{"id":2860,"date":"2025-05-04T08:52:49","date_gmt":"2025-05-04T08:52:49","guid":{"rendered":"https:\/\/wp.electronthemes.com\/insightev\/insightev-weekender-week-18\/"},"modified":"2025-08-11T15:38:37","modified_gmt":"2025-08-11T15:38:37","slug":"insightev-weekender-week-18","status":"publish","type":"post","link":"https:\/\/wp.electronthemes.com\/insightev\/insightev-weekender-week-18\/","title":{"rendered":"InsightEV Weekender: Week 18"},"content":{"rendered":"\n

Welcome back to the InsightEV Weekender<\/strong>, your repository of the weekly news and happenings in electric two-wheelers and mobility. <\/em><\/p>\n\n\n\n

Livewire is Barely Ticking Over<\/h2>\n\n\n\n

There is no way we can positively paint LiveWire results. They sold all of 33 motorcycles in Q1. That’s 11 motorcycles in a month on average. There would be scores of dealerships that would not have sold even a single motorcycle in the quarter.<\/p>\n\n\n\n

Sure, they managed to reduce their net losses by a couple of million USD, but that was all due to payroll savings. There are still significant net losses in the quarter, and with sales plummeting, LiveWire’s worries should be a sales one, not a cost one.<\/p>\n\n\n

\r\n \r\n
\r\n \"LiveWire\r\n <\/div>\r\n
\r\n
\r\n LiveWire Sinks Further – InsightEV <\/div>\r\n
\r\n Your interpretation of LiveWire's Q1 2025 results depends on whether you consider the glass half-full or half-empty. Increasingly, it is evident… <\/div>\r\n
\r\n \"\"\r\n InsightEV – Global Electric Mobility<\/span>\r\n <\/div>\r\n <\/div>\r\n <\/a>\r\n <\/figure>\r\n\n\n\n
\n\n\n\n

Reversion to the Mean?<\/h2>\n\n\n\n

It was a bad April for Indian E2Ws, with sales only touching 91,800 units. This sharply contrasts with March 2025, which saw sales cross 131,000 units. TVS took the lead in April as the musical chairs for numerical supremacy continued…<\/p>\n\n\n

\r\n \r\n
\r\n \"Reversion\r\n <\/div>\r\n
\r\n
\r\n Reversion to the Mean? – InsightEV <\/div>\r\n
\r\n It was a bad April for Indian E2Ws, with sales only touching 91,800 units in the month. This is in sharp contrast to March 2025, which saw sales cross 131,000 <\/div>\r\n
\r\n \"\"\r\n InsightEV – Global Electric Mobility<\/span>\r\n <\/div>\r\n <\/div>\r\n <\/a>\r\n <\/figure>\r\n\n\n\n
\n\n\n\n

Damon to be Ousted from NASDAQ?<\/h2>\n\n\n\n

We have not been actively tracking Damon Motors, as we know that the Hypersport is unlikely ever to be produced. So, Ridepart<\/strong><\/a> and Visordown<\/strong><\/a> both nudged us this week with reports that Damon’s stock is practically at zero (USD 0.0075 as we write this), and Nasdaq may delist the company.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

This is from the SEC letter that Damon received on Apr 25th.<\/p>\n\n\n\n

<\/div>\n\n\n\n

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 25, 2025, Damon Inc. (the \u201cCompany\u201d) received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (\u201cNasdaq\u201d), stating that based on its review of the Company\u2019s public filings with the Securities and Exchange Commission (the \u201cSEC\u201d), its staff has determined to delist the Company\u2019s securities pursuant to its discretionary authority under Listing Rule 5101. Specifically, as set forth in the letter, Nasdaq\u2019s staff determined that the Company\u2019s issuance of securities pursuant to the underwriting agreement dated March 20, 2025, particularly the Series A warrants exercisable on an alternate cashless basis as described in the Company\u2019s prior SEC filings, raises public interest concerns because the issuance resulted in substantial dilution for its shareholders. Accordingly, as set forth in the letter, this matter serves as an additional basis for delisting the Company\u2019s securities from Nasdaq. <\/em>

The letter serves as a formal notification that the Nasdaq Hearings Panel (the \u201cPanel\u201d) will consider this matter in rendering a determination regarding the Company\u2019s continued listing on Nasdaq. Pursuant to Listing Rule 5810(d), the Company should present its views with respect to this additional deficiency at its Panel hearing. <\/em>

On April 29, 2025, the Nasdaq staff informed the Company that, pursuant to the staff\u2019s authority under Listing Rule 4120(a)(5), trading in its shares on Nasdaq has been halted pending the outcome of the Panel hearing, unless the staff determines to lift the halt prior to the hearing. The Panel hearing regarding the Company\u2019s continued listing on Nasdaq is scheduled for May 20, 2025. <\/em>
<\/em>
The Company plans to submit a compliance plan to the Panel. The Company also plans to apply for trading on the OTCQB market maintained by OTC Markets Group Inc. to address the risk of delisting from Nasdaq in the event of an unfavorable Panel decision.<\/em><\/p>\n\n\n\n

Damon has a hearing on the 20th of this month. It is doubtful that Damon’s stock would recover without substantially restructuring the company, and the company may likely shift to the OTC part of the market.<\/p>\n\n\n\n

While at Damon, we reported this post its Q2 2025 results.<\/p>\n\n\n

\r\n \r\n
\r\n \"Making\r\n <\/div>\r\n
\r\n
\r\n Making Sense of Damon\u2019s Q2 2025 – InsightEV <\/div>\r\n
\r\n A net income of USD 32.5 million took us by surprise, considering that this is a company that is not yet making any significant revenue, if at all. <\/div>\r\n
\r\n \"\"\r\n InsightEV – Global Electric Mobility<\/span>\r\n <\/div>\r\n <\/div>\r\n <\/a>\r\n <\/figure>\r\n\n\n\n
\n\n\n\n

But did you Guys look at the Gogoro Stock?<\/h2>\n\n\n\n

The much bigger Gogoro is also in deep trouble. The Taiwan-based scooter manufacturer had also faced a delisting notice for many months because of non-compliance with Nasdaq Listing Rule 5450(a)(1). The company’s stock has been trading under USD 1.0 consistently over the last six months, and Gogoro had till April 28th, 2025, to rectify the situation.<\/p>\n\n\n\n

This is what we had reported a couple of months back.<\/p>\n\n\n

\r\n \r\n
\r\n \"Gogoro\u2019s\r\n <\/div>\r\n
\r\n
\r\n Gogoro\u2019s Financials Continue to Deteriorate – InsightEV <\/div>\r\n
\r\n The company's overall revenue were down amidst slowly increasing battery swapping revenues getting pulverised by steadily declining scooter sales. <\/div>\r\n
\r\n \"\"\r\n InsightEV – Global Electric Mobility<\/span>\r\n <\/div>\r\n <\/div>\r\n <\/a>\r\n <\/figure>\r\n\n\n\n

Gogoro’s stock did not recover to above USD 1.0 in the stipulated time, and the company has found a short-term remedial measure by moving its common stock from the upper-tier Nasdaq Global Select Market to the lower-tier Nasdaq Capital Market.<\/p>\n\n\n\n

The Nasdaq Capital Market allows companies with a lower market cap and is widely considered to have less rigorous compliance.<\/p>\n\n\n\n

Now, moving to the Nasdaq Capital Market does not mean that the compliance under Nasdaq Listing Rule 5450(a)(1) goes away. Gogoro just gets a breather of another six months. In conjunction with the approval of transfer to the Nasdaq Capital Market, Nasdaq also granted the Company an additional 180 calendar days, or until October 27, 2025, to regain compliance with the minimum bid price requirement.<\/p>\n\n\n\n

Meanwhile, Gogoro’s stock continues to slide and was at IUSD 0.2738 at the close of trading on Friday. The company now has a market cap of just around USD 80m.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n
\n\n\n\n

That’s a wrap for today. This newsletter will be back next Saturday. The posts on the website are more frequent. This is your editor, and you may view my LinkedIn profile here<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

This Weekender: LiveWire reported a disastrous Q1 2025 as sales plummeted to 33 units; TVS wins the Indian sales war for April, but things may change next month; Damon may get thrown out of Nasdaq as the stock races to zero; Gogoro buys time…<\/p>\n","protected":false},"author":1,"featured_media":2850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":"","footnotes":""},"categories":[239,215,208,219,282,210,212,329],"tags":[],"class_list":["post-2860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bajaj","category-damon","category-gogoro","category-livewire","category-newsletter","category-ola","category-tvs","category-weekender","pmpro-has-access"],"acf":[],"_links":{"self":[{"href":"https:\/\/wp.electronthemes.com\/insightev\/wp-json\/wp\/v2\/posts\/2860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.electronthemes.com\/insightev\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.electronthemes.com\/insightev\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.electronthemes.com\/insightev\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.electronthemes.com\/insightev\/wp-json\/wp\/v2\/comments?post=2860"}],"version-history":[{"count":5,"href":"https:\/\/wp.electronthemes.com\/insightev\/wp-json\/wp\/v2\/posts\/2860\/revisions"}],"predecessor-version":[{"id":4180,"href":"https:\/\/wp.electronthemes.com\/insightev\/wp-json\/wp\/v2\/posts\/2860\/revisions\/4180"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.electronthemes.com\/insightev\/wp-json\/wp\/v2\/media\/2850"}],"wp:attachment":[{"href":"https:\/\/wp.electronthemes.com\/insightev\/wp-json\/wp\/v2\/media?parent=2860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.electronthemes.com\/insightev\/wp-json\/wp\/v2\/categories?post=2860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.electronthemes.com\/insightev\/wp-json\/wp\/v2\/tags?post=2860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}