Vectrix Corp., the high-performance zero emission scooter company, reported sales of $819,000 and losses of $54.1 million for the year to 30 September 2007.
Vectrix had cash, cash equivalents and short term investments of $50 million.
"Our 2007 financial year was marked by several major accomplishments, including our successful IPO and the international consumer launch of our first street legal maxi-scooter," says Andy MacGowan, chairman and CEO. "While we have been disappointed with significantly lower sales than originally anticipated, most notably in Italy, we have overcome initial product quality problems and believe that our sales repositioning efforts will accelerate market acceptance. We are taking aggressive steps to reduce costs and increase asset turnover in order to reduce significantly our cash burn.
"We remain confident that the MAXI Scooter's design, performance and green credentials will provide a market-leading, cost effective solution to urban commuters and fleet operators in our target markets around the world and we believe we are uniquely positioned to capitalize on the growing demand for green vehicles."
Vectrix made its first big splash in the world powersports market in 2006 at the EICMA show in Milan, Italy. Since then the company has expanded into the United States. Under the dealer menu on the company's website, Vectrix lists six U.S. dealerships.