Electric two-wheeler makers report volumes, Revenue and cash alongside distributor and Partnership progress. Vmoto Limited (ASX:VMT) released its Appendix 4D interim report for the half-year ended 30 June 2026 (1HY2026), with a Managing Director’s letter dated 31 August 2026.

Company overview

Vmoto Limited (ASX:VMT) designs and sells electric scooters and related products through international distributors and Business customers. It is listed on the ASX and operates with subsidiaries and partners across Europe, Asia and other regions, according to its report.

Sales and financial results

Revenue was A$35.7 million, up 71.94% on the prior corresponding period. Net loss after tax was A$3.1 million (A$3.06 million, compared with A$2.95 million), and loss before interest, tax, Depreciation and Amortisation was A$0.88 million. Working Capital was A$30.4 million and closing cash A$30.5 million.

The group sold 12,713 units during the half, 6,693 in the first quarter and 6,020 in the second, an increase of 140% on the prior corresponding period and the first time Vmoto delivered more than 6,000 units in two consecutive quarters. Firm international orders stood at 5,504 units at 30 June 2026.

Partnerships and expansion

Vmoto signed a worldwide agreement with MotoGP Sports Entertainment Group to produce and distribute three MotoGP edition electric scooters through its distributor network to 2030. Tora Leasing agreed to invest up to THB 77.8 million for a 49% interest in Vmoto Thailand, bringing capital, local distribution and exclusivity for government projects in Thailand.

Its products were selected for the City of Haarlem’s emission-free scheme in the Netherlands, and Vmoto Pakistan is now operating. After the half-year, it signed a strategic cooperation framework with Alsak Investment Company to assess a regional hub for the Middle East and North Africa.

Priorities for the rest of the year

Priorities include expanding the product range, especially lower-cost and durable models, building out Energy-as-a-Service through fast charging and battery swapping products, broadening the footprint beyond Europe into South-East Asia, South America, the Middle East and North America, securing new distributor and partner relationships and continuing cost optimisation.

How Vmoto’s sales are structured

Vmoto sells through international distributors and business-to-business partners, so unit numbers depend on distributor orders and delivery timing. The report notes that firm international orders of 5,504 units at 30 June 2026 followed delivery of 6,020 units in the second quarter, and that the first half was the company’s best half-year of sales to date by its own description.

The Managing Director’s letter, dated 31 August 2026, says the shift from petrol to electric two-wheel mobility is accelerating, and lists priorities that include lower-cost, durable models and Energy-as-a-Service products such as fast charging and battery swapping. The Appendix 4D itself is a 40-page document containing the statutory accounts for the half-year.

Reading the half-year figures

Revenue growth of about 72% sits alongside a 140% increase in units sold, which suggests average revenue per unit was lower than a year earlier, though the release does not discuss pricing or mix. Readers should consult the directors’ report and notes for segment and geographic information.

Because the report covers six months, comparisons are made against the first half of 2025 and not against a full year.

Sector backdrop

Electric two-wheelers are growing as cities limit petrol vehicles and as delivery fleets electrify, and manufacturers compete on price, battery performance and service networks. Unit sales can vary with distributor ordering patterns and seasonal demand.

Strategic partnerships with sporting brands can broaden awareness, but their commercial effect varies and often takes time to appear.

Electric scooter makers compete with petrol scooter incumbents and other electric brands, and government incentives, emissions rules and urban low-emission zones influence demand. Fleet and delivery customers have become an important segment in several European cities.

Joint ventures with local partners can bring capital and distribution but also share profit and control.

Risks shareholders should weigh

The group remains loss-making at the net level despite higher revenue, and the half-year figures are for six months only.

Firm orders of 5,504 units are a measure of near-term Demand but do not guarantee future sales.

Tora Leasing’s investment is an agreement to invest up to a stated amount, and completion depends on its terms. Operations across many countries expose the group to currency, trade and regulatory risks.

Reliance on distributor ordering means quarterly volumes can vary, and a lower-cost product mix may reduce average selling prices.

Exchange rates between the Australian dollar, euro and other currencies affect reported revenue and costs, and the loss after tax of A$3.1 million shows the group has not yet reached profitability on a statutory basis.

What’s next

Vmoto will pursue its priorities and report its next quarterly activities. Shareholders may wish to watch for unit sales, order levels and completion of the Thai investment.