SURREY, British Columbia, Nov. 15, 2022 (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, 2022, and announced financial results, including revenue growth of 186% in the third quarter of 2022, ended September 30, 2022, compared to the third quarter of 2021.
Third Quarter 2022 Financial Highlights
- Sales for Q3 2022 totaled $1,425,673 compared to $498,380 for Q3 2021, an increase of $927,293 or 186%. The increase was a result of new installations of Infinity, Tag and Text GPS system, delivery of Licensed Shelby Golf carts and Vantage Pro Fleet Golf carts. As of September 30, 2022, the Company had additional signed contracts which it is working to fulfill by YE.
- Gross profit for Q3 2022 totaled $472,832, compared to $271,928 for Q2 2021, an increase of $200,904 or 74%. Gross Profit Margins for the quarter were 33.17% compared to 54.56% during Q2 2021.
- Total inventory decreased $247,575, primarily the result of installation and delivery of product during the quarter.
- Net Loss of $2,370,834 or .02 Earnings per Share compared to $1,948,678 for Q3 2021, an increase of 21.66%
Nine Months ended September 30, 2022, Financial Highlights
- Sales for the first nine months of 2022 totaled $3,344,802 compared to $1,380,324 for Q3 2021, an increase of $1,964,478 or 142%.
- Gross profit for Q3 2022 totaled $1,090,122 compared to $822,026 for Q3 2021, an increase of $268,096 or 32.61%.
- Net Loss of $5,824,980 or .04 Earnings per Share compared to $4,376,507 for Q3 2021,
- As of September 30, 2022, the Company had signed contracts totaling over $4.2 million in gross sales, inclusive of recurring revenue. Due to delays related to manufacturing and shipping, fulfilment was not yet satisfied and only $3,344,802 was recognizable as a revenue stream for the nine months ended September 30, 2022.
Third Quarter 2022 Operational Highlights
- Rebranded of Imperium Motor Corp to Liteborne Motor Corporation (LMC) and its electric Vehicle Aurium SEV
- The appointment of a new CEO Alan Wagner for Liteborne Motor Corporation™. Mr. Wagner’s extensive expertise and reach across the automotive industry will enable him to work closely with China-based Skywell Automotive Group.
- The delivery of Vantage Pro fleet electric golf carts to distributors in USA and Australia.
- Delivery and installation of GPS Tracking System including the Infinity 12”
- Preparing for the PGA Merchandise Show in Orlando Jan 25-27, booth 3433
- New Vantage Golf Cart Line up will feature the first VANTAGE V-CLUB FLEET CART
- Vantage tag will introduce the new ONE Single Rider Golf Cart (SR1)
- Homologation continues in preparation for Liteborne Aurium SEV delivery in mid-2023
About DSG Global
DSG Global (The Company) is publicly traded under the symbol (DSGT). DSG Global Management are pioneers in GPS Fleet Management Systems for the golf industry having launched one the original GPS and Wi-Fi enabled platforms over 25 years ago; GPS Industries, which would eventually be purchased by Club Car.
The company released its own proprietary and patented GPS Fleet Management System under the Vantage TAG Systems (VTS) brand, a wholly owned subsidiary. The VTS system is modular, so the customer has the flexibility to build a completely customized solution depending on the requirements of the operation. The system can be implemented with or without a range of displays from the efficient TEXT to the high-definition INFINITY. For utility vehicles there is the TAG TURF.
Golf courses use VTS's unique technology to significantly reduce operational costs, improve efficiency, profitability, and enhance the golfer’s experience. VTS has grown to become a leader in the category of Fleet Management in the golf industry,
Since the VANTAGE brand is synonymous with advanced management for golf cart fleets, the natural progression is to produce a line of carts that are complementary. The line-up includes both consumer carts for individual purchase, and fleet carts integrated with the VTS fleet management hardware and software to create a point of differentiation in the marketplace. VTS has launched the “V-Club” as its flagship product and is currently under trial with several influential golf courses and is aimed directly at the incumbent providers as a more cost-effective alternative.
In early 2022 the Company acquired the worldwide rights to market the “Shelby” designed golf carts and E-bikes named for the legendary American race car driver. The carts will be marketed to the rapidly growing and lucrative Golf Community market such as the Villages in Florida where personal golf carts are both the preferred means of transportation and a status symbol
Additional information is available at http://vantage-tag.com/
About Liteborne Motor Company
Liteborne Motor Company 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 Liteborne Motors product lines, please visit www.liteborne.com
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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.