Moke Fleet Analysis

The Opportunity

Proven demand. Unserved market.

Not a golf cart. A proper car.

72kW

Motor Power

170Nm

Torque

180km

Range

580kg

Kerb Weight

CCS2

DC Fast Charge

100%

Road Legal

Market Context

Hamilton Island: Charges $99 - $135 / day for basic electric buggies. Sells out in peak season.

WeMoke: $475 USD (~ $730 AUD) / day for 25 mph vehicles on restricted roads. Not road-legal.

The gap: Premium electric rental in QLD / NSW is completely unserved. No product combines lifestyle appeal, road legality, fast charging, and fleet technology.

Blended Daily Rate

$297

Premium venues across peak, shoulder, low seasons

Blended Annual Utilisation

64%

85% peak / 65% shoulder / 40% low

Revenue Per Vehicle

$49,300

Annual, at $297 / day blended rate

Base Case Assumptions

The fundamentals underpinning every model

Vehicle Build Cost

$205K

Fleet scale (25+ units)

Annual Vehicle OpEx

$18,150

Maintenance, charging, insurance

Year 1 Utilisation

55%

Ramp from venue launch

Residual Value (3yr)

50%

Conservative recovery estimate

Model A: Lease

$4,500

Monthly per vehicle

QLD Dual Peak

Two cycles

Summer coastal + winter tropical

Three Business Models

Three ways to work with venues. One platform.

Model A

Default

Flexible Lease

3-year lease at $4,500 / month per vehicle. Zero venue capex.

Capital Required

$3.3M (net, after residual recovery)

5yr ROI

57% at $297 / day blended rates

Revenue Split

Venue keeps 100% of rental. We take lease + 10% revenue share.

Best For

Venues wanting to trial, de-risked entry, zero upfront cost

Model B

Upgrade Path

Venue Purchase

Venue buys vehicles at ~ $260K each. Full ownership.

Capital Required

$500K upfront (dev + prototype). Venue funds fleet.

5yr ROI

Venue captures full rental upside

Recurring Revenue

$6K / yr / vehicle (SaaS) + $4.5K / yr (maintenance)

Best For

Larger operators wanting full ownership and maximum upside

Model C

Niche

Hosted Fleet

We own and operate. Venue hosts. Zero venue capex.

Capital Required

$5.7M (full fleet). Grants offset ~ $444K.

5yr ROI

~ 10% EBITDA on capital

Revenue Split

We keep 80% of rental revenue. Venue earns 20% share.

Best For

Premium venues wanting concierge service, passive income

What Drives the Economics

The insights that underpin every number in this document

Insight 1: Venue Selection IS the Pricing Strategy

The daily rental rate - and therefore profitability of every model - is determined almost entirely by which venues are signed. At premium venues ($350 / day peak, $280 shoulder, $210 low = $297 / day blended), the lease model works beautifully for both sides. At mid-tier venues ($250 / day peak, $200 shoulder, $150 low = $212 / day blended), venues barely break even. The first 2 - 3 anchor venues define the economics for the entire fleet. Signing a Hayman Island at $350 / day is worth three suburban resorts at $180 / day.

Insight 2: QLD Dual Peak Seasons - Structural Advantage

Coastal venues peak in summer (Dec - Feb). Tropical venues peak in winter (Jun - Aug). A fleet spread across both zones creates two independent booking cycles, smoothing utilisation to 70%+ annually. This is a genuine competitive moat - most fleet businesses in other regions face a single peak and a long trough.

Insight 3: WeMoke Comparison Validates Our Pricing

WeMoke charges $475 USD (~ $730 AUD) per day for a low-speed vehicle - 25 mph top speed, restricted to streets with 35 mph limits. Not road-legal in any meaningful sense. If an electric golf cart commands $730 AUD-equivalent in the US, a $300 - $350 / day rate for a genuinely road-legal, fast-charging, fleet-managed Moke at Australian premium venues is conservative, not aggressive.

Insight 4: The Models Are a Progression, Not Competing Alternatives

Phase 1: Prove it with 5 vehicles at one premium venue under Model A. Phase 2: Scale to 3 venues, 15 - 25 vehicles, still primarily leases. Phase 3: Once venues see 12 months of data - $8,300 / yr profit per vehicle with zero effort - the conversation shifts: "Why am I paying $4K / mo when I could own it and make $45K / yr?" That's when Model B takes over, capital requirements drop, margins expand, and the flywheel turns.

Fleet Size Sensitivity

How profitability scales with vehicle count (Model A)

Fleet Size	Annual Lease Revenue	Revenue Share (10%)	Total Revenue	OpEx	Net EBITDA	EBITDA Margin
5 vehicles	$270K	$42K	$312K	$91K	$221K	71%
10 vehicles	$540K	$84K	$624K	$182K	$442K	71%
15 vehicles	$810K	$126K	$936K	$273K	$663K	71%
25 vehicles	$1.35M	$210K	$1.56M	$454K	$1.11M	71%
50 vehicles	$2.7M	$420K	$3.12M	$909K	$2.22M	71%

Revenue & OpEx by Fleet Size

5 vehicles

$312K

10 vehicles

$624K

15 vehicles

$936K

25 vehicles

$1.56M

Rate & Utilisation Sensitivity

How venue pricing and usage patterns impact returns (25 vehicles, Model A)

Daily Rate	64% Util. EBITDA	70% Util. EBITDA	75% Util. EBITDA	Annual Revenue	Lease ROI
$250 / day	$951K	$1.04M	$1.11M	$1.44M	45%
$297 / day	$1.11M	$1.21M	$1.30M	$1.71M	57%
$350 / day	$1.29M	$1.41M	$1.52M	$2.01M	71%
$400 / day	$1.47M	$1.61M	$1.73M	$2.30M	84%

Pricing Upside

The WeMoke comparison validates scope for premium positioning

WeMoke pricing: $475 USD / day = ~ $730 AUD for a low-speed, golf-cart class vehicle. Not road-legal in Australia. No DC fast charging. No fleet management. No compliance pathway.

Jaunt Moke pricing: $250 - $400 / day at premium venues, depending on location and season. Road-legal. DC fast charge capable. Full fleet telemetry. GPS, geofencing, NFC entry, speed limiting, V2L power output.

The fact that WeMoke achieves $730 AUD-equivalent pricing for a restricted vehicle proves the market values what we're building. Our positioning at $297 - $350 / day blended is conservative, not aggressive.

Scenario	Rate Impact	Year 3 EBITDA (25 vehicles)	Lease ROI
Conservative ($250 / day)	-16%	$951K	45%
Base case ($297 / day)	0%	$1.11M	57%
Optimistic ($350 / day)	+18%	$1.29M	71%
Premium ($400 / day)	+35%	$1.47M	84%

Development & Build Costs

What the engineering investment unlocks, and how unit costs improve at scale

Platform Development

$216.5K

VCU integration, wiring harness, tooling, certification. Unlocks $23,400 per-vehicle cost savings.

Prototype Build

$266.2K

First fleet-spec vehicle, 486 labour hours, full ADR certification

Total First Commitment

$482.7K

Development + Prototype. De-risks everything downstream.

Fleet Unit Cost Improvement

Component	Prototype	Fleet (10+)	Fleet (25+)	Savings at 25+
Charge-out Rate	$175 / hr	$150 / hr	$150 / hr	-14%
Parts Markup	30%	20%	20%	-33%
Labour Efficiency	Baseline	-20%	-25%	-25%
Parts Cost	Baseline	-10%	-15%	-15%
Total Vehicle Cost	$266,240	$224,456	$205,000	-23%

Potential savings per vehicle when built in small batch (10+ units): $41,784

At 50+ units, further efficiencies under active investigation. These include new body shell sourcing approaches and component procurement strategies that would reduce disassembly time, simplify the build process, and create a more repeatable production workflow. Structural opportunity at this volume is significant and forms part of the development phase scope.

Vehicle Sourcing Strategy

Three sourcing paths. Different starting points. Same destination: ~ $30,000 build-ready cost.

Option A: Compliance Plate + New Parts

Vehicle Cost

$0 - $5K

Parts Required

$25 - $30K

Total to Build-Ready

~ $30K

Option B: Body Shell + Parts

Vehicle Cost

$8 - $15K

Parts Required

$15 - $20K

Total to Build-Ready

~ $30K

Option C: Complete Vehicle (Current)

Vehicle Cost

$25 - $30K

Repair / Restoration

$2 - $8K

Total to Build-Ready

~ $30K

Supply Confidence

Through established relationships within the Australian Moke community, we have strong confidence in sourcing at the volumes required. Moke club contacts indicate that 50 vehicles in various condition - from build plaques and body shells to complete running cars - could be identified within Victoria alone in a matter of weeks. Multiple known private collections of 12 - 30+ vehicles exist, and many collectors are actively considering succession plans for their holdings. The community recognises the quality of the electric Mokes we build and views the fleet project positively - these vehicles will be back on the road in the places they were made for. Victoria is not even the most significant Moke state; Queensland has historically been the largest Moke market. Base vehicle supply is not a constraint at the volumes we are planning.

Deployment Scenarios

Phased rollout from prototype to 25+ vehicle network

Prototype & Proof

Months 1 - 12

Build fleet-spec Moke. Complete ADR certification. Demo at 2 - 3 anchor venues. Secure first venue commitment under Model A.

Initial Deployment

Months 12 - 18

5 vehicles live at first venue. Prove utilisation and revenue model. Secure 2nd and 3rd venue agreements. Begin fleet production.

Network Scale

Months 18 - 30

15 - 25 vehicles across 3 anchor venues. Dual peak seasons smoothing utilisation. Model B and C conversations mature into signed deals. Operational proven, ready to repeat.

Key Insights

The five things that matter most

1. Venue Selection Determines Everything

Three anchor venues at $297 / day blended rates generate 71% EBITDA margins at 64% utilisation. One of those venues at $212 / day changes the entire equation. The first 2 - 3 venue agreements define success or failure.

2. Model A Brings Zero Capex, Full Upside Alignment

Venues keep 100% of rental revenue. We take lease + 10% share. At $297 / day rates, venues see ~ $8,300 annual profit per vehicle with zero effort. This alignment is why Model A is the natural default - it solves the venue's problem first.

3. Development Investment Unlocks $23.4K Per-Vehicle Savings

$216.5K in platform development compounds across every vehicle built. This is the foundation. It's also why the first commitment is de-risked: whether we build 5 vehicles or 50, the development cost is fixed and justified.

4. QLD Dual Peak Seasons Are a Moat

Coastal venues peak in summer; tropical venues peak in winter. This smooths utilisation to 70%+ across a multi-venue fleet - something no competitor in a single-season market can match. Geography is destiny.

5. The Business Model Is Proven; Execution Risk Is Low

The platform exists. We've built and delivered electric Mokes. The compliance pathway is clear. The venue demand is proven (Hamilton Island, WeMoke, etc.). The risk isn't "can we build this?" - it's "which venues will sign and at what rates?"

What to Fund

Phased funding timeline

Phase 1

Development

$216.5K

VCU integration, wiring harness, production tooling, certification testing at Norwell Motoplex.

Timeline: Months 1 - 6

Phase 2

Prototype

$266.2K

First fleet-spec vehicle. Full ADR certification. Demonstration and venue tours.

Timeline: Months 1 - 6 (concurrent with Phase 1)

Phase 3

Fleet Production

$5 - 6M

5 - 25 vehicles across 2 - 3 venues. 4-month build cycle per batch.

Timeline: Months 6 - 18+

Total first commitment: ~ $500K (Development + Prototype)

Phase 1 and Phase 2 run hand in hand over approximately 6 months - the development work happens on and through the first vehicle build. This produces both the engineering platform and a demonstration vehicle that can tour anchor venues. With that vehicle, we walk into any venue in Queensland and show them the future. Phase 3 scales production once venue agreements are in place.

Important disclaimer: All financial projections, returns, revenue estimates, and cost modelling presented in this document are preliminary and based on early-stage assumptions. These figures are indicative only, intended to illustrate potential scenarios, and do not constitute a forecast, guarantee, or commitment to any particular financial outcome. Actual results may differ materially from the projections shown. Prospective investors should conduct their own due diligence and seek independent financial advice before making any investment decision.