EUGENE, Ore., Aug. 15, 2022 (GLOBE NEWSWIRE) — Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, outrageously enjoyable, ultra-efficient electrical autos for shifting folks and stuff, immediately offered a company replace and introduced monetary outcomes for the second quarter ended June 30, 2022.
Arcimoto will host a stakeholder and analyst webinar immediately to debate the corporate’s outcomes adopted by an investor Q&A powered by Say. To view the webcast use the hyperlink under:
Arcimoto, Inc. Second Quarter 2022 Corporate Update
Date: Monday, August 15
Time: 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 buyer autos, the best car manufacturing quarter in Arcimoto’s historical past.
- Delivered 41 buyer autos, deployed 4 autos into fastened belongings for advertising, deployed 20 autos into rental operations and elevated completed items stock from 18 to 55 autos.
- Produced 20 rental autos. The rental program now totals 98 rental autos throughout 11 Arcimoto rental and accomplice rental places in 5 states.
- Tilting Motor Works produced 40 TRiO three-wheel conversion kits and accomplished supply of 35 TRiO kits to prospects, the best manufacturing quarter in Tilting Motor Works historical past.
- Announced new officer appointments to the team, including invaluable experience in scale manufacturing, market adoption, business administration and logistics, and international provide chain administration.
- Dwayne Lum, Chief Product Officer
- Lynn Yeager, Chief Experience Officer
- Ray Nichols, Chief Business Support Officer
- Chad Boardrow, Chief Supply Chain Officer
- Raised a complete of $21.1 million, $16.4 million through the sale of fairness on the ATM, $4.5 million through a long-term convertible notice with Ducera Investments LLC dated April 25, 2022, and the stability from gear financing and choices workouts.
- Welcomed favorable new laws.
- Alabama invoice HB 37, Utah invoice HB391, and New York invoice A7192A/S6335 convey these states consistent with different states that don’t require a bike license to function an autocycle comparable to these constructed by Arcimoto.
- Maryland handed Clean Cars Act of 2022, renewing EV tax credit and permitting three-wheeled autocycles to be operated and not using a motorbike license.
- Announced Deliverator pilot program with JOCO for last-mile supply 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 primary all-electric wine nation excursions in Temecula Valley.
- Began accepting car reservations from prospects in Hawai’i, the seventh state in Arcimoto’s nationwide enlargement plan. The opening of Arcimoto Honolulu, the corporate’s first expertise heart within the state, is predicted to open on August 20. Hawai’i buyer deliveries are anticipated to start in Q1 2023. Arcimoto autos are at present accessible in California, Oregon, Washington, Nevada, Arizona, and Florida.
- Entered into an settlement with FreedomRoad Financial, a mortgage manufacturing workplace of Evergreen Bank Group, to supply shoppers with car financing for Arcimoto’s household of EVs.
- Unveiled the 4th Generation Prototype of the Mean Lean Machine, an all-electric tilting E-trike, at a staff occasion. New iteration of the Mean Lean Machine options main enhancements within the suspension, the primary packaging research of Arcimoto’s MicroFutureDrive, and carbon-fiber wheels.
- Revealed the beta model of Torque Vectoring software program improve meant to enhance traction and make steering at low speeds a lot simpler. Arcimoto goals to roll the software program improve out to current prospects earlier than 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,” mentioned 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 elevated 109% to $1,499 thousand as in comparison with $717 thousand within the second quarter of 2021.
The Company incurred a web lack of roughly $17.4 million or ($0.44) per share, within the second quarter of 2022 in contrast with a web lack of $8.2 million or ($0.23) per share, for a similar prior-year interval.
The Company had $65.6 million in complete belongings, $5.0 million in money and money equivalents, and $22.5 million in complete liabilities as of June 30, 2022.
About Arcimoto, Inc.
Arcimoto is a pioneer within the design and manufacture of rightsized, ultra-efficient, extremely enjoyable electrical autos for on a regular basis mobility. Built on the revolutionary three-wheel Arcimoto Platform, our autos are purpose-built for day by day driving, native supply, and emergency response, all at a fraction of the price and environmental impression of conventional gas-powered autos. Based in Eugene, Oregon, the Arcimoto staff is devoted to creating world-class EVs that make the world a greater place. For extra info, please go to Arcimoto.com. Follow Arcimoto on YouTube, Facebook, Instagram, Twitter, TikTok, and LinkedIn. Investor details about the corporate, together with press releases, stakeholder webcast replays, and extra might be discovered at http://arcimoto.com/ir.
Safe Harbor / Forward-Looking Statements
Except for historic info, the entire statements, expectations, and assumptions contained on this press launch are forward-looking statements. Forward-looking statements embrace, however are usually not restricted to, statements that specific our intentions, beliefs, expectations, methods, predictions or some other statements referring to our future actions or different future occasions or situations. These statements are based mostly on present expectations, estimates and projections about our business based mostly, partly, on assumptions made by administration. These statements are usually not ensures of future efficiency and contain dangers, uncertainties and assumptions which can be tough to foretell and embrace, with out limitation, our expectations as to car deliveries, the institution of our service and supply community and our anticipated price of manufacturing. Therefore, precise outcomes and outcomes might, and are prone to, differ materially from what’s expressed or forecasted within the forward-looking statements because of quite a few elements mentioned infrequently in paperwork which we file with the SEC. In addition, such statements might be affected by dangers and uncertainties associated to, amongst different issues: our capability to handle the distribution channels for our merchandise, together with our capability to efficiently implement our rental technique, direct to shopper distribution technique and any further distribution methods we might deem applicable; our capability to design, manufacture and market car fashions inside projected timeframes given {that a} car consists of a number of thousand distinctive gadgets and we are able to solely go as quick because the slowest merchandise; our inexperience so far in manufacturing autos on the excessive volumes that we anticipate; our capability to take care of high quality management over our autos and keep away from materials car recollects; the variety of reservations and cancellations for our autos and our capability to ship on these reservations; unexpected or recurring operational issues at our facility, or a catastrophic lack of our manufacturing facility; our dependence on our suppliers; adjustments in shopper demand for, and acceptance of, our merchandise: adjustments within the aggressive surroundings, together with adoption of applied sciences and merchandise that compete with our merchandise; the general energy and stability of common financial situations and of the automotive business extra particularly; adjustments in legal guidelines or laws governing our business and operations; prices and dangers related to potential litigation; and different dangers described infrequently in periodic and present stories that we file with the SEC. Any forward-looking statements communicate solely as of the date on which they’re made, and besides as could also be required below relevant securities legal guidelines, we don’t undertake any obligation to replace any forward-looking statements.
Investor Relations Contact:
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