Company concurrently files prospectus for first
public offering since September 2017 Nasdaq listing
Arcimoto, Inc.® (NASDAQ: FUV) — makers of the Fun Utility
Vehicle® (FUV®) — an affordable, practical, and joyful pure
electric vehicle for everyday commuters and fleets, today announced
financial results for the third quarter ended September 30,
2018.
Arcimoto has released a third quarter 2018 corporate update
video, which can be viewed at http://invest.arcimoto.com.
Recent Company Highlights:
- Completed production of 15 Beta Series
FUVs and began a 6-unit production run for final retail design test
vehicles, reducing build time through increasing integration of
automation and in-house production processes for the frame and
chassis while further improving vehicle mechanics and overall
quality.
- Reaffirmed guidance of ramping up
Retail Series production during 2019, assuming the Company is able
to raise sufficient capital.
- Pre-orders for the FUV increased to
3,018 units as of September 30, 2018, as compared to 2,800 units as
of June 30, 2018, and 1,834 units as of September 30, 2017.
- Ran a short-term test of the first FUV
HUB rental location in Eugene, Oregon, garnering valuable insight
into the operational overhead and consumer demand involved in our
rental business model.
- Showcased the Arcimoto FUV at public
test drive events nationwide, including New York, Illinois,
Missouri, Colorado, Washington, Oregon, California, Arizona, Texas,
Louisiana, and Florida.
- Demonstrated the FUV at several notable
industry and investor events across the country, including the
Concours d’Elegance, several National Drive Electric Week events,
Battery Electric Vehicle Architecture Congress, and SEMA, as well
as multiple investor conferences, including the LD Micro Big Apple
Summit and the Microcap Conference.
Management Commentary
“I am pleased to announce another quarter of solid operational
execution, highlighted by the completion of our 15-unit Beta Series
production and initiation of 6 test vehicles, prior to our first
production Release Candidates,” said Mark Frohnmayer, Founder and
President of Arcimoto. “These next FUVs will test our retail
production-intent mechanical and electrical designs, and will
leverage our in-house semi-automated manufacturing processes more
so than ever before.
“We accelerated vehicle marketing activities throughout the
quarter as well, bringing the FUV to industry events, meetings with
the media, investor conferences and numerous experience events for
our passionate supporter base throughout the United States.
“Arcimoto recently opened its first rental location in Eugene,
Oregon for a short-term test as well, and in addition to being
solidly booked throughout its first test sprint, we believe our
first FUV HUB generated enthusiastic prospective customer response
and gave us meaningful data on how to dial in our rental operations
and procedures. We believe this rental-first model will reduce our
customer acquisition cost, as customers are effectively paying to
test drive the FUV. Over time, we expect this model to generate
incremental pre-orders, as customers have an opportunity to
experience first-hand the joyful experience the FUV provides.
“Our team’s confidence continues to grow in our ability to begin
and ramp up production for our retail customers during 2019. Our
pre-order list, which currently stands at 3,184, continues to grow,
and we believe this growth will continue as the initial FUVs enter
the marketplace. I am extremely proud of our team’s efforts to-date
and I look forward to another quarter of continued operational
execution and long-term shareholder value creation.
“In our original offering materials, we anticipated Arcimoto
would need $30M in equity financing to reach a profitable state. In
that offering we raised $18.1M net of offering costs, which allowed
us to build out a factory, refine an awesome product, and share the
Arcimoto vision with an ever-wider audience of drivers.
“With our S-3 shelf facility now effective, and with retail
production just around the corner, we believe now is the time to
take the next step. Our first direct offering to shareholders,
since we listed on Nasdaq last year, is now open,” concluded
Frohnmayer.
Third Quarter 2018 Financial Results
Total revenues in the third quarter of 2018 were $8,000 as
compared to no revenue in the third quarter of 2017. Sources of
revenue in the third quarter of 2018 were $8,000 from the sale of
merchandise and metal fabrication revenue.
The Company incurred an operating and net loss of $3.2 million,
or ($0.20) per share in the third quarter of 2018, compared to an
operating and net loss of $0.7 million, or ($0.05) per share
in the third quarter of 2017.
The Company had $2.4 million in cash and cash equivalents and
$0.8 million in short-term investments as of September 30, 2018,
compared to $2.1 million cash and cash equivalents and $5.2 million
in short-term investments as of June 30, 2018. As explained in more
detail in our Quarterly Report on Form 10-Q for the periods ended
September 30, 2018, our current resources are only sufficient to
fund our intended operations through the end of November 2018.
Earnings Webcast Details
Management will host an investor webcast at 2:00 p.m. PST (5:00
p.m. EST) on November 16th, 2018, to provide a corporate update. To
participate, please use the following information:
Q3 2018 Investor Webcast
Date: Friday, November 16, 2018Time: 2:00 p.m. Pacific Standard
Time (5:00 p.m. Eastern Standard Time)Webcast:
https://zoom.us/webinar/register/WN_U9P6lrtYShKe1ibD0-F1kg
Please login to the webcast 10 minutes before the start of the
webcast to ensure timely participation.
The Company will be broadcasting a corporate update video for
the webcast. The video can be viewed at
http://invest.arcimoto.com.
About Arcimoto, Inc.
Headquartered and manufactured in Eugene, Oregon, Arcimoto, Inc.
(NASDAQ: FUV) is devising new technologies and patterns of mobility
that together raise the bar for environmental efficiency, footprint
and affordability. Available for pre-order today, Arcimoto’s Fun
Utility Vehicle is one of the lightest, most affordable, and most
appropriate electric vehicles suitable for the daily driver.
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. 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 generate sufficient cash flow by the end of November
2018 to fund our capital expenditure requirements and continue
operations; our ability to identify financing sources in the
short-term on terms favorable to our Company; 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 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; the
volatility of our stock price; our ability to maintain our NASDAQ
Capital Market listing; costs and risks associated with litigation;
and other risks described from time to time in periodic and current
reports that we file with the SEC.
Arcimoto, Inc. has filed a registration statement (including
a prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the
prospectus in that registration statement and other documents the
issuer has filed with the SEC for more complete information about
the issuer and this offering. You may get these documents for free
by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, the issuer will arrange to send you the prospectus
if you request it by calling (541) 683-6293 or emailing
investor@arcimoto.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181116005525/en/
Investor Relations Contact:Greg FalesnikManaging
DirectorMZ Group – MZ North AmericaMain:
949-385-6449FUV@mzgroup.us
Public Relations Contact:Susan DonahueManaging
DirectorSkyya CommunicationsMain: 646-454-9378FUV@skyya.com
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