Yes, go-cart is a compound noun. It can also be written go cart.
There are three types of compound nouns:
open spaced: go cart
hyphenated: mother-in-law (or go-cart)
solid: baseball
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Only if you make it from materials that float, but then it
wouldn't be a go cart, but a float cart. It wouldn't be heavy
enough to stay on the road as a go cart.