Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, outrageously
fun, ultra-efficient electric vehicles for moving people and
stuff, today provided a corporate update and announced
financial results for the fiscal year ended December 31, 2021.
Arcimoto will host a
stakeholder and analyst webinar at 2:00 p.m. PDT to discuss the
company’s results and progress toward mass production. The webinar
will include an analyst panel followed by an investor Q&A
powered by Say. To view the webcast, use the link below:
Arcimoto, Inc. Full Year 2021 Corporate
UpdateDate: Thursday, March
31Time: 2:00 p.m. PDT (5:00 p.m.
EDT)Webcast:
https://us06web.zoom.us/webinar/register/WN_gC6U0PuRRCmHAz0lrN17Mg
2021 and Recent Company Highlights
- Vehicle Sales and Production
- Sold a record 190 new and 2
pre-owned customer vehicles in 2021.
- Despite widespread supply chain challenges, year-over-year unit
production output nearly tripled to 331 vehicles, and customer
deliveries nearly doubled over 2020 levels.
- Acquired, renovated and launched operations at new
manufacturing plant, the RAMP, a 250,000-square-foot facility on
more than 10 acres, designed for mass production of the Company’s
EVs. At full capacity, the RAMP is expected to have a production
capacity of 50,000 vehicles per year.
- Doubled the number of open states for Arcimoto sales, adding
Florida, Nevada, and Arizona to the original West Coast launch
states of California, Oregon, and Washington.
- Rental and Rideshare
- Opened the first Company-owned rental
operations in San Diego and Eugene, with more destinations planned
in 2022.
- New rental partner programs were
initiated in Florida, Washington, and Turks and Caicos
Islands.
- Launched REEFDrive, a new
zero-emission vehicle-sharing program in Santa Monica, CA, in
collaboration with REEF, the largest operator of mobility,
logistics hubs, and delivery restaurants in North America.
- Innovation
- Unveiled three new electric vehicles based on the Arcimoto
Platform:
- The Flatbed rightsized electric
pickup truck for general fleet utility; and
- The Roadster, designed to be the
ultimate on-road fun machine; and
- The Smokejumper, an Arcimoto
Flatbed upfitted with a high-pressure pump and nozzle system
designed to arrive first on the scene with enough fire suppression
power to extinguish small fires before they have a chance to
grow.
- Unveiled new torque vectoring
technology that will improve handling of future Arcimoto vehicles
and lay the foundation for driverless Arcimotos.
- Acquired Tilting Motor Works in early
2021 and later launched a collaboration with Lightning Motorcycles
to develop the fastest tilting three-wheel motorcycle in the
world—gas or electric—using the patented Tilting Motor Works TRiO
tilting trike technology.
- Demonstrated the Faction D1, a
next-generation driverless delivery vehicle with the potential to
dramatically reduce the cost of last-mile logistics for
delivery.
- Unveiled the Mean Lean Machine (MLM), a radically new
high-performance e-trike designed with Arcimoto’s patented
three-wheeled tilting technology, currently available for
preorder.
- Sustainability Initiatives and
Partnerships
- Joined SoCal Tech Bridge’s Project Vesta, a multi-company,
multi-platform approach to fighting fires powered by AI, 5G, and
ultra-efficient vehicles.
- Launched a battery recycling
partnership with Redivivus to pioneer a new hydrometallurgical
process that is better for the planet than conventional battery
processing solutions.
- Partnered with the University of Central Florida on the Future
Cities Initiative to study new models of sustainable transportation
and their place in the smart cities of the future.
- Entered into pilot test programs with
Virginia Clean Cities, Tennessee Clean Fuels and Drive Electric
Tennessee, and the City of Encinitas; launched a partner pilot
program with Directed Technologies to introduce Arcimoto vehicles
to the Australian market for local and last-mile delivery.
Management Commentary
“Looking back, 2021 was the most transformative year in
Arcimoto’s history,” said Mark Frohnmayer, Arcimoto Founder and
CEO. “ We accelerated our pace of innovation and moved forward
expeditiously on the many fronts critical for the company’s growth
and the achievement of our mission. This included groundbreaking
development work on core EV technologies to make our vehicles
perform better and be more affordable for the wide market when
built at scale; the acquisition and renovation of the RAMP;
doubling the number of open states for Arcimoto sales by adding
Florida, Nevada, and Arizona to our original West Coast launch
states, with Hawaii and New York planned to open soon. Despite
major supply chain challenges, we more than tripled year-over-year
unit production output and almost doubled customer deliveries while
simultaneously staging for significant deployment into the growth
of our rental-first in-market experience model.
“The list goes on. We unveiled the Flatbed, and demonstrated the
first-ever driverless FUV, a technology with the potential to
dramatically reduce the cost of last-mile logistics for delivery
and rideshare. We launched our first foray into shared mobility,
with REEFDrive in Santa Monica. We expanded our rental footprint to
seven total locations, with even more rental shops and destinations
slated to begin rental operations this year, a key pillar to our
market growth strategy. We entered into a new battery recycling
partnership with Redivivus, developers of technology we believe
will be more environmentally friendly and cost-effective compared
to other approaches. And we launched the Ride of the Arconauts, an
ongoing roadshow designed to introduce the Arcimoto family of
rightsized EVs to the country.
“Finally, Arcimoto recently unveiled an entirely new
micromobility platform targeting the burgeoning e-bike market, that
features the patented three-wheel technology acquired with Tilting
Motor Works. The first product prototype on that platform, the Mean
Lean Machine, is expected to go into production later this
year.
“Our mission has never been more critical. Transportation
continues to be the leading cause of harmful emissions that
contribute to climate change as well as health problems around the
globe, and we all feel the effects of more and more erratic weather
patterns, from superstorms and heat domes to an unprecedented and
ongoing worldwide string of devastating wildfires. The IPCC’s ‘Code
Red’ impels our sense of extreme urgency. We are pushing every day,
as we continue to accelerate our pace of innovation and production,
to bring new ultra-efficient mobility solutions to the world. This
is the challenge of our generation, and the time is now.”
Full Year 2021 Financial Results
Total revenues in 2021 were up 102% to approximately $4.4
million as compared to approximately $2.2 million in 2020. Sources
of revenue in 2021 were approximately $4 million from the sale of
vehicles, approximately $262,000 from the sale of TRiO kits,
approximately $76,000 from rental income, and approximately $55,000
from service, merchandise, and other revenue. The increased revenue
in 2021 was largely driven by the sale of 192 Arcimoto FUVs, an
increase of 98% over the prior year, despite supply chain
interruptions due to COVID-19.
In 2021 the Company incurred a net loss of $47.6 million, or
($1.30) per share, versus a net loss of $18.1 million, or ($0.63)
per share in 2020. Expense increased in 2021 as the Company
increased manufacturing capacity by 183% year over year and hired
117 new employees, an increase of 88% over 2020. Also, included in
the net loss is a goodwill impairment charge of approximately $6.8
million or the equivalent of ($0.19) per share.
The Company had $17.0 million in cash and cash equivalents as of
December 31, 2021, compared to $39.5 million cash and cash
equivalents as of December 31, 2020. Total assets increased by
$11.1 million to a total of $64.4 million.
For our most recent stakeholder update, check out our RAMP
IT UP presentation from February 22, 2022. Follow Arcimoto
on YouTube, Facebook, Instagram, Twitter, TikTok,
and LinkedIn. Investor information about the company,
including press releases, stakeholder webcast replays, and more can
be found at http://arcimoto.com/ir.
About Arcimoto, Inc.Arcimoto is a pioneer in
the design and manufacture of rightsized, ultra-efficient,
incredibly fun electric vehicles for everyday mobility. Built on
the revolutionary three-wheel Arcimoto Platform, our vehicles are
purpose-built for daily driving, local delivery, and emergency
response, all at a fraction of the cost and environmental impact of
traditional gas-powered vehicles. Based in Eugene, Oregon, the
Arcimoto team is dedicated to creating world-class EVs that make
the world a better place. For more information, please visit
Arcimoto.com.
Safe Harbor / Forward-Looking StatementsExcept
for historical information, all of the statements, expectations,
and assumptions contained in this press release are forward-looking
statements. Forward-looking statements include, but are not limited
to, statements that express our intentions, beliefs, expectations,
strategies, predictions or any other statements relating to our
future activities or other future events or conditions. These
statements are based on current expectations, estimates and
projections about our business based, in part, on assumptions made
by management. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that
are difficult to predict and include, without limitation, our
expectations as to vehicle deliveries, the establishment of our
service and delivery network and our expected rate of production.
Therefore, actual outcomes and results may, and are likely to,
differ materially from what is expressed or forecasted in the
forward-looking statements due to numerous factors discussed from
time to time in documents which we file with the SEC. In addition,
such statements could be affected by risks and uncertainties
related to, among other things: our ability to manage the
distribution channels for our products, including our ability to
successfully implement our rental strategy, direct to consumer
distribution strategy and any additional distribution strategies we
may deem appropriate; our ability to design, manufacture and market
vehicle models within projected timeframes given that a vehicle
consists of several thousand unique items and we can only go as
fast as the slowest item; our inexperience to date in manufacturing
vehicles at the high volumes that we anticipate; our ability to
maintain quality control over our vehicles and avoid material
vehicle recalls; the number of reservations and cancellations for
our vehicles and our ability to deliver on those reservations;
unforeseen or recurring operational problems at our facility, or a
catastrophic loss of our manufacturing facility; our dependence on
our suppliers; changes in consumer demand for, and acceptance of,
our products: changes in the competitive environment, including
adoption of technologies and products that compete with our
products; the overall strength and stability of general economic
conditions and of the automotive industry more specifically;
changes in laws or regulations governing our business and
operations; costs and risks associated with potential litigation;
and other risks described from time to time in periodic and current
reports that we file with the SEC. Any forward-looking statements
speak only as of the date on which they are made, and except as may
be required under applicable securities laws, we do not undertake
any obligation to update any forward-looking statements.
Investor Relations
Contact:investor@arcimoto.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5b41b9e9-01c6-4132-a1da-cc6233d2dd56
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