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 second quarter ended June 30, 2022.
Arcimoto will host a
stakeholder and analyst webinar today to discuss the company’s
results followed by an investor Q&A powered by Say. To view the
webcast use the link below:
Arcimoto, Inc. Second Quarter 2022
Corporate UpdateDate: Monday, August
15Time: 2:00 p.m. PDT (5:00 p.m.
EDT)Webcast:
https://us06web.zoom.us/webinar/register/WN_qPl1haqvSJKawxYz_8tKHA
Second Quarter 2022 and Recent Company
Highlights
- Produced 102 new customer vehicles, the highest vehicle
production quarter in Arcimoto’s history.
- Delivered 41 customer vehicles, deployed 4 vehicles into fixed
assets for marketing, deployed 20 vehicles into rental operations
and increased finished goods inventory from 18 to 55
vehicles.
- Produced 20 rental vehicles. The rental program now totals 98
rental vehicles across 11 Arcimoto rental and partner rental
locations in 5 states.
- Tilting Motor Works produced 40 TRiO three-wheel
conversion kits and completed delivery of 35 TRiO kits to
customers, the highest production quarter in Tilting Motor Works
history.
- Announced new officer appointments to the team, adding
invaluable expertise in scale production, market adoption, business
management and logistics, and global supply chain management.
- Dwayne Lum, Chief Product Officer
- Lynn Yeager, Chief Experience Officer
- Ray Nichols, Chief Business Support Officer
- Chad Boardrow, Chief Supply Chain Officer
- Raised a total of $21.1 million, $16.4 million via the sale of
equity on the ATM, $4.5 million via a long-term convertible note
with Ducera Investments LLC dated April 25, 2022, and the balance
from equipment financing and options exercises.
- Welcomed favorable new legislation.
- 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.
- Announced Deliverator pilot program with JOCO for last-mile
delivery in Manhattan, New York. Said Johnny Cohen, CEO of JOCO:
“Doing a pilot with the Arcimoto Deliverator just made good sense.
The Deliverator is a logical extension to our fleet and we are
pleased to introduce this innovative, safe and environmentally
friendly vehicle to our customers and the people of New York
City!”
- Collaborated with Cable Car Wine Tours to launch the
first all-electric wine country tours in Temecula
Valley.
- Began accepting vehicle reservations from customers in Hawai’i,
the seventh state in Arcimoto’s nationwide expansion plan. The
opening of Arcimoto Honolulu, the company’s first experience center
in the state, is expected to open on August 20. Hawai’i customer
deliveries are expected to begin in Q1 2023. Arcimoto vehicles are
currently available in California, Oregon, Washington, Nevada,
Arizona, and Florida.
- Entered into an agreement with FreedomRoad Financial, a loan
production office of Evergreen Bank Group, to provide consumers
with vehicle financing for Arcimoto’s family of EVs.
- Unveiled the 4th Generation Prototype of the Mean Lean Machine,
an all-electric tilting E-trike, at a team event. New iteration of
the Mean Lean Machine features major improvements in the
suspension, the first packaging study of Arcimoto’s
MicroFutureDrive, and carbon-fiber wheels.
- Revealed the beta version of Torque Vectoring software upgrade
intended to improve traction and make steering at low speeds much
easier. Arcimoto aims to roll the software upgrade out to existing
customers before year-end.
Management Commentary
“As the newly appointed Interim CEO, it’s an honor
to lead this amazing organization, and I believe Arcimoto has the
team in place to effectively lead the way in the manufacturing of
rightsized EVs,” said Jesse Fittipaldi, Interim CEO. “As our new
Chief Vision Officer, our Founder Mark Frohnmayer is in a position
to do what he does best: to be a transportation visionary. Before
Arcimoto, three-wheel EVs were almost unheard of. It was Mark who
built Arcimoto from the ground up, starting with a napkin sketch
and a dream to build a smarter, smaller, rightsized tool for the
job of daily driving. As CVO, Mark will remain Chairman of the
Board, and we look forward to his continuing guidance as the world
moves forward into an entirely new transportation landscape over
the coming decades.
“Looking back at the second quarter, we saw
encouraging progress on several fronts. Our team recently achieved
a production rate of six vehicles per day, which represents an
annual run-rate of 1,200 vehicles per year. Though we achieved our
highest production quarter to date, we continue to generate
negative gross profit as we remain in the early phases of our
production curve. We expect gross profit to improve as we continue
to scale our production volume and implement key cost-down
initiatives. As we ramp production, we have deployed a
comprehensive marketing and sales strategy to meet our production
cadence. These initiatives are laying the groundwork for future
sales.
“Our next steps are to scale our production volume,
reduce the cost of our products, and validate our factory design
and automation strategy in order to accelerate sales growth and
achieve profitability. In the long-term, we intend to leverage our
replicable production model to expand manufacturing capabilities in
other communities across the world. This is how we make a
difference.
“As with many of our peers in the vehicle
manufacturing space, we have faced various supply chain headwinds
in 2022, including micro chip shortages, that have created
bottlenecks in production. Due to this uncertainty, we will not
meet our prior full year production guidance. We are not providing
further guidance at this time.
“More important than the aggregate number of
vehicles produced while we remain at a gross margin deficit, is
that we plan to reach the production rate of 12 vehicles a day by
the end of the year, representing an annual run-rate of 2,400
vehicles per year. Focusing on making and selling more product is
how we plan to achieve volume pricing on materials and reach
profitability. We face the same challenges as most American
manufacturers, but we have a firm grasp around the key issues and
our team has a clear plan to address these challenges.
“This is an exciting moment, a turning point in the
history of Arcimoto as we transition from startup to large-scale
vehicle manufacturer. I have full confidence in our amazing leaders
and team as we deliver exceptional products and maximize value for
our shareholders as we work together to achieve our mission.”
Second Quarter 2022 Financial
Results
Total revenues for the
second quarter of 2022 increased 109% to $1,499 thousand as
compared to $717 thousand in the second quarter of 2021.
The Company incurred a
net loss of approximately $17.4 million or ($0.44) per share, in
the second quarter of 2022 compared with a net loss of $8.2 million
or ($0.23) per share, for the same prior-year period.
The Company had $65.6
million in total assets, $5.0 million in cash and cash equivalents,
and $22.5 million in total liabilities as of June 30, 2022.
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
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.
Safe Harbor / Forward-Looking
Statements
Except 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
Arcimoto (NASDAQ:FUV)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Arcimoto (NASDAQ:FUV)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024