SURREY, British Columbia, April 01, 2022 (GLOBE NEWSWIRE) -- DSG Global, Inc. (OTCQB: DSGT) (“DSGT” or the “Company”), an emerging leader in the Electric Vehicle and Golf Car markets, announced today full-year 2021 financial results which included record quarterly and yearly revenues.
Q4 2021 Financial Highlights:
- Revenue increased to $712,495 from $292,154 during the same period in 2020, an increase of 144%, primarily the result of increase in sales of Infinity Touch Screens and Low Speed Electric Vehicles
- Gross Profit increased to $160,095 versus $129,223 in Q4 2020.
- Loss From Operations decreased from $2,473,727 in Q4 2020 to $1,648,643 during Q4 2021.
Full Year 2021 Financial Highlights:
- Revenue increased 132.4% to $2,092,819 from $900,482 during 2020, a result of revenue increases across all product categories including Electric Vehicles.
- Gross profit increased to $982,121 from $490,689, an increase of 100%.
- Total Assets increased to $2,612,240 compared to $2,103,562 at the end of 2020, primarily a result of an increase in inventory and lease receivables
- Total Liabilities increased to $4,265,983 versus $2,912,745 at the end of 2020.
- Loss from operations increased to $5,953,513 from $5,069,696 in 2020. This was mostly due to increased expenses for trade shows and costs associated with bringing electric vehicles to market.
- Net loss increased from $6,177,099 in 2020 to $6,384,655 in 2021.
For additional information, please visit www.sec.gov for full filing.
Operational Highlights:
- Hired Industry veteran Christian Dubois as President of Imperium Motors Canada. Christian was an executive at BMW and Mercedes Benz and most recently was director of operations and director of acquisitions and dealer development with Dilawri Group, Canada’s largest automotive group with over 4,000 employees and seventy-six franchised dealerships representing thirty-five distinct brands
- Expanded dealer network throughout our EV and Golf Cart division in North America
- Expanded Electric vehicle product line to include Rumble Motors products Skywell’s electric buses
- Attended multiple automobile shows including Montreal, Quebec, and L.A. Auto show
- Received over 1,200 fully refundable deposits on the SEV
- Signed Distributorship with Ignition Brandery to provide Electric Vehicles, Shelby, and Vantage Golf Carts to 25 Caribbean Islands
- Added features and functionality to SEV’s and Electric Buses which are both going through homologation at this time
- Carroll Shelby Licensing, Inc. signed worldwide partnership that allows DSG Global to use intellectual properties controlled by CSL to manufacture, sell and/or distribution of specific licensed merchandise in accordance with the terms of the agreement. http://acgolfcarts.com/
- DSG subsidiary Vantage Tag attended the PGA Show January 2022 and showcased a new first ever line of Vantage golf and fleet carts, single rider Marshal cart, DSG Shelby licensed golf carts and the upgraded Infinity fleet management system. The PGA show provided an abundance of opportunities for Vantage to sign up new retail dealerships in North America. The company has signed distributors in NA and still seeking distributors worldwide. Vantage tag will be starting delivery in July 2022 to golf courses.
- DSG hired Dalie Mariette as Communication Specialist for DSG group of Companies. She has been involved in Social Media management as well as Trade Show managements in multiple fields, E-commerce, photographer, and videographer.
- DSG Subsidiary Imperium Motor will attend the Montreal and Quebec auto show in April 2022. Imperium will show case our Flagship SEV and electric Bus at the shows.
- DSG has moved to a 100,000 sq ft headquarters in Milpitas CA in the Silicon Valley for assembly and showcase our product line up
- DSG Global Announces MOU Toward Acquisition of Golf Equipment Specialty Finance Business
- DSG Global’s Imperium Skywell EV Model Scores High Marks on Popular ‘Munro Live’ Video Podcast
About DSG Global
DSG Global is an emerging global technology company with an array of interconnecting businesses in some of the fastest-growing market sectors. With roots in the golf industry, in which it specializes in fleet management with patented analytics, mobile touch screen engagement and electric golf carts under the Vantage Tag Systems (VTS) brand, the Company is moving quickly with road-ready electric vehicles through its Imperium Motor Company subsidiary.
About Vantage Tag Systems
Vantage Tag Systems (VTS) provides patented electronic tracking systems and fleet management solutions to golf courses and other venues that allow for remote management of the course's fleet of golf carts, turf equipment and utility vehicles. Its clients use VTS' unique technology to significantly reduce operational costs, improve the efficiency plus profitability of their fleet operations, increase safety and enhance customer satisfaction. VTS has grown to become a leader in the category of fleet management in the golf industry, with their technology installed in vehicles worldwide. VTS is now branching into several new streams of revenue through programmatic advertising, licensing, and distribution, as well as expanding into commercial fleet management, Marshal single rider golf carts, Vantage Golf Cart line up and agricultural applications.
Additional information is available at http://vantage-tag.com/
CAUTIONARY NOTE REGARDING 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 several 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.
Brokers and Analysts:
Chesapeake Group
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