VIVIC Shifts Focus to US, Southeast Asia Yacht Markets

Ticker: VIVC · Form: 10-K · Filed: Sep 30, 2025 · CIK: 1703073

Vivic Corp. 10-K Filing Summary
FieldDetail
CompanyVivic Corp. (VIVC)
Form Type10-K
Filed DateSep 30, 2025
Risk Levelhigh
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $3.55, $160,000, $500,000, $100 million
Sentimentmixed

Sentiment: mixed

Topics: Yacht Sales, Luxury Boating, Market Expansion, International Trade, Competitive Landscape, Strategic Realignment, Environmental Regulations

Related Tickers: VIVC

TL;DR

**VIVC is making a risky bet by abandoning Taiwan for the US and Southeast Asia, but their focus on yacht operators could be a smart niche play if they can execute against established competitors.**

AI Summary

VIVIC CORP. (VIVC) reported a strategic shift in its business operations for the fiscal year ended June 30, 2025, focusing on yacht sales in the United States and Southeast Asia, while discontinuing the Taiwan market. The company generated its first yacht sales revenue of $160,000 in the second half of calendar year 2023 and received orders for 10 yachts in calendar year 2024, enhancing its brand visibility in Asia. VIVC operates as the exclusive distributor of Monte Fino yachts in Asia and the Middle East, and other territories globally, excluding the U.S. The company is winding down its Vivic Taiwan branch, expected to be completed by the end of 2025, and will primarily conduct business through its U.S. entity. Key risks include intense competition from well-established players like Azimut and Ferretti, and the burden of complying with increasing global environmental regulations for marine engines, such as the EU and International Maritime Organization standards implemented since 2008.

Why It Matters

VIVIC's strategic pivot to the U.S. and Southeast Asian yacht markets, coupled with its exit from Taiwan, signals a significant realignment that could impact its competitive standing against industry giants like Azimut and Ferretti. For investors, this move could unlock new growth avenues in affluent markets but also introduces execution risks associated with establishing new partnerships and brand presence. Employees in Taiwan face job uncertainty due to the branch deregistration, while customers in the new target regions may benefit from VIVIC's focus on yacht sharing and eco-friendly designs. The broader market will watch to see if VIVIC's niche strategy for yacht operators can carve out a sustainable position in the highly competitive luxury boating industry.

Risk Assessment

Risk Level: high — The risk level is high due to VIVIC's strategic pivot away from the Taiwan market and its entry into highly competitive U.S. and Southeast Asian markets where it faces well-established competitors like Azimut and Ferretti. The company also highlights that there are 'few barriers to entry' in its niche market, suggesting potential for rapid competitive saturation. Furthermore, VIVIC's reliance on outsourced manufacturing and the burden of complying with increasing global environmental regulations, such as the EU and International Maritime Organization marine engine emission standards since 2008, add significant operational and compliance risks.

Analyst Insight

Investors should closely monitor VIVC's ability to establish strong partnerships and generate significant sales in the U.S. and Southeast Asia following its strategic shift. Given the high competition and low barriers to entry, a 'wait and see' approach is advisable until concrete evidence of market penetration and sustained revenue growth beyond the initial $160,000 in 2023 yacht sales emerges.

Financial Highlights

debt To Equity
N/A
revenue
$160,000
operating Margin
N/A
total Assets
N/A
total Debt
N/A
net Income
N/A
eps
N/A
gross Margin
N/A
cash Position
N/A
revenue Growth
N/A

Revenue Breakdown

SegmentRevenueGrowth
Yacht Sales (US & Southeast Asia)$160,000N/A

Key Numbers

  • $160,000 — first revenue from yacht sales (achieved in the second half of calendar year 2023)
  • 10 — yacht orders received (in calendar year 2024, enhancing brand visibility in Asia)
  • 27,410,921 — shares of common stock outstanding (as of September 22, 2025)
  • $32,416,118.55 — aggregate market value of common stock held by non-affiliates (on December 31, 2024, based on a $3.55 closing price per share)
  • 14 — employees (as of September 20, 2025)
  • 2025 — year of Vivic Taiwan wind-down completion (expected by the end of 2025)
  • 2008 — year of new marine engine emission standards implementation (by The European Union and International Maritime Organization)
  • 2 — years of warranty (offered on the hulls of VIVIC's yachts)
  • 40 to 70 — foot size range (of Monte Fino luxury yachts VIVIC seeks to increase sales for)
  • 2021 — year of latest amendment to Taiwan Company Act (governing company establishment and operation in Taiwan)

Key Players & Entities

  • VIVIC CORP. (company) — registrant
  • VIVC (company) — ticker symbol
  • Kha Shing Enterprise Co. (company) — exclusive distributor partner for Monte Fino yachts
  • Monte Fino (company) — yacht brand distributed by VIVIC
  • Azimut (company) — competitor in luxury yacht market
  • Ferretti (company) — competitor in luxury yacht market
  • Taiwan (regulator) — jurisdiction where VIVIC is winding down operations
  • United States (regulator) — new primary market for VIVIC
  • European Union (regulator) — implemented marine engine emission standards in 2008
  • International Maritime Organization (regulator) — implemented marine engine emission standards in 2008

FAQ

What is VIVIC Corp.'s new primary market focus for yacht sales?

VIVIC Corp. has determined to concentrate its operations in the United States and Southeast Asia, discontinuing its pursuit of the Taiwan market, with the wind-down of Vivic Taiwan expected by the end of 2025.

What was VIVIC Corp.'s initial revenue from yacht sales and when was it achieved?

VIVIC Corp. generated its first revenue from yacht sales, totaling $160,000, in the second half of calendar year 2023.

Who is VIVIC Corp.'s exclusive distributor partner for Monte Fino yachts?

VIVIC Corp. is the exclusive distributor of Monte Fino yachts in Asia and the Middle East pursuant to its agreement with Kha Shing Enterprise Co.

How many yacht orders did VIVIC Corp. receive in calendar year 2024?

In calendar year 2024, VIVIC Corp. received orders for 10 yachts, including orders from its mainland agency region, which enhanced its brand's visibility in Asia.

What are the main competitive challenges VIVIC Corp. faces in the luxury yacht market?

VIVIC Corp. faces intense competition from well-established companies with greater resources, recognized brand names, and wider distribution networks, such as Azimut and Ferretti, particularly in the 40 to 70 foot luxury yacht segment.

What is the expected completion date for the deregistration of Vivic Taiwan?

The wind-down and deregistration of Vivic Taiwan is expected to be completed by the end of 2025, as VIVIC Corp. shifts its operational focus.

What environmental regulations impact VIVIC Corp.'s yacht designs?

VIVIC Corp. must design its yachts to comply with increasing global environmental protection standards, such as the marine engine emission standards implemented by The European Union and International Maritime Organization since 2008.

How does VIVIC Corp. market its yachts?

VIVIC Corp. markets its yachts by participating in boat shows and through a strong channel of agents and operators in various regions, focusing on affluent yacht operators in the United States and Southeast Asia.

What is the aggregate market value of VIVIC Corp.'s common stock held by non-affiliates?

The aggregate market value of Common Stock held by non-affiliates of VIVIC Corp. on December 31, 2024, was $32,416,118.55, based upon a closing price of $3.55 per share.

Does VIVIC Corp. directly finance the purchase of its yachts?

No, VIVIC Corp. does not directly finance the purchase of its yachts but introduces customers to lenders who may provide financing based on customer qualifications.

Risk Factors

  • Intense Competition in Yacht Market [high — market]: VIVIC CORP. faces significant competition from established players such as Azimut and Ferretti. This intense market rivalry could impact VIVIC's ability to gain market share and achieve its sales targets for Monte Fino yachts.
  • Environmental Regulations for Marine Engines [medium — regulatory]: The company must comply with increasingly stringent global environmental regulations for marine engines, including EU and International Maritime Organization standards implemented since 2008. Non-compliance or the cost of meeting these standards could negatively affect operations and profitability.
  • Wind-down of Taiwan Operations [medium — operational]: VIVIC is in the process of winding down its Taiwan branch, expected to be completed by the end of 2025. This transition involves operational complexities and potential disruptions as the company shifts its primary business focus to its U.S. entity.
  • Dependence on Monte Fino Brand [medium — market]: VIVIC operates as the exclusive distributor of Monte Fino yachts in Asia and the Middle East, and other territories globally excluding the U.S. The company's success is therefore heavily reliant on the brand reputation and sales performance of Monte Fino yachts.

Industry Context

The luxury yacht market is characterized by intense competition from well-established global brands. VIVIC CORP. is strategically focusing on the U.S. and Southeast Asian markets for Monte Fino yachts, aiming to increase sales in the 40 to 70-foot range. The industry is also increasingly influenced by global environmental regulations impacting marine engine emissions.

Regulatory Implications

VIVIC faces significant regulatory hurdles related to marine engine emissions, with EU and International Maritime Organization standards implemented since 2008 posing ongoing compliance challenges. The company's ability to adapt to and meet these evolving environmental regulations will be critical for its continued operations and market access.

What Investors Should Do

  1. Monitor competitive landscape
  2. Assess impact of Taiwan wind-down
  3. Evaluate regulatory compliance strategy
  4. Track yacht order pipeline

Key Dates

  • 2023-07-01: First yacht sales revenue generated — Marks the beginning of VIVIC's strategic focus on yacht sales and the generation of its first revenue in this segment.
  • 2024-12-31: Aggregate market value of common stock held by non-affiliates calculated — Provides a snapshot of the company's market capitalization for non-affiliate shareholders as of year-end.
  • 2025-09-20: Number of employees reported — Indicates the size of the company's workforce at a specific point in time.
  • 2025-09-22: Shares of common stock outstanding reported — Provides the total number of VIVIC's outstanding shares, crucial for per-share calculations.
  • 2025-12-31: Expected completion of Vivic Taiwan branch wind-down — Signifies the conclusion of operations in Taiwan and a full transition to the U.S. entity as the primary operational base.
  • 2008-01-01: Implementation of new marine engine emission standards — Represents the baseline for current and future regulatory compliance challenges related to marine engine emissions.

Glossary

Monte Fino yachts
A brand of luxury yachts that VIVIC CORP. exclusively distributes in certain global regions. (VIVIC's primary product line and a key driver of its revenue strategy.)
Vivic Taiwan branch
A former operational unit of VIVIC CORP. located in Taiwan that is currently being wound down. (Represents a past operational focus that is being phased out as part of a strategic shift.)
EU and International Maritime Organization standards
Global regulations setting emission limits for marine engines, aimed at reducing environmental impact. (A significant compliance burden and potential risk factor for VIVIC's yacht sales operations.)
Exclusive distributor
A business arrangement where a company is granted the sole right to sell a particular product or brand in a specified territory. (Defines VIVIC's market position and reliance on the Monte Fino brand for its Asian and Middle Eastern operations.)

Year-Over-Year Comparison

The company has reported its first yacht sales revenue of $160,000, indicating a new revenue stream and strategic direction compared to previous filings where this segment was likely nascent or non-existent. The focus on winding down Taiwan operations by the end of 2025 also signifies a significant structural change. While specific comparative financial metrics like revenue growth, net income, and margins are not detailed in the provided text, the shift in operational focus and the introduction of yacht sales revenue are key developments.

Filing Stats: 4,548 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2025-09-30 16:31:33

Key Financial Figures

  • $0.001 — ) OF THE ACT: Common Stock, par value $0.001 per share (Title of Class) Indicate
  • $3.55 — 16,118.55 based upon a closing price of $3.55 per share. TABLE OF CONTENTS PART I
  • $160,000 — lf of calendar year 2023, which reached $160,000. In calendar year 2024, we received ord
  • $500,000 — ollars amounting under the amount of NTD$500,000 are freely convertible no matter what t
  • $100 million — services, ranging from NTD$500,000 to US$100 million (or its equivalent), such transaction s

Filing Documents

RISK FACTORS

RISK FACTORS 10 ITEM 1B UNRESOLVED STAFF COMMENTS 21 ITEM 1C CYBERSECURITY 22 ITEM 2

PROPERTIES

PROPERTIES 22 ITEM 3

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 22 ITEM 4 MINE SAFTY DISCLOSURES 22 PART II ITEM 5 MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 23 ITEM 6 [RESERVED] ITEM 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24 ITEM 7A

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 30 ITEM 8

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 30 ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 30 ITEM 9A

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 30 ITEM 9B OTHER INFORMATION 31 ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 31 PART III ITEM 10 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 32 ITEM 11

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 33 ITEM 12

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 34 ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 35 ITEM 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES 36 PART IV ITEM 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 37 ITEM 16 FORM 10-K SUMMARY 37 2 INTRODUCTORY COMMENTS We are a Nevada holding company with operations conducted primarily through a branch in Taiwan and we own an entity formed in Hong Kong. References in this report to the "Company," "VIVC," "Vivic," "we," "us" and "our" refer to Vivic Corp., a Nevada company, and Vivic Corporation (Hong Kong) Limited its wholly-owned subsidiary on a consolidated basis. Where reference to a specific entity is required, the name of such specific entity will be referenced. All dollar amounts refer to US dollars unless otherwise indicated. 3 CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than Discussion and Analysis of Financial Condition and Results of Operations" regarding the Company's market projections, financial position, business strategy and the plans and objectives of management for future operations, events or developments which the Company expects or anticipates will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof); expansion and growth of the Company's business and operations; and other such matters are forward-lo

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