EUGENE, Ore., Nov. 14, 2022 (GLOBE NEWSWIRE) — Arcimoto, Inc.® (NASDAQ: FUV), makers of rightsized, outrageously enjoyable, ultra-efficient electrical autos, right this moment offered a company replace and introduced monetary outcomes for the third quarter ended September 30, 2022.
Arcimoto will host a stakeholder and analyst webinar right this moment to debate the corporate’s outcomes. To view the webcast use the hyperlink under:
Arcimoto, Inc. Third Quarter 2022 Corporate Update
Date: Monday, November 14
Time: 2:00 p.m. PST (5:00 p.m. EST)
Webcast: https://us06web.zoom.us/webinar/register/WN_UfMTSp5qThOxpGweeDGuPw
Third Quarter 2022 and Recent Company Highlights
- Produced 150 new FUVs, the very best automobile manufacturing quarter in Arcimoto’s historical past, and a 47 p.c improve over Arcimoto’s earlier quarterly document.
- Delivered 74 buyer autos, the very best quarter of buyer deliveries in Arcimoto’s historical past, with a mean gross sales worth of $22,428.
- Deployed 11 autos for advertising and marketing and different firm makes use of, and 46 autos into rental operations. As of September 30, there are 474 buyer FUVs on the highway right this moment, performing as model ambassadors in all places they go; 90 autos allotted for advertising and marketing, R&D, and inner fleet use; 144 autos within the Arcimoto rental fleet for income era.
- In Q3, Tilting Motor Works accomplished supply of 16 TRiO kits to prospects with a mean gross sales worth of $12,707.
- In the most important gross sales enlargement in Arcimoto historical past, expanded orders to New York, New Jersey, Pennsylvania, Maryland, Virginia, Georgia, and Washington D.C., with first buyer deliveries already underway.
- Achieved a document 2,603 rides from demo drives and leases mixed. Increased demo quantity by 111 p.c, with 20 p.c of total gross sales coming from rental leads.
- In effort to streamline gross sales, created Ownership Advisor roles to personally information new house owners by way of the gross sales and supply course of; added demo drive availability in key markets and at rental areas; prolonged 1.99 p.c APR financing promotion with Freedom Road Financial by way of the top of December; added a financing calculator device to the FUV Configurator to show estimated month-to-month funds as prospects design their FUVs; launched restricted version vinyl wraps.
- The Arcimoto Deliverator was named Overall EV of the Year within the Autotech Breakthrough Awards.
- Announced Arcimoto Kaua’i, a brand new flagship expertise heart situated at Royal Sonesta Kaua’i Resort Lihue. First leases are anticipated to start this December, providing greater than 100,000 month-to-month guests electrical automobile leases at one of many Garden Island’s premiere resort properties.
- Began rental operations at Hyatt Place Eugene/Oakway Center, offering a totally built-in rental expertise whereas constructing on the Company’s technique to develop partnerships with prime inns in vacationer locations worldwide.
- Opened Arcimoto Honolulu, the corporate’s third expertise heart total, and the primary expertise heart in Hawai’i.
Management Commentary
“Q3 was encouraging on several fronts,” stated Jesse Fittipaldi, Arcimoto Interim CEO. “Following our strategic restructuring plan, we lowered our operating costs considerably. At the same time, we improved our customer experience at almost every customer touch point, including an improved FUV Configurator with a financing calculator tool, and the creation of new Owner Ambassador roles who personally guide customers through their purchase, from design to delivery through service. All in all, Arcimoto continues to demonstrate increased sales and reservations, quarter over quarter, indicating a path toward profitability.
“Looking ahead, we are excited to introduce improvements to the FUV, the Deliverator, and the Arcimoto Platform as a whole. For example, our product team has identified a new mechanical steering upgrade that improves low-speed steering by approximately 30 percent, and will be backward compatible with all existing vehicles on the road today, as well as new vehicles off the line. We’re excited to begin rolling out this upgrade for current owners in the first quarter of 2023. This is just one example of the improvements we have planned, and we’ll have more to share in the coming months.
“One thing that remains clear is our mission: rightsized transportation is critical to the future of transportation if we’re going to have any chance of achieving our climate goals. We have known for years now that a transformative transportation system must be affordable, electric, efficient, and, eventually, driverless. That’s why we created the Arcimoto, to design rides for this coming future. After the exceptional results of the third quarter, and the encouraging results of the fourth quarter so far, it’s fair to say more and more people are beginning to share this vision as well.”
Third Quarter 2022 Financial Results
Total revenues for the third quarter of 2022 elevated 35% to $2 million as in comparison with $1.5 million within the third quarter of 2021. YTD September 30, 2022 income elevated 16% to $4.2 million as in comparison with $3.6 million in 2021.
The Company incurred a internet lack of roughly $17 million or ($0.38) per share, within the third quarter of 2022 in contrast with a internet lack of $11.5 million or ($0.31) per share, for a similar prior-year interval.
The Company had $65.6 million in complete belongings, $4.2 million in money and money equivalents, and $27.6 million in complete liabilities as of September 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 every day driving, native supply, and emergency response, all at a fraction of the fee and environmental affect 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 data, 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 may be discovered at http://arcimoto.com/ir.
Safe Harbor / Forward-Looking Statements
Except for historic data, all the 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 regarding our future actions or different future occasions or circumstances. 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 troublesome to foretell and embrace, with out limitation, our expectations as to automobile deliveries, the institution of our service and supply community and our anticipated charge of manufacturing. Therefore, precise outcomes and outcomes might, and are more likely to, differ materially from what’s expressed or forecasted within the forward-looking statements resulting from quite a few elements mentioned every now and then in paperwork which we file with the SEC. In addition, such statements may very well be affected by dangers and uncertainties associated to, amongst different issues: our capacity to handle the distribution channels for our merchandise, together with our capacity to efficiently implement our rental technique, direct to client distribution technique and any extra distribution methods we might deem acceptable; our capacity to design, manufacture and market automobile fashions inside projected timeframes given {that a} automobile consists of a number of thousand distinctive gadgets and we will solely go as quick because the slowest merchandise; our inexperience thus far in manufacturing autos on the excessive volumes that we anticipate; our capacity to take care of high quality management over our autos and keep away from materials automobile remembers; the variety of reservations and cancellations for our autos and our capacity 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; modifications in client demand for, and acceptance of, our merchandise: modifications within the aggressive setting, together with adoption of applied sciences and merchandise that compete with our merchandise; the general power and stability of normal financial circumstances and of the automotive business extra particularly; modifications in legal guidelines or laws governing our business and operations; prices and dangers related to potential litigation; and different dangers described every now and then in periodic and present reviews that we file with the SEC. Any forward-looking statements converse solely as of the date on which they’re made, and besides as could also be required underneath relevant securities legal guidelines, we don’t undertake any obligation to replace any forward-looking statements.
Investor Relations Contact:
[email protected]
