NetworkNewsBreaks — DSG Global Inc. (DSGT) Releases Q2 2021 Financial Results, Notes 299% Growth in Revenue
DSG Global (OTCQB: DSGT), an emerging player in the electric vehicle (“EV”) segment with a large lineup of affordable and diverse vehicles, has reported its financial report for the quarter ended June 30, 2021; the report was highlighted by the announcement of 299% revenue growth for the company compared to the same period last year. The company reported second-quarter sales of $494,838 compared to $123,955 for Q2 2020, an increase of $370,883 or 299%. The company attributed much of the growth to new installations of its Infinity, Tag and Text GPS system. In addition to the increased sales, the company noted that is working to fufill upcoming contracts during Q3. Other key numbers from the Q2 report included gross profit margins for the quarter of 59.3% compared to 59.6%; total inventory increased $738,973, primarily as a result of EVs being delivered to DSGT subsidiary Imperium Motors; and a decrease of total assets from $2,434,354 last quarter to $2,042,050 this quarter; the company noted that this was a result of a decrease in cash as the company prepares for increased inventory and upcoming launches and deliveries of its electric vehicles. Operational highlights for the company included new EV models, including the 12 meter class bus, being delivered to the United States as well as the hiring of industry executive Christian Dubois to help lead global sales for Imperium Motors. Imperium Motors is also anticipating the approval of a $22 million contract for its buses, and the company announced the completion of the acquisition of MTG. “We have set the foundation though personnel, partnerships and acquisitions to become a leader in the industry, said DSG Global CEO Robert Silzer in the press release. “We fully anticipate revenue increasing multiple fold each quarter in 2021 and for the foreseeable future. All segments of our business including the Infinity HD, 4G Tags, Pacer golf carts, e-bikes and electric vehicles are growing. During the current quarter we expect to attend numerous trade shows in NA, identifying our EV dealer network, begin ramping EV sales and start delivering vehicles to end customers and dealers on a large scale during Q4 2021.”
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DSG Global (OTCQB: DSGT), an emerging player in the electric vehicle (“EV”) segment with a large lineup of affordable and diverse vehicles, has reported its financial report for the quarter ended June 30, 2021; the report was highlighted by the announcement of 299% revenue growth for the company compared to the same period last year. The company reported second-quarter sales of $494,838 compared to $123,955 for Q2 2020, an increase of $370,883 or 299%. The company attributed much of the growth to new installations of its Infinity, Tag and Text GPS system. In addition to the increased sales, the company noted that is working to fufill upcoming contracts during Q3. Other key numbers from the Q2 report included gross profit margins for the quarter of 59.3% compared to 59.6%; total inventory increased $738,973, primarily as a result of EVs being delivered to DSGT subsidiary Imperium Motors; and a decrease of total assets from $2,434,354 last quarter to $2,042,050 this quarter; the company noted that this was a result of a decrease in cash as the company prepares for increased inventory and upcoming launches and deliveries of its electric vehicles. Operational highlights for the company included new EV models, including the 12 meter class bus, being delivered to the United States as well as the hiring of industry executive Christian Dubois to help lead global sales for Imperium Motors. Imperium Motors is also anticipating the approval of a $22 million contract for its buses, and the company announced the completion of the acquisition of MTG. “We have set the foundation though personnel, partnerships and acquisitions to become a leader in the industry, said DSG Global CEO Robert Silzer in the press release. “We fully anticipate revenue increasing multiple fold each quarter in 2021 and for the foreseeable future. All segments of our business including the Infinity HD, 4G Tags, Pacer golf carts, e-bikes and electric vehicles are growing. During the current quarter we expect to attend numerous trade shows in NA, identifying our EV dealer network, begin ramping EV sales and start delivering vehicles to end customers and dealers on a large scale during Q4 2021.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
