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Verifying…A typical natural-resource department runs around 400 of them and replaces about 15% every year. The vehicles are loud, hard to monitor, unstable on slopes, and they cannot power a radio.
The companies that sell them have stopped solving this.
Livaq builds the electric replacement. The vehicles are in the field today with a paying government customer.
See what is running today →Gas-powered off-road fleets consume fuel, oil, filters, engine service, drivetrain maintenance and replacement parts, and they consume the hours of the people who keep them running.
Based on Livaq's planning assumptions, a conventional fleet vehicle costs approximately $8,000 per year to operate. For a 400-vehicle fleet that is approximately $3.2 million a year, before the agency buys a single replacement.
The 400-vehicle fleet is a Livaq planning estimate. Actual size and cost vary by agency, mission, geography and vehicle class.
An electric fleet does not remove every operating expense. It replaces most of the fuel and mechanical maintenance with a more predictable structure of energy, software, service and component replacement.
For a representative 400-vehicle fleet at up to approximately $7,000 of annual savings per vehicle. Actual results depend on utilization, fuel price, electricity price, maintenance practice, duty cycle and vehicle configuration.
A conventional ATV becomes unstable on slopes, at speed, and when its mass sits high in the chassis. Those are ordinary conditions in forestry, parks, land management, agriculture, public safety and border work.
Ninety-decibel engines disturb wildlife, erode trails and trigger the community complaints that close them.
And a gas unit cannot power a radio, a sensor or medical equipment in the field. A flooded carburetor or an electrical fault does not just idle a vehicle. It reaches into a wildfire response or a search.
The fleet manager usually learns there is a problem when the vehicle stops.
This is the part of the market that is not obvious from the outside.
Polaris ran a 0.5% operating margin excluding one-time items in FY2025 and lost roughly a fifth of its share. BRP's normalized EBITDA fell from 19.1% in FY2022 to 13.1% in FY2026, and in the same year it recorded a C$229.8 million impairment on electric and light mobility.
The incumbent tried this category and wrote the program down, in a filing, while its core margins compressed.
Neither company can fund an electric transition into a low-volume government niche while defending a consumer business against imported pricing. That is not a criticism of their management. It is arithmetic.
The window is open because the people who should have closed it cannot afford to.
Read the full competitive position →Off-road electrification looks like a technology problem. It is a cost-structure problem wearing a technology costume.
The cells are commoditised. We buy them at $29 each delivered, and a pack uses eighty of them.
The difference, about $4,480 per pack, is another company's labor, overhead and margin at fifty units a year. The pack is roughly half the vehicle's bill of materials, so more than a quarter of what the vehicle costs is somebody else's low-volume conversion cost.
That single fact organises the company. The technology gap in this category is in the control stack. The cost gap is in conversion labor. The winner is whoever owns the control layer and moves conversion cost to the right geography.
Everything in this room follows from that.
See the manufacturing case →Livaq is raising to fund the fixed base of the company: the team, the technology and the equipment.
We are not asking investors to fund inventory. Components are financed by customer deposits taken at order and by facilities secured against confirmed purchase orders and government receivables. Both scale with the order book. If sales slow, both shrink, and the team and the technology are untouched.
Separately, Livaq is in active discussion with a North American industrial group on a strategic manufacturing partnership. It is not closed and no commitment is binding.
We are not raising capital to find out whether an electric off-road vehicle can exist. We are raising capital to turn a working product, a paying government customer and a shared architecture into a repeatable North American vehicle company.
Explore the interactive overview →Livaq's strategy is a loop, not a list. Each step lowers the cost of the step after it.
Then step one again, from a stronger position. The product adapts to the mission. The operating system remains shared.
Electrification policy creates timing, funding and procurement openings. The vehicle still has to make financial sense.
Livaq gives the fleet manager a measurable comparison across purchase price, energy, routine maintenance, service labor, downtime, replacement parts and useful life.
The operating decision does not change when the policy does: the vehicle has to lower cost while still performing the mission. That is deliberate. It is why the strategy survives an election.
Set the fleet, the horizon, the duty cycle and your own unit price to see what that is worth on a real fleet.
A strategy that excludes nothing is not a strategy. Livaq will not:
Each exclusion protects capital, focus or credibility. Several of them are the reason the plan is fundable at this size.
Not with a better vehicle. A better vehicle is copyable.
A U.S.-designed control stack combined with Mexican conversion labor, at a volume the incumbents cannot serve profitably and imported entrants cannot certify for federal procurement.
Polaris and BRP cannot reach this volume with their cost base. Low-cost importers cannot reach this procurement channel with their content. Livaq sits in the gap between those two constraints, and the gap is held open by other people's economics rather than by our own effort.
The phases are operating conditions, not calendar dates.
The two-tense distinction matters more than the length of the list.
Battery cells, commodity motors, standard electronics, charging equipment, commodity manufacturing services.
We source where a supplier creates efficiency. We retain control where the system creates differentiation.
The company is managed against six numbers, reviewed monthly:
Anything not on that list is context. Anything on it that moves the wrong way changes the plan, not the reporting.
Supplier concentration. Product-development timing. Government procurement delays. Working-capital cycles. Cross-border manufacturing. Country-of-origin compliance. Future-product validation. Service and warranty at scale. Customer concentration. Facility and equipment readiness.
The goal is not to predict every problem. It is to keep enough control of the product, the customer, the technology, the capital and the assets that Livaq can respond without losing the platform.
The most common question about this market is why Polaris or BRP has not simply built it. The answer is in their filings.
| Polaris FY2025 | BRP FY2026 | |
|---|---|---|
| Gross margin | 19.1% | 22.4% |
| Operating margin | (4.9%) reported | 4.7% |
| Operating margin ex one-time items | 0.5% | — |
| Normalized EBITDA | — | 13.1%, from 19.1% in FY2022 |
| Electric-program impairment | — | C$229.8M |
Sources: Polaris FY2025 and BRP FY2026 filings, SEC EDGAR and SEDAR.
Gross margin is not their problem. Both still convert roughly a fifth of revenue into gross profit. Operating overhead, warranty, tariffs, litigation and write-downs consume the rest.
A company at half a point of operating margin cannot fund a new powertrain, a new supply chain and a new certification path for a segment measured in thousands of units, while defending a consumer business against imported pricing.
BRP did attempt it, and impaired the program.
That leaves the government fleet buyer with the same problem they had five years ago, a replacement cycle that does not pause, and no supplier moving toward them.
It does not stay open indefinitely.
Five systems make an off-road EV. Livaq builds the ones that compound: controller, BMS, and the connected software layer. Use the allocator below to see how funding choices shift the roadmap and the financial model.
Livaq is building the integrated control stack, the software, controller, and battery management that every electric off-road vehicle runs on. Own the stack, and every vehicle class becomes a configuration of it. That is how a single product becomes a category.
The Livaq platform is the shared architecture inside every vehicle. LIVAQ OS is the connected product the customer uses to run the fleet. They are related, and they are not the same thing.
An off-road EV comes down to five systems. Livaq's plan is not to build all five from scratch. It is to buy the commodity systems and own the three that compound: controller, BMS, and software.
Motors and battery cells are commodity inputs. Livaq integrates them, it does not manufacture them. Frame fabrication, sub-assembly, and battery-pack integration run through qualified manufacturing partners, chosen for automated yield and throughput rather than labor cost.
The motor controller, the BMS, and the VCU/software stack, the three systems that carry the country-of-origin qualification, the safety-critical control logic, and the recurring software revenue. These are the systems this round is funding.
The EQUAD is the proof: a proven, deployed electric ATV built on a modular platform that configures into an expanding line of off-road vehicle classes.
Livaq's long-term value lives in the platform, not any single model. The same propulsion stack can scale across multiple vehicle classes, so each new product is a configuration of a proven architecture, not a new engineering program from scratch. The platform is patent-pending and vehicle-agnostic: the LIVAQ platform, driven by its flagship product, the EQUAD.
Every gas fleet runs blind; a Livaq fleet runs connected and improves over time. The OS is Livaq's own software, in the vehicle today. Livaq is building the proprietary control stack beneath it, the in-house BMS and motor controller, and connected telemetry that turns each vehicle into a recurring-revenue asset: Protect (battery-health monitoring and failure prediction), Perform (configurable drive modes and efficiency gains), and Operate (utilization, location, and required compliance reporting). At scale, Livaq OS becomes the recurring software layer on top of every connected vehicle.
The architecture is engineered around country-of-origin. The differentiating components, the BMS, motor controller, and VCU, are US-made; the battery pack is integrated in Mexico, which shifts country-of-origin under USMCA; US final assembly meets the ≥70% USA-content federal threshold by value, supported by a US certificate of origin. The architecture qualifies the vehicle, not the geography.
Livaq cuts agency operating cost by up to $7,000 per unit each year. For a 400-vehicle fleet that is about $2.8M saved annually, roughly $14M across a five-year fleet life. The price premium over a gas unit is repaid inside the first year, from operating savings alone.
Those figures describe platform capability. Government vehicles are configured differently by mission, budget, speed restriction, range requirement, payload and procurement structure. The value to the fleet is not maximum speed. It is enough performance that the agency does not compromise the mission when it leaves gasoline.
Gradeability is currently tested at 16.5 degrees against a 25 to 35 degree design target. Closing that gap, with the higher-voltage powertrain and the in-house control stack, is the engineering work ahead.
Deployed with the State of Puebla and in pilot with Michigan DNR. Photographs, not renders.
Each new vehicle class is a configuration of the same propulsion architecture, expanding the buyer set as the control stack matures. See the control stack itself in the Technology section.
| Offering | Detail | Price |
|---|---|---|
| EQUAD · base | 4x2, fenders, standard seat, Level 1 charger | $17,500 |
| EQUAD · full-spec | 4x4, carbon body, tow, performance, 3D seat, Level 2 | $28,500 |
| Add-ons | Skid plate / winch, sold separately | $1,500 / $2,500 |
| Fleet software | Telematics, OTA, fleet management · live ~mid-Y2.5 | $75 / unit / mo |
| Licensing · Y4+ | Productized propulsion platform, single global partner | Royalty + license |
Vehicle lines on the shared modular platform: EQUAD 4X4 (Y1), Driverless (Y2), KEI Truck (Y3), SVS (Y4), Limited Edition (Y6). The driverless line targets constrained-environment use such as perimeter patrol, return-to-base, and follow-me, on the same platform.
This is the section that explains why Livaq manufactures where it does.
A Livaq pack uses eighty cells at approximately $29 each delivered, including shipping and studs. That is $2,320 of cells. The BMS, aluminium and hardware add approximately $1,200.
The gap of approximately $4,480 is another company's labor, overhead and margin at fifty units a year.
Not all of it is recoverable. Building the pack in-house means carrying that labor, overhead, test equipment, scrap and warranty ourselves. Realistic capture is the contract margin plus the labor differential, in the range of $1,800 to $2,700 per pack. At Year 6 EQUAD volume that is $4.5 to $6.8 million a year from a single decision.
That is why the manufacturing plan starts with batteries rather than with final assembly.
Building packs is not putting cells into a box. It requires qualified cells, controlled handling, cell matching, compression fixtures, torque-controlled assembly, isolation testing, battery cycling, BMS integration, traceability, end-of-line testing, enclosure fabrication, sealing validation and transportation compliance.
It has the longest ramp of any capability Livaq plans to develop. Everything relocated after it is easier.
The initial operating milestone is to establish the capability to manufacture 25 battery packs in Mexico with a manufacturing partner's support, subject to secured demand.
The purpose is not the 25 packs. It is to be able to state what each pack cost, how long it took, what defects occurred, what rework was required, which equipment created bottlenecks, and what capacity the next production level needs.
After batteries, the next candidates are wire harness, electrical assembly, frame fabrication, tube bending, sheet metal, welding, powder coating and Mexican-market final assembly. Each is evaluated on demand, cost, quality, lead time, capital, supplier dependency, content strategy and required engineering control.
The objective is not to move every process to Mexico. It is to place each process where it creates the best combination of cost, quality, capacity, control and market access.
The model connects product volume, pricing, COGS, direct manufacturing labor, operating expenses, CapEx and software revenue. Adjust the assumptions and watch the operating plan respond.
Stated once, here, rather than scattered through the page.
A linked operating model across the production plan, P&L, team roster, dashboard and CapEx schedules. Changing an assumption recalculates the plan.
A monthly three-statement model. The next layer adds working capital, inventory, supplier deposits, receivables, payables, taxes, financing, full cash-flow statements and balance-sheet schedules.
Drag the dots to shape the gross-margin ramp. The x axis is time, the y axis is gross margin, and each dot is one year. Pull a year up or down and the model recomputes EBITDA, the cash trough, and the bridge live. Then stress it with the operational dials below. The opening state is the Plan baseline, the model fully funded with every year on plan, and every move you make reads against it.
Drag any dot vertically to set that year's gross margin at plan volume. Range -15% to +40%.
THE DIALS THAT MOVE THE PLAN
| YEAR | UNITS | REVENUE | MARGIN | COGS/UNIT | EBITDA | CASH BAL. |
|---|
Their fleets are expensive to operate and dangerous to ride. An agency spends roughly $8,000 per unit a year on gas and service; across a 400-vehicle fleet, that is about $3.2M every year in fuel and service alone, before the cost of acquiring the vehicles.
An electric fleet's cost per mile is stable and largely insulated. Safety compounds the problem: conventional ATVs are unstable at sharp slopes and high speeds, leaving agencies with real injury and liability exposure.
The off-road vehicle market is not a small electric niche. It is a ~$25B gas-dominated category now entering the same transition that reshaped passenger vehicles: electrification, lower operating cost, quieter operation, and fleet-level emissions pressure.
Livaq is built to replace gas vehicles across the full off-road market, starting with government fleets, where procurement, infrastructure, and service can scale adoption faster than consumer demand alone.
North American natural-resource agencies operate large off-road fleets across state, federal, and provincial levels. Many agencies manage hundreds of vehicles and replace a portion of their fleet every year.
This creates a concentrated entry point for Livaq: fewer buyers, larger orders, clearer use cases, and a repeatable replacement cycle.
Federal and government procurement increasingly rewards vehicles with high U.S. content and domestic supply-chain alignment.
That creates a structural advantage for Livaq. Low-cost, Asia-heavy supply chains may compete on price, but they face friction in government procurement. Livaq is being engineered from the bill of materials up to clear that threshold.
Livaq enters the market through vehicle sales, but the company compounds through the assets built around each deployment: government procurement access, fleet relationships, modular vehicle architecture, connected software, and federal-ready manufacturing.
The result is not a one-product business. It is a defensible platform for electrifying off-road fleets.
A specialized sales and deployment channel for natural-resource and public-sector fleets.
A propulsion and vehicle architecture that can scale across ATV, SVS, utility, driverless, and performance applications.
A manufacturing strategy designed to meet domestic-content expectations and create a procurement barrier against import-heavy competitors.
Concept to production in under three years. Units are in active service with the State of Puebla, a paying government customer, with a 50-unit follow-on order in negotiation and a 200-unit LOI (~$4M) for 2027. Michigan DNR has an active pilot in the field, backed by a letter of intent, with fleet procurement the next step. Real vehicles, real operating data, real forward demand.
Close the Puebla follow-on and 2027 LOI, deliver the DNR commitment, and package documented per-unit savings into the procurement motion.
External customs validation of ≥70% USA content and first federal RFP pursuit, a market where import-heavy rivals face procurement friction.
Build the always-connected telemetry and OTA capability that activates the recurring software layer from Year 3: battery health, fleet monitoring, configurable performance.
Livaq is raising a round sized to reach break-even, roughly 24 months of runway, to build the proprietary control stack and scale government-fleet deployments. The capital funds three moves: deploy the government pipeline, qualify for federal procurement, and build the connected-software layer. The milestones above define the use of funds.
Every deployment gives Livaq more than an order. It gives field data, service requirements, procurement knowledge and a clearer picture of how the platform has to adapt.
This is the distinction that matters, so it is stated rather than blended.
| Status | Position |
|---|---|
| Vehicles delivered and in service | State of Puebla |
| Paying customers | State of Puebla |
| Purchase orders | To be confirmed on LOI conversion |
| Letters of intent | 200 units, approximately $4.0M |
| Under negotiation | 50-unit follow-on |
| Pilot pathways | Michigan DNR, letter of support |
| Weighted pipeline | Adjacent state agencies, Mexican federal and state fleets |
| Market assumption | The balance of the six-year plan |
Contracted demand, weighted pipeline and market assumption are three different things. Anything in the financial model beyond the first two rows is plan, not commitment.
The vehicles produced real information on vehicle controls, battery behavior, controller performance, thermal management, steering, suspension, stability, harness architecture, sealing and serviceability.
That information changed the chassis, the steering, the controller packaging, the suspension, the wiring, the vehicle logic and the service procedures.
Our advantage is not that the vehicle has never required changes. Our advantage is that the changes came from real vehicles, real customers and real conditions.
Current ownership, issued securities and corporate records as of June 15, 2026. Working documents shared under NDA, subject to final reconciliation with counsel before the financing closes.
Transparency is not only making documents available. It is making the structure understandable.
Every note, purchase agreement, side letter and investment document in the room, grouped by investor and shared under NDA. The documents remain controlling. This summary gives the current position before you open them.
It is being resolved directly with the holder ahead of the financing. We would rather you read that here than find it in the documents.
The goal is not to hide complexity inside the paperwork. It is to state the position clearly and provide every agreement behind it.