one after another, and the price range of a single boat is between 4 million and 8 million yuan." He said that the Lingao base covers a total area of 4 Ten thousand square meters, the first phase of the factory construction is about 10,000 square meters. After the company gets on track, it is expected to produce 30 yachts of various types annually, with an output value of up to 200 million yuan in 2023.
"The yacht industry is called the 'gold industry floating on the blue sea.' Hainan has a long coastline, vast sea area, and residents' income levels are getting higher and higher. There is great potential for yacht consumption in the future, and it is very suitable for the development of the yacht industry." Hainan Jiaxin Yacht Group Chairman and Taiwanese businessman Gong Yunguang noted that with the release and implementation of policies such as the "Hainan Free Trade Port Yacht Industry Promotion Regulations" and the "Hainan Province Action Plan to Promote the High-Quality Development of the Yacht Repair and Building Industry (2022-2026)" this year, Hainan Yachts The industry will enter a period of rapid development and gradually become a sunrise industry for urban leisure consumption in Hainan.
"As the first Taiwan-funded enterprise in the yacht industry in Hainan, we are willing to lead Hainan tourists and citizens to gradually enter the 'yacht life circle' of sports, leisure, and trendy fashion." Gong Yunguang believes that the conditions are ripe and the time is right for the introduction of Hainan's yacht industry policy. It provides long-term institutional support for building a modern yacht industry system in Hainan Free Trade Port. It proposes to promote the research and development and manufacturing of diversified and functional yacht products, realize green and intelligent development of yacht building, and accelerate the development of new products for enterprises. R&D and transformation are provided with greater support.
Gong Yunguang said that the group will actively respond to Hainan’s new energy strategy and promote the development of the new energy yacht industry. “We are negotiating cooperation with CATL in areas such as power battery utilization. In the future, we will also launch a pure electric version of EV2 yachts and strive to expand the market in the new energy industry. Major breakthroughs have been achieved in the research and development of energy yachts.”
"The group will rely on the Lingao base to expand yacht maintenance, modification, supply and other businesses, launch yacht experience, driving training, marine events and other related activities, and form a synergy with the scenic spots near Lingao." Gong Yunguang believes that in the free trade Under the new opportunities of port development, enterprises will "swim" to a wider world. "We will gradually cultivate a yacht industry cluster in the second and third phases of the project, build Hainan's first yacht-themed tourism factory, and industrial production." The landscape and coastal scenery are regarded as tourism projects, coupled with corresponding services such as tour guides, B&Bs, and food, allowing tourists to obtain diversified experiences such as sightseeing, leisure, and science popularization, and promote the development of the upstream and downstream yacht industries in the Hainan Free Trade Port.”
Recently, the Xianglang platform version 1.0 conducted a new round of on-site channel training. This one-day training session saw participants' enthusiasm for learning reach new heights, creating an electrifying atmosphere throughout the event!
The training included theoretical learning, marketing techniques, and yacht experiences. During this session, participants significantly improved their practical skills and gained a deeper understanding of product knowledge, product pairing, after-sales service, and end-user marketing experience. Each participant benefited greatly and left with a wealth of new knowledge.
The group's yacht accommodation platform "Xianlang" version 1.0 is now online. Now when you come to Xiamen to travel and enjoy the sea, please check out the "Xianlang" platform first!