Empery Digital Inc (OTC: EMPD) is a digital assets and powersports company in transition, holding Bitcoin on its balance sheet while winding down its electric vehicle product operations. The company generated product revenue from the sale of electric off-road vehicles, specifically the Grunt EVO and Brat e-bike models, through a third-party manufacturing and dealer distribution model. In October 2025, Empery Digital divested the Volcon brand and its four-wheel vehicle intellectual property to Venom Motor Co. via an asset purchase agreement, retaining a non-dilutable 10% equity stake in Venom's reorganized entity and ongoing warranty obligations for previously sold vehicles. Post-divestiture, the company plans to generate revenue through vehicle inventory financing, specifically funding golf cart and UTV purchases by Venom and other dealers, earning income from the spread between its cost of capital and interest charged. Digital asset holdings, including Bitcoin, are a core balance sheet position subject to evolving U.S. and global regulation. Cost of goods sold for FY2025 was $1,337,595, down sharply from $17,987,951 in FY2024, reflecting the contraction of vehicle sales activity.

Revenue model

Historically transactional revenue from electric powersports vehicle sales (Grunt EVO, Brat e-bike). Post-October 2025 divestiture of the Volcon brand, the company is pivoting to inventory financing, earning interest income from funding golf cart and UTV purchases by dealers including Venom. Digital asset holdings (Bitcoin) on the balance sheet generate no current operating revenue but represent a strategic treasury position.

Products and services

Grunt EVO electric off-road vehicle, Brat electric bicycle (e-bike), Volcon Youth motorcycles (discontinued as of June 30, 2024), Stag (sold in FY2024). Post-divestiture: vehicle inventory financing for golf carts and UTVs. Retained 10% equity stake in Venom Motor Co. and ongoing warranty support for previously sold Volcon vehicles.

Customers and end markets

Powersports dealers and end consumers of electric off-road vehicles. Post-divestiture, primary customer is Venom Motor Co. for inventory financing, with plans to expand financing to other golf cart and UTV dealers. Digital asset activities target no specific retail customer base.

Value-chain role

Product company reliant on international third-party manufacturers for e-bike design, development, and production. Manages logistics, warranty, and dealer distribution domestically. Transitioning to a financing intermediary role, providing inventory capital to powersports dealers and taking a spread on financing cost.

Geographic exposure

U.S.-based operations with reliance on foreign manufacturing, primarily sourcing from China. Product distribution through U.S. powersports dealer network. Bitcoin holdings subject to U.S. and global digital asset regulation.

Source: SEC 10-K, filed 2026-03-27

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