Arcimoto Reports Full Year 2017 Financial Results and Provides Business Update
April 02 2018 - 7:00AM
Business Wire
Completion of the $18.1 Million Initial Public
Offering Accelerates the Expected Timeline to Retail Series FUV
Production
Arcimoto, Inc.® (NASDAQ: FUV), makers of the world’s first Fun
Utility Vehicle® (FUV®) — an affordable and practical pure electric
vehicle for everyday commuters and fleets — today announced
financial results for the fiscal year ended December 31, 2017 and
provided a business update.
Recent Company Highlights:
- Pre-orders for the FUV increased to
approximately 2,234 units, as compared to approximately 1,076 units
at December 31, 2016
- Raised $18.1 million in net proceeds
through a Regulation A+ initial public offering and listed shares
for trading on the Nasdaq Capital Market in September 2017
- Established its first U.S.
manufacturing plant in Eugene, Oregon in October of 2017
- Accelerated the expected timeline to
Phase 2 Retail Series FUV production through the expedited ordering
of critical manufacturing and fabrication equipment
- Delivered the first Signature Series
FUVs to paying customers
- Debuted the FUV at several notable auto
industry events
Arcimoto Manufacturing Plant (AMP) Update Video
The Company has released its first corporate update video since
listing on NASDAQ. This update showcases both the Company’s
accomplishments since its September 21, 2017 debut on NASDAQ, and
how it is moving expeditiously towards significant vehicle
production. This video can be accessed on the Company’s
website.
Management Commentary
“We’ve made significant progress here at Arcimoto, thanks to the
substantial support we received in our initial public offering in
September of 2017,” said Mark Frohnmayer, Founder and President of
Arcimoto. “Using this capital injection, we hit the ground running
in the fourth quarter of 2017. We began facility improvements on
our factory in early October, and had the full team moved in by the
end of the year. We also ordered and began installing some key
pieces of automated equipment and started delivering the first
Signature Series Fun Utility Vehicles to paying customers.
“We’ve also continued to grow our base of pre-orders for our
pioneering FUV electric vehicle. As we begin to deliver more FUVs
to our pre-order customers, we expect the pace of new orders to
accelerate as a result of owner referrals, strategic partnerships
and other innovative marketing initiatives, which we believe have
the potential to create significant value for our shareholders.
“Arcimoto’s position in the market represents the culmination of
a decade-long journey to create a true sustainable mobility
solution. We are working on transitioning from a development-stage
venture to a next-generation vehicle production enterprise. We are
committed to creating a world-class production facility, capable of
manufacturing reliable, high-quality, and affordable electric
vehicles for the masses, and we are pleased to report that we are
on-plan in meeting that commitment.”
Upcoming Events
Arcimoto is scheduled to present at The MicroCap Conference in
New York City on April 9, 2018, and management will host one-on-one
meetings throughout the day. The conference is being held on April
9-10, 2018 at the JW Marriott Essex House. Registration is
mandatory for conference participation. For more information on the
conference or to schedule a one-on-one meeting, please visit the
conference website, http://microcapconf.com.
Full Year 2017 Financial Results
Total revenues in 2017 were $127,016, compared to no revenue in
2016.
The Company incurred an operating loss of $3.3 million in 2017
compared to an operating loss of $1.9 million in 2016.
Net loss per share for 2017 on 13.6 million shares was ($0.24)
per basic and diluted share, compared to a net loss per share on
10.0 million shares was ($0.19) per diluted share, in 2016.
The Company had $14.1 million in cash, cash equivalents and
short-term investments as of December 31, 2017, compared to $0.4
million as of December 31, 2016. The substantial balances of cash
as of the comparative periods ended December 31, 2017 and December
31, 2016 resulted from the net proceeds of $18.1 million from the
Company's Regulation A+ initial public offering in September and
October of 2017.
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 with a target base
model purchase price of approximately $11,900, Arcimoto’s Fun
Utility Vehicle is one of the lightest, most affordable, and most
appropriate electric vehicles suitable for the daily driver. 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. 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 effectively execute on our business plan and growth
strategy; the volatility of our stock price; our ability to design,
manufacture and market vehicle models within projected timeframes;
our dependence on suppliers; the number of reservations and
cancellations for our vehicles and the ability to deliver on those
reservations; our reliance on key personnel; our ability to manage
the distribution channels for our products, including our ability
to successfully implement our direct to consumer distribution
strategy and any additional distribution strategies we may deem
appropriate; 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; and
changes in laws or regulations governing our business and
operations. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180402005348/en/
MZ North AmericaGreg Falesnik,
1-949-385-6449Greg.Falesnik@mzgroup.us
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