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 first quarter ended March 31, 2022.
Arcimoto will host a
stakeholder and analyst webinar today to discuss the company’s
results. The webinar will include an investor Q&A powered by
Say. To view the webcast, use the links below:
First Quarter
2022 Stakeholder WebcastDate: Monday, May
16, 2022Time: 5:00 p.m. ET (2:00 p.m.
PDT)Webcast: https://us06web.zoom.us/webinar/register/WN_b7xY14wtTpWJNDkAI538NA
First Quarter 2022 and Recent Company
Highlights
- In Q1, sold 24 new customer vehicles while shifting
manufacturing operations from the AMP to the RAMP.
- Launched operations at RAMP, a 250,000 square foot scale
manufacturing facility 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. A grand opening
event was held on-site on February 22, 2022.
- Unveiled the Mean Lean Machine (MLM), a radically new
high-performance e-bike designed with Arcimoto’s patented
three-wheeled tilting technology, currently available for
preorder.
- Demonstrated the Faction D1, a next-generation driverless
delivery vehicle with the potential to dramatically reduce the cost
of last-mile logistics for delivery and rideshare.
- Initiated new rental partner programs in Marco Island, Fort
Lauderdale, and St. Petersburg, Florida; Friday Harbor,
Washington.
- Joined SoCal Tech Bridge’s Project Vesta, a multi-company,
multi-platform approach to fighting fires powered by AI, 5G, and
ultra-efficient vehicles.
- Partnered with the University of Central Florida on the Future
Cities Initiative to develop new transportation solutions for
cities and urban environments.
- Entered into a pilot test program with Virginia Clean Cities to
further the state’s vision for sustainable transportation.
- Launched a partner pilot program with Directed Technologies to
introduce FUVs and Deliverators to the Australian market with
potential use-cases in tourism, delivery, and emergency
services.
- Appointed Dwayne Lum as Chief Product Officer and Lynn Yeager
as Chief Experience Officer, bringing invaluable experience in
scaling production and growing market adoption.
- Welcomed favorable new legislation in several states.
- Alabama bill HB 37, Utah bill HB391, and New York
bill A7192A/S6335 bring those states in line with other states that
do not require a motorcycle license to operate an autocycle such as
those built by Arcimoto.
- Maryland passed Clean Cars Act of 2022, renewing EV tax credits
and allowing three-wheeled autocycles to be operated without a
motorcycle license.
- Raised an additional $4.5 million via a long-term convertible
note with Ducera Investments LLC dated April 25, 2022.
- Announced Deliverator pilot program with JOCO for last-mile
delivery in Manhattan, New York.
Management Commentary“If I were to summarize
the current state of Arcimoto today in one word, it would be
‘acceleration’,” said Mark Frohnmayer, Arcimoto Founder and CEO.
“On every front critical to the company’s growth and achievement of
its mission, we are stepping up the pace. This includes the opening
of our new production facility, the RAMP, the onboarding of key
team members to drive the growth of critical parts of the business,
major strides forward on the development of next-generation
products, the opening of new market territories, expansion of our
rental model to drive customer awareness and adoption, and
engagement of fleet partners and relationships to drive the
commercial side of the business. I am incredibly excited about the
road ahead.”
First Quarter 2022 Financial Results
Total revenues for the
first quarter of 2022 decreased 53% to $650 thousand as compared to
$1.4 million in the first quarter of 2021.
The Company incurred a
net loss of approximately $12.9 million or ($0.34) per share, in
the first quarter of 2022 compared with a net loss of $4.7 million
or ($0.13) per share, for the same prior-year period.
The Company had $57.3
million in total assets, $5.2 million in cash and cash equivalents,
and $11.5 million in total liabilities as of March 31, 2022.
In Other
NewsArcimoto has retained Ducera Partners LLC, a leading
investment banking advisory practice, to raise capital and explore
finance opportunities for Arcimoto. Ducera Partners is focused on
providing trusted, independent advice and innovative solutions to
decision-makers in complex and transformative corporate finance
transactions. For more information about Ducera Partners, please
visit www.ducerapartners.com.
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.
Follow Arcimoto
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and LinkedIn. Investor information about the company,
including press releases, stakeholder webcast replays, and more can
be found at http://arcimoto.com/ir.
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.
No Offer or SolicitationThis press release does
not constitute an offer to sell or the solicitation of an offer to
buy securities, nor will there be any sale of securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
will be made except by means of a prospectus meeting the
requirements of Securities Act of 1933, as amended, or an exemption
therefrom.
Investor Relations
Contact:investor@arcimoto.com
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