According to Securities and Exchange Commission filings, Confederate Motors Inc. posted third quarter net losses of $1 million after a drop in shipments of its handcrafted motorcycles. The Birmingham-based motorcycle manufacturer reported $333,108 in losses from operations and $757,500 in stock-based compensation for the three months ended Sept. 30.
For the same period last year, Confederate Motors reported net losses of $41,379 and $3,559 in losses from operations. Revenue in the third quarter dropped to $150,633 compared to $659,357 for the third quarter of 2008. Net losses grew drastically to $2.9 million the first nine months of 2009 compared to a net loss of $39,961 for the first nine months of 2008.
The company, founded in 1991 by Matt Chambers is using a proprietary 45 degree radial twin engine and aircraft grade aluminum for its chassis and many of its components. Confederate will unveil a new apparel line, created exclusively for the company by Kushitani at the Los Angeles Auto Show December 4-13. Confederate Motors.