SURREY, British Columbia, Nov. 15, 2021 (GLOBE NEWSWIRE) -- DSG Global, Inc. (OTCQB: DSGT) ("DSGT" or the "Company") is pleased announced today that it has filed its Form 10-Q for the quarter ended September 30, 2021. The financial results, included revenue growth of 49.1% in the third quarter of 2021, ended September 30, 2021, compared to the third quarter of 2020.
Third Quarter 2021 Financial Highlights
- Sales for Q3 2021 totaled $498,380 compared to $334,161 for Q3 2020, an increase of $164,219 or 49.1%. The increase was primarily a result of the Company’s new Infinity product release. As of September 30, 2021, the Company had additional signed contracts of nearly $10 million for golf products which it is working to fulfill.
- Gross profit for Q3 2021 totaled $271,928 compared to $165,950 for Q3 2020, an increase of $105,978 or 63.9%. Gross Profit Margins for the quarter were 54.6% compared to 49.7% during Q3 2020.
- Total inventory increased $430,177, primarily the result of Electric vehicles delivered to Imperium Motors.
- Total Tangible Assets increased from $2,030,732 on 6/30/21 to $3,561,470 on September 30, 2021. This was attributable to an increase in cash and increased inventories as the company readies for the launch and delivery of Electric Vehicles.
- Total cash increased from $148,084 to $1,317,646 during the quarter.
- Total Liabilities increased from $1,964,074 to $3,806,715 during the quarter.
- Net Loss was $1,948,678 or .02 Earnings per Share for the quarter compared to a Net Loss of $3,159,242 for Q3 2020, a decrease of 38%.
- Share Count remained relatively constant, increasing from 120,495,186 upon the Q2 10Q filing to 123,345,186 as of November 15, 2021. This was primarily the result of previously issued restricted stock for consultants whose shares had vested, and were converted, not newly issued shares.
Nine Months 2021 Financial Highlights
- Sales for the first nine months of 2021 totaled $1,380,324 compared to $608,328 for the first nine months of 2020, an increase of $771,996 or 126.9%.
- Gross profit for the first nine months of 2021 totaled $822,026 compared to $361,466 for the first nine months of 2020, an increase of $460,560 or 127.4%.
- Total Tangible Assets increased from $2,090,729 on 12/31/20 to $3,561,470 on September 30, 2021 primarily the result of increased inventories of Electric Vehicles.
- Total Liabilities increased from $2,912.745 to $3,806,715 during the year.
- Net Loss was $4,376,507 or .04 Earnings per Share for the first nine months of 2021 compared to $9,284,096 for the first nine months 2020, a decreased of 52.9%
Third Quarter 2021 Operational Highlights
- Completed homologation approval of the ET5 SUV, rebranded as the SEV, in Europe
- Introduced and delivered to the United States new Electric Vehicle models, the new 12-Meter Class Bus and Cargo and Multi-Passenger Vans
- Received manufacturing license and World Manufacturing Identifier Code for the Terra Truck and SEV
- Continued to expand the dealer candidate network
- Launched production of the first 682 SEV vehicles – already pre-sold.
- Began attending large automotive shows to showcase inventory and to take pre-orders
- Received first firm order for the purchase of fleet of SEV’s from Louelec.
“As we continue to generate interest and orders for our vehicles, it is an exciting time for our company. With golf course installations accelerating and vehicle deliveries beginning shortly, we expect revenue to increase multiple fold each quarter in 2022 and for the foreseeable future. All segments of our business including the Infinity HD, 4G Tags, golf carts, E-Bikes and Electric Vehicles are growing. During the current quarter, we expect orders to rise rapidly and to begin start delivering vehicles to end customers. Large-scale deliveries will begin occurring during late Q1 2022. We fully anticipate to become one of the leaders in the Electric vehicle industry very quickly," said Robert Silzer, CEO of DSG Global, Inc.
About DSG Global
DSG Global is an emerging global technology company with an array of interconnecting businesses in some of the fastest growing market sectors. With roots in the golf industry in which it specializes in fleet management with patented analytics, mobile touch screen engagement and electric golf carts under the Vantage Tag Systems (VTS) brand, the company is moving quickly with road-ready electric vehicles for sale in the first quarter of 2021 through its Imperium Motor Company subsidiary.
About Vantage Tag Systems
Vantage Tag Systems (VTS) provides patented electronic tracking systems and fleet management solutions to golf courses and other avenues that allow for remote management of the course's fleet of golf carts, turf equipment and utility vehicles. Its clients use VTS's unique technology to significantly reduce operational costs, improve the efficiency plus profitability of their fleet operations, increase safety, and enhance customer satisfaction. VTS has grown to become a leader in the category of Fleet Management in the golf industry, with their technology installed in over vehicles worldwide. VTS is now branching into several new streams of revenue, through programmatic advertising, licensing, and distribution, as well as expanding into Commercial Fleet Management, PACER single rider golf carts, and Agricultural applications. Additional information is available at http://vantage-tag.com/
About Imperium Motor Company
Imperium Motor Company (IMC) is an EV sales and marketing company that offers a wide variety of affordable vehicles equipped for the North American market with emphasis on great design, a green mindset, performance, and functionality. Vehicles will include high speed, mid-speed, and low speed electric vehicles including cars, trucks, SUVs, vans, buses, and scooters. For additional information about Imperium Motors' product lines, please visit www.imperiummotorcompany.com.
Company Contact:
Brokers and Analysts:
Chesapeake Group
+1-410-825-3930
info@chesapeakegp.com
Safe Harbor for Forward-Looking Statements
This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipated", "proposed", "expects", "intends", "may", "will", and similar expressions. Forward-looking information contained or referred to in this news release includes but is not limited to the Company's ability to secure manufacturing facilities and supply chains, the benefits the Company expects to derive from existing and planned products, and the Company's ability to achieve production and sales targets, generally.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors which could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: negative cash flow and future financing requirements to sustain operations, dilution, limited history of operations and revenues and no history of earnings or dividends, competition, economic changes, delays in the Company's expansion plans, regulatory changes, and the impact of and risks associated with the ongoing COVID-19 pandemic including the risk of disruption at the Company's facilities or in its supply and distribution channels. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.
Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year 2020 and our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all filed with the Securities and Exchange Commission. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
