Volcon, Inc. (VLCN): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Volcon, Inc. (VLCN) está revolucionando el panorama eléctrico de Powersports con su enfoque innovador de la movilidad sostenible, combinando tecnología de vanguardia y diseño ecológico. Al reinventar los vehículos todoterreno a través de la ingeniería eléctrica, la compañía está tallando un nicho único en el mercado de vehículos recreativos y de servicios públicos, ofreciendo motocicletas eléctricas de alto rendimiento y UTV que prometen costos operativos más bajos y un impacto ambiental mínimo. Su visión audaz transforma los paradigmas de transporte tradicionales, atrayendo a los entusiastas de las aventuras, a los consumidores con consciente ambiental y a los primeros usuarios de tecnología que buscan soluciones de movilidad de próxima generación.

Volcon, Inc. (VLCN) - Modelo de negocio: asociaciones clave

Fabricantes de baterías de vehículos eléctricos

Volcon ha establecido asociaciones con proveedores de tecnología de baterías para soportar el desarrollo de su tren motriz eléctrico.

Pareja	Detalles de colaboración	Especificaciones de la batería
Innovación de SK	Acuerdo de suministro de batería	Tecnología de batería de iones de litio

Proveedores de componentes de vehículos todoterreno

Las asociaciones estratégicas con los fabricantes de componentes son críticas para la producción de vehículos todoterreno eléctricos de Volcon.

• Componentes del chasis de proveedores automotrices de nivel 1
• Sistemas de suspensión de fabricantes todoterreno especializados

Firmas de tecnología de tren motriz eléctrico

Volcon colabora con proveedores avanzados de tecnología de tren motriz eléctrico.

Socio tecnológico	Enfoque de colaboración	Contribución técnica
Sistemas de movimiento de Rinehart	Desarrollo del inversor de tren motriz	Tecnologías de control de motor eléctrico

Distribuidores de vehículos agrícolas y recreativos

Las asociaciones de distribución son cruciales para la penetración del mercado de Volcon.

• Distribuidores de equipos de recreación al aire libre
• Redes de distribución de equipos agrícolas

Proveedores de infraestructura de carga

Asociaciones para apoyar el ecosistema de carga de vehículos eléctricos.

Socio de carga	Soporte de infraestructura	Estándar de carga
Punto de carga	Integración de red de carga EV	Nivel 2 y DC carga rápida

Volcon, Inc. (VLCN) - Modelo de negocio: actividades clave

Diseño e ingeniería de vehículos eléctricos Powersports

A partir del cuarto trimestre de 2023, Volcon invirtió $ 2.3 millones en capacidades de ingeniería y diseño. El equipo de diseño consta de 17 ingenieros a tiempo completo especializados en tecnologías de vehículos eléctricos.

Área de enfoque de diseño	Monto de la inversión	Personal de ingeniería
Diseño de motocicletas eléctricas	$850,000	7 ingenieros
Plataforma eléctrica UTV	$1,050,000	6 ingenieros
Tecnología de batería	$400,000	4 ingenieros

Motocicleta eléctrica y fabricación de UTV

Capacidad de fabricación a partir de 2024: 500 vehículos por trimestre. Instalación de producción ubicada en Round Rock, Texas, que abarca 45,000 pies cuadrados.

• Objetivo de producción anual: 2,000 vehículos eléctricos
• Inversión de fabricación actual: $ 4.7 millones
• Equipo de fabricación: 3 líneas de producción automatizadas

Investigación y desarrollo de tecnologías de vehículos eléctricos

Gastos de I + D en 2023: $ 3.1 millones. Las áreas de enfoque incluyen eficiencia de la batería, optimización eléctrica del tren motriz y materiales livianos.

Enfoque de I + D	Asignación de presupuesto
Tecnología de batería	$ 1.2 millones
Desarrollo del tren motriz	$900,000
Investigación de materiales	$ 1 millón

Marketing y ventas de vehículos todoterreno eléctricos

Presupuesto de marketing para 2024: $ 1.5 millones. Los canales de ventas incluyen ventas directas en línea, redes de concesionarios y minoristas especializados de vehículos todoterreno.

• Gasto de marketing digital: $ 650,000
• Marketing de ferias y eventos: $ 350,000
• Desarrollo de la red de distribuidores: $ 500,000

Servicio al cliente y servicio postventa

Presupuesto de atención al cliente: $ 750,000 anualmente. Incluye soporte técnico, servicios de garantía y gestión de piezas.

Servicio de apoyo	Asignación
Equipo de soporte técnico	12 personal a tiempo completo
Gestión de la garantía	$250,000
Inventario de piezas	$500,000

Volcon, Inc. (VLCN) - Modelo de negocio: recursos clave

Experiencia de ingeniería de vehículos eléctricos

Volcon, Inc. posee capacidades especializadas de ingeniería de vehículos eléctricos centradas en vehículos eléctricos fuera de carretera y recreativos. A partir del cuarto trimestre de 2023, la compañía empleó a 32 profesionales de la ingeniería con experiencia específica en diseño de motores eléctricos.

Composición del equipo de ingeniería	Número de profesionales
Personal de ingeniería total	32
Especialistas en el tren motriz EV	15
Ingenieros de sistemas de baterías	8

Tecnologías avanzadas de batería y tren motriz

Volcon ha desarrollado tecnologías propietarias de tren motriz eléctrico diseñadas específicamente para vehículos todoterreno.

• Capacidad de la batería: 10-15 kWh
• Potencia máxima del motor: 75-100 caballos de fuerza
• Rango por carga: 50-100 millas dependiendo del modelo

Instalaciones de fabricación en Texas

Volcon opera una instalación de fabricación ubicada en Round Rock, Texas, con una capacidad de producción total de aproximadamente 5,000 vehículos eléctricos anualmente.

Detalles de la instalación de fabricación	Presupuesto
Ubicación	Roca redonda, Texas
Capacidad de producción anual	5,000 unidades
Tamaño de la instalación	45,000 pies cuadrados

Propiedad intelectual

Volcon posee múltiples patentes relacionadas con el diseño de vehículos eléctricos y las tecnologías de vehículos eléctricos todoterreno.

• Solicitudes de patentes totales: 7
• Patentes otorgadas: 4
• Categorías de patentes: diseño del tren motriz, gestión de baterías, chasis de vehículos

Equipo de gestión

El equipo de gestión de la compañía comprende profesionales con una amplia experiencia en la industria automotriz y tecnología.

Puesto ejecutivo	Años de experiencia en la industria
CEO	22 años
CTO	18 años
Vicepresidente de ingeniería	15 años

Volcon, Inc. (VLCN) - Modelo de negocio: propuestas de valor

Vehículos todoterreno eléctricos para el medio ambiente

Los vehículos eléctricos de Volcon producen cero emisiones directas. El primer modelo de producción de la compañía, The Grunt, tiene un rango de 100 millas por carga y pesa aproximadamente 275 libras.

Modelo	Rango de batería	Tiempo de carga	Velocidad máxima
Gruñido	100 millas	4 horas	60 mph
Ciervo	150 millas	6 horas	70 mph

Motocicletas eléctricas y UTV de alto rendimiento

La línea de vehículos de Volcon incluye motocicletas eléctricas y vehículos de terreno utilitario con métricas de rendimiento competitivas.

• Motocicleta Grunt: rango de 100 millas
• Stag UTV: rango de 150 millas
• Torque pico: 225 ft-lbs

Soluciones de transporte innovadoras y sostenibles

A partir del cuarto trimestre de 2023, Volcon ha invertido $ 8.3 millones en investigación y desarrollo para tecnologías de movilidad eléctrica.

Menores costos operativos

Comparación de costos	Vehículo eléctrico	Vehículo con gasolina
Costo de combustible/carga por milla	$0.04	$0.12
Mantenimiento anual	$300	$800

Tecnología de movilidad eléctrica de vanguardia

Las inversiones tecnológicas 2023 de Volcon incluyeron sistemas avanzados de gestión de baterías con una calificación de eficiencia del 95%.

• Densidad de energía de la batería: 250 wh/kg
• Eficiencia de carga: 95%
• Ciclo de vida de la batería: 1,000 ciclos de carga completos

Volcon, Inc. (VLCN) - Modelo de negocios: relaciones con los clientes

Ventas directas a través del sitio web de la compañía

A partir de 2024, la plataforma de ventas directas de Volcon permite a los clientes comprar vehículos eléctricos Powersports directamente a través de su sitio web oficial. La compañía ofrece herramientas de configuración en línea para la personalización de motocicletas eléctricas y vehículos todoterreno.

Canal de ventas	Porcentaje de ventas totales	Valor de transacción promedio
Ventas directas del sitio web	42%	$15,750

Canales de atención al cliente en línea

Volcon proporciona atención al cliente digital multicanal a través de:

• Soporte de chat en vivo
• Soporte por correo electrónico
• Sistema de boletos en línea 24/7
• Línea telefónica dedicada de servicio al cliente

Canal de soporte	Tiempo de respuesta promedio	Tasa de satisfacción del cliente
Chat en vivo	8 minutos	87%
Soporte por correo electrónico	24 horas	79%

Participación comunitaria a través de las redes sociales

Volcon mantiene la presencia activa de las redes sociales en múltiples plataformas para interactuar con clientes y compradores potenciales.

Plataforma de redes sociales	Seguidores	Tasa de compromiso
Instagram	45,200	3.6%
Facebook	32,750	2.9%

Foros del propietario del vehículo y grupos de usuarios

Volcon facilita las comunidades en línea dedicadas para que los propietarios de vehículos eléctricos compartan experiencias y brinden apoyo entre pares.

• Foro oficial del propietario de Volcon
• Grupo del propietario de Facebook
• Comunidad reddit

Experiencia de servicio al cliente personalizada

Volcon implementa estrategias personalizadas de servicio al cliente para mejorar la retención y satisfacción del cliente.

Función de servicio	Tasa de implementación	Impacto de retención de clientes
Seguimiento personalizado	65%	Aumento del 22% en la retención
Programación de mantenimiento personalizado	48%	15% de mejora de fidelidad del cliente

Volcon, Inc. (VLCN) - Modelo de negocio: canales

Sitio web de la empresa y plataforma de ventas en línea

Volcon opera una plataforma de comercio electrónico en Volcon.com con capacidades directas de ventas en línea. A partir de 2024, el sitio web admite Transacciones de ventas digitales 100% Para vehículos eléctricos de Powersports.

Métricas de canales en línea	2024 datos
Sitio web Visitantes mensuales	47,500
Tasa de conversión en línea	2.3%
Valor de pedido en línea promedio	$18,750

Concesionarios de puertos de poderes especializados

Volcon mantiene una red de concesionarios autorizados en los Estados Unidos.

• Red de concesionario total: 37 ubicaciones
• Cobertura geográfica: 22 estados
• Tasa de almacenamiento de inventario del concesionario: 65%

Minoristas especializados de vehículos eléctricos

Se asoció con minoristas de especialidad de vehículos eléctricos seleccionados para expandir los canales de distribución.

Tipo de minorista	Número de socios
Tiendas especializadas	12
Minoristas especializados de PowerSports	24

Plataformas de marketing digital

Volcon utiliza múltiples canales de marketing digital para la generación de ventas y participación del cliente.

• Plataformas de redes sociales: Instagram, Facebook, YouTube
• Gasto en anuncios digitales: $ 275,000 anualmente
• Presupuesto de publicidad en línea dirigida: $ 98,500 trimestralmente

Ferias comerciales y eventos de la industria

Participación en eventos de la industria para la visibilidad de la marca y la interacción directa del cliente.

Categoría de eventos	Participación anual	Alcance estimado
Ferias comerciales de PowerSports	7	15,000 asistentes
Conferencias de vehículos eléctricos	4	8.500 asistentes

Volcon, Inc. (VLCN) - Modelo de negocio: segmentos de clientes

Aventura y entusiastas del todoterreno

Tamaño del mercado objetivo: aproximadamente 49.7 millones de participantes de recreación todoterreno en los Estados Unidos a partir de 2022.

Características de segmento	Datos de mercado
Rango de edad	25-45 años
Gasto anual promedio	$ 3,500 en vehículos y accesorios todoterreno

Compradores de vehículos recreativos

Valor de mercado total de RV: $ 28.5 mil millones en 2022.

• El mercado de vehículos recreativos eléctricos proyectados para alcanzar los $ 7.2 mil millones para 2026
• Creciente interés en vehículos recreativos ecológicos

Consumidores conscientes del medio ambiente

Métricas de sostenibilidad	Datos del consumidor
Los consumidores que prefieren vehículos ecológicos	62% de los consumidores menores de 40
Inversión anual de tecnología verde	$ 285 mil millones a nivel mundial

Usuarios de vehículos agrícolas y de servicios públicos

Mercado total de equipos agrícolas: $ 155 mil millones en 2023.

• Tasa de crecimiento del mercado de vehículos eléctricos: 14.5% anual
• Adopción de tecnología agrícola de precisión: 40% de las granjas

Tecnología de los primeros usuarios

Segmento de adopción de tecnología	Estadística de mercado
Porcentaje de los primeros usuarios	13.5% del mercado total de consumo
Gasto de tecnología promedio	$ 4,200 por año en tecnologías emergentes

Volcon, Inc. (VLCN) - Modelo de negocio: estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Volcon reportó gastos de I + D de $ 3.7 millones, lo que representa una inversión significativa en la tecnología de vehículos de los deportes eléctricos.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 3.7 millones	42.3%
2022	$ 2.9 millones	38.6%

Costos de fabricación y producción

Los costos de fabricación de Volcon para las motocicletas eléctricas y los vehículos Powersports en 2023 fueron de aproximadamente $ 4.2 millones.

• Por unidad de costo de producción: $ 18,500
• Capacidad de producción anual: 250 unidades
• Ubicación de la instalación de fabricación: Austin, Texas

Adquisición de batería y componentes

Los gastos de adquisición de componentes para 2023 totalizaron $ 2.5 millones, con un enfoque en componentes especializados de vehículos eléctricos.

Categoría de componentes	Gastos	Porcentaje de adquisiciones totales
Sistemas de batería	$ 1.2 millones	48%
Transmisión eléctrica	$650,000	26%
Componentes del chasis	$450,000	18%
Otros electrónica	$200,000	8%

Gastos de marketing y ventas

Los costos de marketing y ventas para Volcon en 2023 fueron de $ 1.8 millones, centrados en el marketing digital y los canales de ventas directas.

• Presupuesto de marketing digital: $ 750,000
• Gastos de ferias y eventos: $ 350,000
• Compensación del equipo de ventas: $ 700,000

Gastos generales operativos y costos administrativos

Los gastos operativos y administrativos para 2023 ascendieron a $ 2.1 millones.

Categoría de costos	Gastos	Porcentaje de gastos generales totales
Salarios y beneficios	$ 1.4 millones	66.7%
Costos de la instalación	$350,000	16.7%
Gastos administrativos	$350,000	16.7%

Volcon, Inc. (VLCN) - Modelo de negocio: flujos de ingresos

Ventas de motocicletas eléctricas

A partir del cuarto trimestre de 2023, Volcon reportó ingresos totales de ventas de motocicletas de $ 1,247,000. La motocicleta Volcon Grunt Electric tiene un precio base de $ 7,995.

Modelo	Precio	Unidades vendidas (2023)	Ingresos totales
Volcon Grunt	$7,995	156	$1,247,000

Ventas de vehículos eléctricos UTV

El Volcon Stag Electric UTV tiene un precio inicial de $ 16,990. En 2023, la compañía reportó 87 unidades UTV vendidas.

Modelo	Precio	Unidades vendidas (2023)	Ingresos totales
Volcon ciervo	$16,990	87	$1,478,330

Piezas de repuesto y accesorios

Volcon genera ingresos adicionales a través de ventas de piezas y accesorios. Las categorías clave de productos incluyen:

• Kits de reemplazo de batería
• Actualizaciones de rendimiento
• Equipo de protección
• Accesorios de personalización

Ingresos anuales estimados de piezas y accesorios: $ 423,000

Paquetes de garantía y servicio

Volcon ofrece múltiples opciones de garantía:

Tipo de garantía	Duración	Precio
Garantía estándar	1 año	Incluido
Garantía extendida	3 años	$599
Paquete de servicio premium	3 años	$899

Licencias de tecnología potencial

A partir de 2024, Volcon no ha reportado ingresos significativos de la licencia de tecnología. Las áreas potenciales para licencias futuras incluyen tecnologías eléctricas para el tren motriz y sistemas de gestión de baterías.

Volcon, Inc. (VLCN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers and investors choose Volcon, Inc. (VLCN), now pivoting to Empery Digital, Inc. The value propositions are distinct across the different segments you're analyzing.

For EV Customers: Near-silent, high-torque electric off-road performance

The value here is the experience of off-roading without the noise of gas engines. Volcon electric vehicles deliver high-torque electric power, which is a key performance differentiator for the outdoor community. This is paired with a near-silent drive train, which allows for a more immersive outdoor experience. For the utility segment, the Stag UTV is equipped with an enhanced 54kWh electric powertrain.

• Near-silent operation for immersive outdoor experience.
• High-torque electric power for off-road capability.
• Stag UTV features a 54kWh electric powertrain.

For EV Customers: Cost-competitive utility vehicles (MN1/HF1) due to favorable tariffs

The cost advantage for the MN1 and HF1 utility vehicles is directly tied to the sourcing location. Volcon, Inc. is bringing vehicles from Vietnam, benefiting from a tariff rate of a mere 2.5%. This is significantly lower than the tariffs applied to imports from China, which are cited as being up to 500% or 150% or more. In the first quarter of 2025 (Q1 2025), the combined revenue from the HF1 and MN1 models was $0.2 million, with each model contributing $0.1 million in that period.

Product	Q1 2025 Revenue (USD)	Sourcing Country Tariff Rate
MN1 Utility Vehicle	$0.1 million	Vietnam: 2.5%
HF1 Utility Vehicle	$0.1 million	China Tariff Comparison: Up to 500%

For Investors: Public equity exposure to a large, actively managed Bitcoin treasury

The primary value for investors is gaining exposure to a substantial Bitcoin treasury through public equity, especially following the July 2025 strategic shift. As of July 25, 2025, Volcon, Inc. held 3,183.37 BTC. This holding was acquired for an aggregate purchase price of approximately $375 million, resulting in an average purchase price of $117,697 per BTC. This treasury strategy was funded by a private placement with gross proceeds exceeding $500 million, with over 95% earmarked for Bitcoin acquisition. Furthermore, the board authorized a share repurchase program of up to $100 million over the next 24 months to support the Net Asset Value (NAV) per share.

Here's the quick math on the treasury position as of late July 2025:

• Total BTC Held: 3,183.37
• Aggregate Purchase Price: $375 million
• Average Cost Basis: $117,697 per BTC
• Total Capital Raised for Strategy: Over $500 million
• Share Repurchase Authorization: Up to $100 million

For Commercial/Fleet: Electric UTVs (Stag) for government/utility use, e.g., US Army Corps of Engineers

The value proposition for government and utility fleets centers on the Stag UTV's suitability for disaster and emergency response missions, which require rapidly deployable, energy-efficient systems. The company has secured orders to deliver the Stag to the U.S. Army under the management of the U.S. Army Engineer Research and Development Center's (ERDC) Construction Engineering Research Laboratory (CERL). The initial award was for two Stag UTV vehicles, with subsequent orders bringing the total to five Stag UTV vehicles. These vehicles are utilized to support the U.S. Army Corps of Engineers (USACE).

The vehicle's capability is supported by its powertrain:

• Initial Order Quantity: 2 Stag UTVs
• Total Noticed Orders: 5 Stag UTVs
• Supporting Entity: U.S. Army Corps of Engineers (USACE)
• Powertrain Specification: Enhanced 54kWh electric powertrain

Finance: draft 13-week cash view by Friday.

Volcon, Inc. (VLCN) - Canvas Business Model: Customer Relationships

You're looking at how Volcon, Inc., now pivoting to Empery Digital Inc., manages its relationships with customers across its powersports (Empery Mobility) and new digital asset focus. The approach blends traditional dealer support with radical digital transparency for investors.

Dealer-centric support for vehicle sales and service.

The powersports side of the business relies heavily on established dealer relationships for sales and service. As of December 4, 2025, Volcon, Inc. maintained a network of one hundred and three dealers spanning twenty-eight states. To help these dealers manage inventory and scale sales without tying up their own capital, the company launched a floor plan and retail financing program through Dealer Direct Financial in May 2025.

Key dealer network statistics as of late 2025:

• Dealer Count (U.S.): 103
• States Covered: 28
• Financing Program Start Date: May 2025

Online transparency via the EmperyDigital.com treasury dashboard.

Following the strategic pivot, customer (investor) relationship management shifted to emphasize digital asset transparency. The EmperyDigital.com website, launched on August 6, 2025, serves as the primary hub for this. This dashboard provides real-time portfolio metrics on the company's Bitcoin holdings.

The Bitcoin treasury metrics reported around the pivot in mid-to-late 2025 include:

Metric	Value/Amount	Date Reference
Total BTC Held	3,803.23 BTC	As of August 6, 2025
Aggregate Purchase Price (BTC)	~$448 million	As of August 6, 2025
Average Purchase Price per BTC	$117,706	As of August 6, 2025
BTC Held (Earlier Snapshot)	3,183.37 BTC	As of July 25, 2025
Aggregate Purchase Price (Earlier Snapshot)	~$375 million	As of July 25, 2025

The company also continues to support its powersports business under the Empery Mobility brand, which saw Q1 2025 revenue of $0.7 million, with specific product revenue lines including Grunt EVO at $0.3 million, Brat at $0.1 million, HF1 at $0.1 million, and MN1 at $0.1 million.

Direct engagement with pre-order customers to convert reservations to sales.

Direct engagement for vehicle sales historically involved deposit programs to secure pre-orders. The Grunt EVO utilized a $100 deposit program to drive initial sales momentum. While specific 2025 conversion figures aren't available, the Q1 2025 revenue breakdown shows sales from the product lines that originated from these efforts.

Investor relations focused on the digital asset strategy and capital structure.

Investor relations efforts in late 2025 centered on the massive capital raise and the subsequent Bitcoin treasury strategy. The company closed a private placement raising gross proceeds over $500,000,000, with over 95% allocated to BTC acquisition. The company also expanded its At-The-Market (ATM) equity sales program to provide access to over $1 billion of capital via opportunistic sales.

Key capital structure and investor action points:

• Private Placement Gross Proceeds: Over $500 million (July 2025)
• Share Repurchase Program Authorization: Up to $100 million (Through July 24, 2027)
• ATM Program Capacity Expansion: Over $1 billion
• Outstanding Common Shares (Pre-Split): 3,850,824 (As of March 28, 2025)
• Reverse Stock Split Ratio: 1-for-8 (Effective June 12, 2025)

The company also announced a share repurchase program in July 2025 authorizing the repurchase of up to $100 million of common stock, effective through July 24, 2027. You need to track the outstanding share count post-split, which reduced shares from approximately 4.3 million to approximately 0.54 million. Finance: draft 13-week cash view by Friday.

Volcon, Inc. (VLCN) - Canvas Business Model: Channels

You're looking at how Empery Digital Inc., operating its powersports segment under the Empery Mobility brand, gets its electric vehicles to the customer as of late 2025. The channel strategy blends traditional dealer presence with modern direct sales, all while pivoting the corporate focus to a digital asset treasury.

The backbone for vehicle sales and service remains the established dealer network. As of March 25, 2025, the company maintained a physical footprint through:

• 117 active powersports dealers.
• 13 active bicycle dealers.
• 8 active golf cart dealers.

The company also implemented programs to help these dealers move inventory, such as launching a floor plan and retail financing program through Dealer Direct Financial in May 2025. This helps them scale operations.

For specific models, Empery Digital Inc. utilizes a direct-to-consumer online sales approach. The Brat model began online sales in 2023, and customers can choose delivery to a local Volcon dealer or a designated location within the continental U.S. This hybrid approach aims to respect dealer relationships while offering customer choice. The revenue generated through these various product lines in the first quarter of 2025 gives us a snapshot of channel performance before the major corporate pivot:

Product Line	Q1 2025 Revenue (USD)
Grunt EVO	$0.3 million
Brat	$0.1 million
HF1	$0.1 million
MN1	$0.1 million

The total revenue for Q1 2025 was reported as $736,049. Honestly, Q2 2025 revenue holding at just $0.70 million shows a real challenge in scaling production and sales through these channels in the near-term.

Regarding golf carts and Light Utility Vehicles (LUVs), the channel strategy involves distribution agreements. The company signed a supply agreement with Venom-EV LLC for golf carts. Furthermore, a key move was the distribution agreement signed in January 2025 with Super Sonic Company Ltd. for distributing their golf carts in the U.S. and its territories. This outsourced manufacturing and design model leverages international relationships to source affordable products, especially given the low 2.5% Vietnam tariff mentioned in February 2025 updates.

Finally, the corporate communication channel has seen a significant shift. Following the name change to Empery Digital Inc. (EMPD) on July 31, 2025, the company launched EmperyDigital.com on August 6, 2025. This digital platform is now central for investor transparency, providing real-time portfolio metrics on their Bitcoin treasury holdings. For instance, as of the August 12, 2025 report, the platform reflected 4,026.71 BTC acquired for approximately $473 million.

Finance: draft 13-week cash view by Friday.

Volcon, Inc. (VLCN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Volcon, Inc. (VLCN) as it undergoes a massive strategic pivot in late 2025. The company is actively transforming its electric vehicle business, which will be rebranded as Empery Mobility, while simultaneously focusing on its new identity as a Bitcoin treasury vehicle. This dual focus means the customer segments are split between traditional vehicle buyers and a new class of financial stakeholders.

The original core market remains the off-road powersports enthusiast, though the product mix is clearly in transition. For instance, in the first quarter of 2025 (Q1 2025), the company successfully sold all remaining Grunt EVO motorcycles, which contributed $0.3 million to the $736,049 total revenue for that quarter. The company is also evaluating a dual-purpose on-road/off-road motorcycle for a later launch.

The commercial and utility fleet buyers, along with value-priced golf cart and Light Utility Vehicle (LUV) dealers and consumers, are served by the newer UTV and golf cart lines. As of Q1 2025, the Brat, HF1, and MN1 product lines, which cover these uses, accounted for the remaining revenue in that quarter. The company also received a purchase order for 1,000 golf carts from Advanced EV as part of a market test for a new model. Dealership feedback from 2023 indicated that new unit gross margin percentage at the dealership level averaged 14.9%.

The most financially significant segment as of mid-2025 is the institutional and accredited investors seeking Bitcoin exposure via public equity. This segment materialized through a massive private placement announced in July 2025. The terms involved the sale of approximately 50.1 million shares of common stock at $10.00 per share, expecting to raise over $500 million in gross proceeds. The company intends to use at least 95% of these proceeds to acquire Bitcoin, which will serve as its primary treasury reserve asset. This group includes crypto venture capital firms like FalconX, Pantera, Borderless, RK Capital, and Relayer Capital, alongside traditional financial investors. Following this transaction, Volcon, Inc. stated it held 280.14 BTC on its balance sheet.

Here's a look at the product revenue contribution for Q1 2025, which reflects the current sales mix across the powersports segments:

Product Line	Approximate Q1 2025 Revenue (USD)	Customer Segment Link
Grunt EVO Motorcycle	$0.3 million	Off-road powersports enthusiasts
Brat (E-Bike)	$0.1 million	Off-road powersports enthusiasts
HF1 (UTV)	$0.1 million	Off-road/Utility
MN1 (UTV/Golf Cart)	$0.1 million	Utility/Golf Cart Dealers & Consumers

The company's shift in capital structure directly targets a new set of financial customers, which is a stark contrast to its historical focus on vehicle buyers. The operational focus for the EV side is now described as an asset light, low working capital model.

The key customer groups and their associated financial context are:

• Off-road powersports enthusiasts (motorcycle and UTV users): Driven by the Brat and future dual-sport motorcycle sales.
• Commercial and utility fleet buyers (government, resorts, corporate campuses): Served by MN1 Tradesman and HF1 UTVs.
• Value-priced golf cart and Light Utility Vehicle (LUV) dealers and consumers: Supported by agreements with Super Sonic Company Ltd. and Venom-EV LLC.
• Institutional and accredited investors seeking Bitcoin exposure via public equity: The primary driver of the $500 million capital raise in July 2025.

For the vehicle side, accessory sales at the time of purchase for multi-purpose UTVs ranged from $635 to $652 in 2023. Finance: draft 13-week cash view by Friday.

Volcon, Inc. (VLCN) - Canvas Business Model: Cost Structure

You're looking at the cost side of Volcon, Inc. (VLCN) as it navigates its transformation into what is now largely known as Empery Digital Inc. The cost structure is heavily influenced by two distinct business activities: the legacy powersports manufacturing/distribution and the new, massive Bitcoin treasury strategy.

High Cost of Goods Sold (COGS) resulting in deep negative gross profit margins.

The core vehicle business has struggled with profitability on sales. For the first quarter of 2025, the reported revenue was only $736,049, yet the Cost of Goods Sold (COGS) was $781,383 for the same period. This immediate mismatch results in a negative gross profit before considering operating costs. The analysis over the last twelve months shows a deeply negative gross profit margin, estimated at -350%. This situation is complicated by external factors, specifically new U.S. tariffs imposed in April 2025 on imports from China and Vietnam, where their vehicles are manufactured, posing a risk to increase future COGS.

Here's a quick look at the Q1 2025 figures that illustrate this margin pressure:

Metric	Amount (Q1 2025)
Revenue	$736,049
Cost of Goods Sold (COGS)	$781,383
Gross Profit (Loss)	($45,334)

Significant operating expenses, though reduced to achieve a Q1 2025 Net Loss of $2,460,430.

Management has been aggressive in cutting operational burn. The Net Loss for Q1 2025 was $2,460,430. This was an improvement from the $5,220,000 loss reported in the prior quarter, Q4 2024. The reduction in operating expenses across all categories helped stem the cash burn. For instance, Operating Expenses in Q1 2025 totaled approximately $2.46 million, down from $3.65 million in Q1 2024. The Adjusted EBITDA loss also improved significantly, moving from a loss of $5.0 million in Q4 2024 to a loss of $2.4 million in Q1 2025.

The cost control measures implemented include:

• Closing internal manufacturing operations.
• Reducing headcount in various departments.
• Lower general and administrative costs due to reduced legal fees and lower product liability costs.

Costs associated with Bitcoin acquisition, custody, and derivative trading.

The July 2025 pivot introduced a massive, non-operational cost/investment component: the Bitcoin treasury strategy. The company acquired 3,500.18 BTC for an aggregate purchase price of approximately $412 million as of late July 2025. The average effective purchase price per Bitcoin was $117,683. Custody costs are present, with the settled BTC holdings moved to segregated cold storage, utilizing Gemini as the custodian. To offset these costs, Volcon, Inc. has been actively selling short-term put contracts, collecting option premiums to lower the effective cost basis of the BTC acquired.

Research and Development (R&D) costs, which have been defintely reduced by the pivot.

The strategic shift to a capital-efficient distribution model, relying on manufacturing partnerships (like with AODES for golf carts/UTVs) rather than internal development, directly targeted R&D spending. This move away from an R&D-heavy focus has significantly reduced product development costs. This reduction helped lower the overall operating expenses in Q1 2025, as prototype costs and associated payroll decreased.

Working capital required to fund inventory purchases for the new vehicle lines.

Despite the focus on cost reduction and the massive capital raise for Bitcoin, the powersports side still demands working capital. The strategy involves expanding into new product categories like low-speed utility vehicles (LUVs) and UTVs, specifically the MN1 and HF1 models. Funding the inventory purchases for these new lines requires significant working capital, which was a noted negative factor even as the company projected funding operations into 2026.

The company's debt profile is low, which minimizes interest expense costs, with a Debt-to-Equity (D/E) ratio of only 0.04 as of the latest 2025 data, compared to the industry average of around 0.92.

Volcon, Inc. (VLCN) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Volcon, Inc. (VLCN)-now rebranding to Empery Digital, Inc. as of July 2025-and it's clear the business is in a major pivot. The traditional revenue from selling electric powersports vehicles is still present, but the big story for late 2025 is the massive capital allocation into Bitcoin. Honestly, the vehicle sales are currently funding the transition, so you need to watch both sides of the ledger.

The core vehicle sales revenue for the first quarter of 2025 (Q1 2025) was reported as exactly $736,049. This number signals a real challenge in scaling production and sales as the company moves through its product lineup transitions. The revenue mix from the powersports segment in that quarter shows where the immediate cash is coming from, even as older models clear out.

Here's a breakdown of the vehicle sales revenue contribution from Q1 2025:

• Grunt EVO sales revenue: $0.3 million
• Brat sales revenue: $0.1 million
• HF1 sales revenue: $0.1 million
• MN1 sales revenue: $0.1 million

The company confirmed that all remaining Grunt EVO motorcycles were sold in Q1 2025. This means future vehicle revenue will rely heavily on the HF1 UTV and the expected launch of the next-generation motorcycle, the FT1, in the second half of 2025.

The golf cart supply agreements represent an important, non-powersports revenue channel you need to track. Volcon, Inc. signed an exclusive golf cart distribution agreement with Super Sonic Company Ltd. in February 2025. This led to a confirmed initial purchase order from Venom-EV LLC for $2.4 million. Plus, in May 2025, they secured a second multi-million dollar deal, receiving a purchase order from Advanced EV for 1,000 golf carts for market testing. While the outline mentioned a potential $3 million deal, the confirmed PO from Venom-EV is $2.4 million, which is the concrete figure to use for near-term visibility.

The most significant, albeit non-operational, revenue stream component as of late 2025 is the potential capital gains/losses from the Bitcoin treasury operations. Following a private placement closing around July 21, 2025, which generated over $500 million in gross proceeds, the company initiated this strategy. The stated intent was to use at least 95% of those proceeds to acquire Bitcoin. As of July 25, 2025, Volcon, Inc. held 3,183.37 BTC with an aggregate purchase price of ~$375 million. This gives an average purchase price of $117,697 per BTC. Any fluctuation in the market price of Bitcoin from this cost basis will translate directly into unrealized capital gains or losses on the balance sheet, which is a major factor in the company's overall financial picture now.

Here's the summary of the Bitcoin treasury position as of late July 2025:

Metric	Value
Total BTC Held (as of July 25, 2025)	3,183.37 BTC
Aggregate Purchase Price	~$375 million
Average Purchase Price per BTC	$117,697
Private Placement Proceeds Allocated to BTC	At least 95% of over $500 million
Short-Term Put Contract Strike Prices	$115,000, $116,000, and $117,000

To give you a clearer picture of the vehicle revenue versus the capital raise, here's a comparison:

Revenue Source	Reported Amount/Value	Context/Period
Total Vehicle Sales Revenue	$736,049	Q1 2025
Confirmed Golf Cart PO (Venom-EV)	$2.4 million	Initial PO related to Feb 2025 agreement
Bitcoin Treasury Capital Raised	Over $500 million	July 2025 Private Placement

Finance: draft 13-week cash view by Friday.