ElectraMeccanica Reports Fourth Quarter and Full Year 2021 Financial Results
22 Março 2022 - 5:15PM
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”
or the "Company"), a designer and manufacturer of electric vehicles
revolutionizing the urban driving experience, reported financial
results for the fourth quarter and full year ended December 31,
2021, in conjunction with its Annual Report on Form 20-F filed
today.
Recent Company Highlights
-
Delivered a total of 93 SOLO EVs to customers and fleet and
commercial customers since deliveries began in October 2021.
Year-to-date for 2022, the Company has delivered a total of 32
SOLO EVs to reservation and fleet holders as of
February 28, 2022.
-
FY 2021 revenues increased 270% to $2.1 million on initial sales of
SOLO EVs.
-
Disclosed its new global corporate headquarters in Burnaby, British
Columbia – part of the greater Vancouver area to support near-term
growth plans.
-
Disclosed that the Company’s new 235,000 square foot U.S. assembly
and engineering technical center facility in Mesa, Arizona is
on-track and scheduled to be commissioned in the summer of
2022.
Management Commentary
“The fourth quarter of 2021 was highlighted by
our first deliveries of the commercial SOLO EV to
reservation holders and fleet customers as we transitioned to a
well-capitalized, high-quality automotive OEM,” said Kevin Pavlov,
CEO of ElectraMeccanica. “To support our ramp up in production and
overall Company success, we have transitioned to a new global
corporate headquarters in Burnaby, British Columbia, serving as the
epicenter for our growth initiatives. Additionally, we remain on
track to complete our new 235,000 square foot U.S. Assembly and
Engineering Technical Center in Mesa, Arizona in summer 2022.
Looking ahead, we are readying our 2023 SOLO EV
with validation testing at our new facility which will have the
ability to produce up to 20,000 vehicles annually. Moving forward,
we are committed to increasing sales and remain confident in our
ability to expand into a scaled production enterprise with the
infrastructure, balance sheet and world-class team in place to
achieve our mission. I look forward to providing additional updates
in the months to come on our successes.”
Full Year 2021 Financial Summary (All amounts reported
in USD)
-
Total revenue in 2021 was $2.1 million, compared to $569,000 in
2020. The increase in revenue was primarily
attributable to initial sales beginning in October 2021 of the
Company’s flagship vehicle, the SOLO EV.
-
General and administrative expenses in 2021 were $31.1 million,
compared to $15.8 million in 2020. The increase in G&A expenses
was primarily due to increased rent related to the opening of
retail locations and the Company’s Mesa, Arizona, office,
consulting services related to the Mesa assembly facility, office
expenses as a result of the Company’s Enterprise Resource Planning
system and salary expenses related to a severance payment in
addition to a number of new employees.
-
Research and development expenses in 2021 were $17.1 million,
compared to $8.7 million in 2020. Research and development costs
relate to the electric vehicle segment as the Company continues
product development of its SOLO, Tofino and e-Roadster.
-
Sales and marketing expenses in 2021 increased to $10,413,748,
compared to $2,635,134 in 2020. The Company has begun the
commercial production of our flagship vehicle, the SOLO, and the
Company increased its sales and marketing efforts by developing
brand assets, increasing presence in social media, opening retail
kiosks and rapidly growing its sales team.
-
Operating loss in 2021 was $60.8 million, compared to $27.2 million
in 2020. The increase in operating loss was primarily due to
increases in G&A, R&D and sales and marketing
expenses.
-
Net loss in 2021 was $41.3 million, compared to $63.1 million in
2020.
-
Cash used in operations in 2021 was $60.4 million, compared to
$22.5 million in 2020.
Bal Bhullar, ElectraMeccanica’s CFO, added,
“Revenues from our initial commercial production of our
SOLO deliveries were recognized in the fourth
quarter, leading to over $1.5 million in sales for the quarter. We
expect sales to continue to increase throughout 2022, with
expanding opportunity on the horizon as we ramp production and
complete the buildout of our U.S. base of operations in Mesa,
Arizona. We enter 2022 with $222 million in cash and cash
equivalents on our balance sheet to carry us forward as we scale
production, deliver SOLOs to reservation holders
and build long-term value for our shareholders.”
About ElectraMeccanica Vehicles
Corp.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)
is a Canadian designer and manufacturer of environmentally
efficient electric vehicles (EVs). The company’s flagship vehicle
is the innovative, purpose-built, single-seat EV called the
SOLO. This three-wheeled vehicle will
revolutionize the urban driving experience, including commuting,
delivery and shared mobility. Engineered for a single occupant, it
offers a unique driving experience for the environmentally
conscious consumer. The SOLO has a range of 100
miles and a top speed of 80 mph, making it safe for highways. The
SOLO also features front and rear crumple zones,
side impact protection, roll bar, torque-limiting control as well
as power steering, power brakes, air conditioning and a Bluetooth
entertainment system.
It blends a modern look with safety features at
an accessible price point of $18,500 for the consumer model and
$24,500 for the delivery-oriented SOLO Cargo
model, which features an expanded cargo box to accommodate a wide
variety of fleet and commercial applications. The
SOLO is currently available for order here. For
more information, please visit www.electrameccanica.com.
Investor Relations ContactMZ Group(949)
259-4987SOLO@mzgroup.us
Public Relations ContactAmy
PandyaR&CPMK(310) 967-3418amy.pandya@rogersandcowanpmk.com
Safe Harbor Statement
Except for the statements of historical fact
contained herein, the information presented in this news release
constitutes “forward-looking statements” as such term is used in
applicable United States and Canadian securities laws. These
statements relate to analyses and other information that are based
on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as “anticipates”, “estimates”, “projects”,
“expects”, “contemplates”, “intends”, “believes”, “plans”, “may”,
“will”, or their negatives or other comparable words) are not
statements of historical fact and should be viewed as
“forward-looking statements”. Such forward looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such risks and other factors include,
among others, the prices of other electric vehicles, costs
associated with manufacturing vehicles, the availability of capital
to fund business plans and the resulting dilution caused by the
raising of capital through the sale of shares, changes in the
electric vehicle market, changes in government regulation,
developments in alternative technologies, inexperience in servicing
electric vehicles, labour disputes and other risks of the electric
vehicle industry including, without limitation, those associated
with the delays in obtaining governmental approvals and/or
certifications. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements contained in this news release and in any document
referred to in this news release. Forward-looking statements are
made based on management’s beliefs, estimates and opinions on the
date the statements are made, and the Company undertakes no
obligation to update forward looking statements if these beliefs,
estimates and opinions or other circumstances should change, except
as required by applicable law. Such forward-looking statements
reflect our current views with respect to future events and are
subject to certain risks, uncertainties and assumptions, including,
the risks and uncertainties outlined in our most recent financial
statements and reports and registration statement filed with the
United States Securities and Exchange Commission (the “SEC”)
(available at www.sec.gov) and with Canadian securities
administrators (available at www.sedar.com). Although the Company
believes that the beliefs, plans, expectations and intentions
contained in this news release are reasonable, there can be no
assurance those beliefs, plans, expectations or intentions will
prove to be accurate. Investors should consider all of the
information set forth herein and should also refer to the risk
factors disclosed in the Company’s periodic reports filed from
time-to-time with the SEC. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
of the Company nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
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