What the Last 18 Months Actually Show
(July 2024 -April 2026)
I’ve gone back through Vmoto’s announcements and put together a timeline of key events.
There’s a clear progression emerging:
2024: Sales decline + restructuring
Late 2024: Buyback + attempted delisting 2025: Global expansion + improving order book
Late 2025: Strategic deals + early recovery 2026: Strong rebound + positive cash flow + guidance upgrade
Below is the detailed breakdown.
PHASE 1: DOWNTURN & RESET (Jul – Dec 2024)
24 July 2024
Investment in Zenion (UK last-mile delivery fleet operator) – $970k
2 August 2024 (2Q24 Update)
Total sales: 4,167 units (down 50%)
Cash: $41.7m
26 August 2024
Soco settlement – Vmoto gains full control of moulds and remaining stake
2 September 2024
South Africa JV (Nova Moto)
13 November 2024 Thailand JV (GoRide)
25 November 2024 Investment in Evotion (Singapore)
16 December 2024
Delisting announcement
Book value: 21c | NTA: 19c
Share price 7c at the time
Key reasons:
• Market undervaluation
• Low liquidity
• Cost of listing
PHASE 2: CAPITAL MANAGEMENT & CONTROL (Jan – May 2025)
3 February 2025
Off-market buyback completed 39.5m shares at 12c ($4.7m)
4 February 2025 (4Q24 Update)
FY24 sales: 17,038 units (down 33%)
Cash: $41.5m
6 March 2025
EGM – all board change proposals defeated
March 2025
New substantial holders emerge
(Yi Chen, Yuming Zhou)
2 May 2025 (1Q25 Update)
Sales: 2,943 units
Cash: $37.4m
Negative operating cash flow: -$1.6m
Order book: 2,530 units
21 May 2025
Delisting vote DEFEATED
PHASE 3: GLOBAL EXPANSION
(Mid – Late 2025)
2 June 2025
Increased investment in Zenion (UK)
23 June 2025
Uber partnership
(Europe EV transition strategy)
5 August 2025 (2Q25 Update)
Sales decline continues
Thailand JV terminated
13 October 2025
Pakistan JV established
PHASE 4: INFLECTION POINT (Late 2025)
4 November 2025 (3Q25 Update) Sales improving Operational cash flow turns positive Thailand facility operational Order book: 3,906 units
18 November 2025 Munro family exits (major holder)
28 November 2025 New substantial holder
(Erchuan Zhou)
1 December 2025 Thailand strategic deal
(potential 100,000 units over time)
8 December 2025 Investment in Lit Energy
(Vietnam EV network)
27 February 2026 (FY25 Results)
Revenue: $46.8m (down 18%)
Net loss: $9.9m
Cash: $32.4m
BUT: Order book: 7,462 units (+268%)
PHASE 5: RECOVERY & ACCELERATION (2026)
9 April 2026 FY26 guidance:
$73.5m – $85m revenue
22 April 2026 (1Q26 Update)
Sales: 6,693 units (up 127% YoY)
Positive operating cash flow
Order book: 7,133 units AFTER strong deliveries Cash: $31.7m
KEY TAKEAWAY
Looking at the full timeline, Vmoto appears to have:• Taken a significant hit in 2024
• Used that period to restructure and expand globally • Built a large international order book
• Now starting to convert that into sales growth
The key question now is execution:
Can they sustain this growth and turn it into consistent profitability?
That’s what I’ll be watching from here.
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