AUSTIN, Texas, May 07, 2024 (GLOBE NEWSWIRE) -- Volcon Inc. (NASDAQ:VLCN) ("Volcon'', the "Company" or "we"), the first all-electric, off-road powersports company, today reported its operational highlights and financial results for the quarter ended March 31, 2024 Company Highlights: ●   Nasdaq extension for compliance by June 24, 2024 ●   First Stag delivery to US Dealer and the Army Corp in May 2024 ●   Continued delivery of the Grunt EVO ●   105 U.S. dealers and 9 international distributors covering 14 countries As previously noted in our 2023 annual operational updates, Volcon presented its plan of compliance to the Nasdaq Hearing Panel on March 26, 2024 regarding ongoing compliance with the bid price and equity compliance. On April 2, 2024, Nasdaq informed the Company that it has provided an extension until June 24, 2024 for the Company to execute its plan of compliance. On May 6, 2024, the Company shipped its first Stag to a U.S. dealer to fulfill our first consumer pre-order. The Company expects to ship additional Stags to U.S. dealers to begin fulfilling previously received pre-orders for the Stag from consumers who have paid a deposit. Although pre-orders are cancelable until the customer takes delivery of the Stag, the Company expects that we will be able to convert some of these pre-orders to sales in 2024. Also, as previously announced, the Company delivered its first Stag to the Army Corp of Engineers (Army Corp) on February 27, 2024, at its Fort Leonard Wood, Missouri facility. The Company expects to ship the Army Corp three more Stags on May 10, 2024 and anticipates additional deliveries to complete the Army Corp's orders by July 2024. Delivery of the Grunt EVOs continues to grow. Since we began taking on-line pre-orders for continental U.S. customers, we have seen an increase in EVO sales. Customer can pay a $100 deposit and order an EVO which will be delivered to a dealer closest to the customer. We expect that as we move into the Spring/Summer sales seasons we will see higher demand due to warmer weather in the U.S., and the previously discussed ramp up in manufacturing will allow us to fulfill the expected higher demand. As noted in our third quarter earnings release, we deferred the launch of the Runt LT, our smaller off-road motorcycle, to focus on distribution of the Grunt EVO as well as to start shipping the Stag. After further evaluation, we have concluded that we will no longer launch the Runt LT. We are currently evaluating options for new two-wheel products that we could develop and sell over the next 9 – 12 months. Brat sales continue to do well, and we also expect an increase in sales as we move into the Spring/Summer sales season. To date, the Company's U.S. dealer count is 105 dealers. We have signed two new dealers in California where there is a large population of off-road enthusiasts. Further, California, as well as other states, are implementing regulations on off-road vehicles to limit carbon emissions, which will help the adoption of EV in the off-road industry. John Kim, CEO, notes "We've made major progress in the past three months. Our Stag UTV production has started, and we are beginning to make deliveries to our customers. Also, we're seeing strong growth in the sales of the Grunt EVO, our offroad motorcycle. In the coming months, we'll continue to move forward with reducing cost of operations and production." Financial highlights:     3 Months Ended   GAAP   March 31, 2024     December 31, 2023     September 30, 2023   Revenue   $ 1,033,548     $ 1,083,800     $ 487,430   Cost of goods sold     (1,621,580 )     (6,283,944 )     (3,542,468 ) Gross Margin     (588,032 )     (5,200,144 )     (3,055,038                             Sales & Marketing     760,564       1,365,186       1,870,532   Product Development     814,945       1,932,705