Vivic Corp. Reports No Revenue and Increased Losses in Latest Financial Filing

Vivic Corp. reported significant financial challenges in its latest 10-Q filing for the quarter ending December 31, 2024. The company recorded no revenue for the three months ended December 31, 2024, a stark contrast to $809,899 in revenue during the same period in 2023. For the six months ending December 31, 2024, total revenue was $44,243, down from $1,600,942 in the previous year. The company attributed this decline primarily to a strategic shift away from operations in mainland China and a focus on yacht sales in Taiwan.

The financial performance of Vivic Corp. showed a net loss of $962,685 for the three months ended December 31, 2024, compared to a loss of $33,017 in the same period of 2023. For the six months, the net loss was $1,547,193, significantly higher than the $53,077 loss reported in the prior year. The increase in losses was largely driven by a rise in general and administrative expenses, which surged to $488,564 for the six months, up from $242,888 in 2023, and included substantial stock-based compensation expenses.

Operationally, Vivic Corp. has undergone significant changes, including the divestiture of its subsidiary, Guangdong Weiguan Ship Tech Co., Ltd., in July 2023, as part of its strategy to concentrate on yacht sales. The company has also appointed new directors and a Chief Technology Officer, indicating a shift in its management structure aimed at revitalizing its business model. As of December 31, 2024, the company had 27,410,921 shares of common stock outstanding, an increase from 26,657,921 shares as of June 30, 2024.

The company reported a working capital of approximately $3.2 million, which includes $2.5 million due from related parties. However, it also noted a negative cash flow from operating activities of $443,287 for the six months ended December 31, 2024. The company’s cash and cash equivalents stood at $53,616, raising concerns about its liquidity and ability to sustain operations without additional financing. Vivic Corp. is actively seeking further financing through loans and equity issuances to support its operations.

Looking ahead, Vivic Corp. faces substantial uncertainty regarding its ability to continue as a going concern. The company has indicated that its future operations depend heavily on securing financial support from related parties and generating stable income. Management is pursuing additional financing options but acknowledges the challenges in achieving sufficient funding to sustain its operations. The company’s strategic focus will remain on expanding its yacht sales and exploring new opportunities within the marine industry.