Hello KF Buyers,
CycleBoard is back a few months after completing our first Co-Op. For those of you who don't know us, a CycleBoard is a 3 wheel stand up electric scooter designed to significantly reduce the fall risk normally associated with stand up riding. You can also carve on the CycleBoard giving a riding experience similar to surfing or snowboarding. We have been in business approximately 2.5 years. Our first full year in 2016 was strictly dedicated to R&D. In 2017, we successfully produced and sold 500 CycleBoard units. We have successfully developed generation two of our core CycleBoard as well as 3 new models that we brought to market in early 2018. The new models are: 1) A lower price point entry-level model called the SPORT, 2) The second generation, improved version of our current ELITE model, 3) An all-terrain model called the ROVER, and 4) A model specific for GOLF that includes a custom golf bag. This Co-Op will cover the Sport model specifically, which we anticipate will be our highest volume seller.
We have been experiencing non-stop growth since our inception in a successful 167k Kickstarter campaign in 2016. We successfully delivered on our Kickstarter and our sales in 2017 grew to more than $400,000. 6 months into 2018 and our running 12-month revenue has grown to over $800,000. Our first 500 units sold more easily than we anticipated with little to no marketing budget and we are seeing that continue as we receive pre-orders of units from this production run.
Our Production is currently underway and we expect it to complete in July so that the units will ship and be available for sale in Mid-August. We have left a 30 day cushion in our timeline in case of any unforeseen delays. Kickfurther is financing less than a third of the total production run. Outside of Kickfurther, we have substantial investor support as well as free cash flow from ongoing sales and deposits on pre-orders.
We are confident with the number of units that we already have orders for, our standard website sales that we will easily be able to complete our Co-Op on time and hopefully come back to Kickfurther in the Fall for another raise.
Thanks for your support, and please ask any questions you have in the comments!