EUGENE, Ore.–(BUSINESS WIRE)–lt;a href="https://twitter.com/search?q=%24FUV&src=ctag" target="_blank"gt;$FUVlt;/agt; lt;a href="https://twitter.com/hashtag/FUV?src=hash" target="_blank"gt;#FUVlt;/agt;–Arcimoto, Inc.® (NASDAQ: FUV) — makers of the Fun Utility Vehicle®
(FUV®), Rapid Responder™, and Deliverator™ — affordable, practical, and
joyful pure electric vehicles for everyday commuters and fleets, today
provided a corporate update and announced financial results for the
first quarter ended March 31, 2019.
The Company will be broadcasting a company update video as part of the
webcast. The video can be viewed at this YouTube
Pre-orders for the FUV increased to 3,883 units as of March 31, 2019,
as compared to 3,217 units as of December 31, 2018, and 2,461 units as
of March 31, 2018.
Arcimoto announced its flagship Fun Utility Vehicle, the FUV
Evergreen Edition, with first customer deliveries targeted for
June 2019. Arcimoto completed reservations for the first three months
of planned production capacity of 100 vehicles, including the
collection of $5,000 non-refundable reservation fees.
The Company introduced two additional, purpose-built vehicles on the
Arcimoto platform, the Rapid
Responder for emergency and security services, and the Deliverator
for local and last-mile delivery.
Arcimoto secured $3.4 million common stock only registered direct
financing in March 2019 with a single institutional investor, as well
as $0.9 million in an unregistered financing in January 2019 with four
The FUV was showcased at several notable industry events across the
country, including the Consumer Electronic Show (CES) in Las Vegas, as
well as the 31st Annual ROTH Investor Conference in Dana
The FUV was featured on several top-tier media outlets, including Bloomberg
Business Week, Forbes
“2019 is the year Arcimoto will begin to deliver on its mission,” said
Mark Frohnmayer, Founder and President of Arcimoto. “In the first
quarter we made significant progress towards retail production readiness
with the completion and deployment of 12 finalization test vehicles. At
the same time, we began to demonstrate the wide flexibility of
Arcimoto’s ultra-efficient vehicle platform with the introduction of the Rapid
Responder for emergency and security services, and the Deliverator
for local and last-mile delivery.”
“We are on the cusp of retail production and realizing a vision more
than a decade in the making. I am incredibly proud of what our team has
accomplished to-date, and we are all incredibly excited about the road
ahead, as we push to right-size the footprint of vehicular
transportation. We look forward to sharing our progress and details of
the path ahead with our stakeholders,” concluded Frohnmayer.
First Quarter 2019 Financial Results
Total revenues in the first quarter of 2019 were $2,645 as compared to
$656 in the first quarter of 2018. Sources of revenue in the first
quarter of 2019 were merchandise sales and metal fabrication revenue.
The Company incurred an operating loss of $2.9 million in the first
quarter of 2019, compared to $2.0 million in the first quarter of 2018.
The Company incurred a net loss of $3.1 million, or ($0.20) per share in
the first quarter of 2019, compared to a net loss of $2.0 million, or
($0.13) per share, in the first quarter of 2018.
The Company had $4.9 million in cash and cash equivalents as of March
31, 2019, compared to $4.9 million cash and cash equivalents as of
December 31, 2018.
Earnings Webcast Details
Management will host an investor webcast at 2:00 p.m. PDT (5:00 p.m.
EDT) on May 9, 2019, to discuss Arcimoto’s first quarter 2019 financial
results, provide a corporate update, discuss the status of regulatory
testing and vehicle production, and conclude with a Q&A from
participants. To participate, please use the following information:
First Quarter 2019 Investor Webcast
Date: Thursday, May 9, 2019
Time: 2:00 p.m. Pacific time (5:00 p.m. Eastern time)
Please login to the webcast 10 minutes before the start of the webcast
to ensure timely participation.
A playback of the webcast will be available for replay for 60 days on
the IR section of the Arcimoto website at https://www.arcimoto.com/investor/.
The Company will be broadcasting an earnings update video as part of the
webcast. The video can be viewed at the Arcimoto YouTube channel at https://www.youtube.com/arcimoto.
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, Rapid Responder, and Deliverator are some of the lightest, most
affordable, and most appropriate electric vehicles suitable for everyday
transport. For more information, please visit www.arcimoto.com.
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 Evergreen 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.