The indicators are red at the manufacturer of snowmobiles and electric watercraft Taiga. Nearly a third of its employees have been laid off since the start of the year, its coffers continue to be empty and production is temporarily in neutral after a disappointing winter for snowmobile sales.
This bad news was announced by the Quebec company on Tuesday during the publication of its fourth quarter and end of financial year results. The young Quebec company was initially supposed to take stock of its financial performance last Thursday, but it had delayed the event at the last minute.
Additionally, Taiga canceled the conference call with financial analysts. Tuesday, its president and CEO Samuel Bruneau was not available for interviews.
“Taiga is currently taking several steps to adjust its activities to better align with a seasonal production schedule adapted to the dealer sales model,” she explains in a press release.
This decision once again has repercussions on its workforce. After laying off around thirty employees last February, Taiga is making 70 new layoffs. Last fall, the Quebec company had more than 300 employees.
As of December 31, only 5.3 million remained in the company’s coffers. She has since received 5.25 million from Export Development Canada to get some oxygen.
Taiga ends the 2023 financial year with a net loss of 76 million, compared to 60 million a year ago. Its annual revenues have more than quintupled, to 16 million.