Sign up for the Daily Newsletter, sent exclusively to our premium subscribers. We break down the big and messy topics of Asia’s tech and startup community. Get the newsletter in your inbox everyday with a premium subscription.
Hello reader,
Do you believe in horoscopes?
Not me – I’ll admit that they can be a tad fun if you just read them as a “wow look at this crazy prediction” thing, but it’s still interesting to know that some people out there take it really seriously.
A lot of it has to do with telling fortunes and the future, basing it off a set of principles and making judgements off that. In some way, it’s similar to how we look at financial statements and try to make an educated guess as to how that company will fare.
With that in mind, Scorpio Electric’s latest financial report reveals that it hasn’t been doing too hot lately. Let’s see what’s happening with the EV firm in today’s premium story.
Today we look at:
- Behind Scorpio Electric’s financial numbers
- Honasa Consumer’s debut on the Indian stock exchange
- Other newsy highlights such as a digital collectibles startup coming out of stealth mode and breaking down the issue of kiasi-ism in Singapore.
Premium summary
Where’s the spark
Image credit: Timmy Loen
On paper, Scorpio Electric seems to be in a bit of a pickle. The Singapore-based EV firm recorded US$2.4 million in losses for the financial year ended March 2023, a 15% jump from the previous year. Its revenue? US$1,080, which is even a 44% year-on-year drop.
Let’s find out what’s going on.
- Holding the line: While Scorpio Electric began operating in 2017, it has yet to roll out its electric motorcycles to the market. Its website currently sells merchandise such as T-shirts.
- Coming soon: That said, the firm is looking to launch its flagship product, the Scorpio Electric X1, at the Milan Motorcycle Show this week.
- Is it just hot air?: In January, the company reported a valuation of US$150 million, which might raise some eyebrows considering its situation. However, it should be noted that it has a big parent firm backing it: EuroSports Global, which recorded revenue of US$40.1 million for its 2022 financial year.
Read more: Scorpio Electric’s losses climb 15% amid negligible revenue in FYE 2023
Oh mama
Join SFF next week with 20% off on tickets!
Quick bytes
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
