Electric dirt bike company Volcon completes its IPO, ships Grunts

Volcon is the Texas-based company founded just last year. Its first product is a small, fat-tired, off-road electric motorcycle called the Grunt. Aside from the funky-looking tires, the Grunt drew attention for its claims of decent range, waterproof construction and a price of just $5,995. Since then, that price has risen to $7,995, but that's still competitive for a U.S.-built off-road electric motorcycle. By comparison, the least expensive Zero FX, the other electric dirt bike built in the United States, starts at $9,495.

In reality, though, the Grunt and the FX have little in common besides the electric powertrain and U.S. manufacture. The Grunt's fat tires signal recreational use, not high-performance or competition riding and its top speed is listed at 40 mph. The FX is a more typical dirt bike and claims a top speed of 85 mph.

Last week, Volcon successfully completed its initial public offering on the NASDAQ exchange. Shares were initially priced at $5.50, rose as high as $15.50 the first day of trading, and have settled in around the $9 level since.

Interest in Volcon's IPO, however, is certainly based on more than a single model of motorcycle that isn't street-legal. Volcon also touted plans for three other vehicles: the Runt, a smaller motorcycle, and the Stag and the Beast, two electric side-by-sides expected to be issued in 2022 and 2023. All are aimed at those looking for a quiet way to get into the woods to go hunting or fishing, or perhaps for getting work done on the farm. That positions Volcon as the only all-electric, all-off-road U.S. electric vehicle company. The side-by-sides certainly expand the market beyond what electric motorcycles can and there's still limited competition in that segment. Polaris is coming out with its first electric Ranger side-by-side later this year.

More evidence of the focus on outdoors activities like hunting and fishing is seen in the recent appointment of Jordan Davis as CEO. Davis has experience as an executive with a fishing products company and gun-maker Remington.

"We feel there's an untapped opportunity in the off-road sporting goods industry to expand electric mobility," Davis said in a news release. "We believe our Grunt model checks all the boxes for experienced riders as well as those who may have only ever ridden a bicycle before. It's truly a versatile off-road product that will provide great riding for our core motorcycle enthusiasts and those interested in hunting, fishing and exploring."

So where are the Grunts?

The company has said it began shipping Grunts to customers on September 10. In a news release, Volcon said that as of September 30 some 277 customers had fully paid for a Grunt, though they have a right to change their minds and request a refund. If all 277 were sold, that would produce about $1.7 million in revenue. Refundable deposits have been placed on another 708 Grunts, the company reported.

One thing Volcon has been very successful at is getting media attention. Outlets ranging from Forbes to Jalopnik have written about the Grunt. The company's news release also added that "Throughout the month of October, journalists will begin releasing their independent reviews of the Grunt, informing the public on what to expect when they ride their first Grunt." So far, it seems the Common Tread invitation has been delayed in the mail, so we have not had the opportunity to try one.

I went looking for new Grunt owners on social media, to see if anyone was bragging about their early-adopter experience. But Volcon searches just turned up the company's own social media efforts and a few posts by people who own a Kawasaki Vulcan and have poor spelling skills.

My hunch is that Grunt early adopters are maybe not your typical motorcyclists and therefore may not be hanging out at Common Tread. But if you are a Grunt owner — or if you know one — send us a note and let us know how it's going.

As for investing in the stock, consult your financial advisor and buckle up.