ElectraMeccanica Reports Second Quarter 2022 Financial Results
August 11 2022 - 4:30PM
Business Wire
Company Reported $1.547 Million in Q2 ‘22
Revenue, up over 5x year-over-year and 48.9% sequentially, and EPS
of ($.17) as it Continues to Scale
ElectraMeccanica Manufactured a Record 193
SOLOs in the Period, Delivering a Total of 68 Despite Challenging
Operating Environment
Business Maintains Over $195 Million of Working
Capital
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO)
(“ElectraMeccanica” or the "Company"), a designer and manufacturer
of electric vehicles revolutionizing the urban driving experience,
today reported financial results for the second quarter ended June
30, 2022 in conjunction with the filing of its Quarterly Report on
Form 6-K.
For more information on the quarter, please see the Company’s
Investor Letter, or listen to management's recorded remarks on the
results.
About ElectraMeccanica Vehicles Corp.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a Canadian
designer and manufacturer of environmentally efficient electric
vehicles (EVs). The company’s flagship vehicle is the innovative,
purpose-built, single-seat EV called the SOLO. This three-wheeled
vehicle will revolutionize the urban driving experience, including
commuting, delivery and shared mobility. Engineered for a single
occupant, it offers a unique driving experience for the
environmentally conscious consumer. Depending on driving
conditions, temperature and climate controls, the SOLO has a range
of up to 100 miles and a top speed of up to 80 mph. The SOLO also
features front and rear crumple zones, side impact protection, roll
bar, torque-limiting control as well as power steering, power
brakes, air conditioning and a Bluetooth entertainment system. It
blends a modern look with safety features at an accessible price
point of $18,500 (MSRP) for the consumer model and $24,500 (MSRP)
for the delivery-oriented SOLO Cargo model, which features an
expanded cargo box to accommodate a wide variety of fleet and
commercial applications. The SOLO is currently available for order
here. For more information, please visit
www.electrameccanica.com.
Safe Harbor Statement
Except for the statements of historical fact contained herein,
the information presented in this news release and oral statements
made from time to time by representatives of the Company are or may
constitute “forward-looking statements” as such term is used in
applicable United States and Canadian laws and including, without
limitation, within the meaning of the Private Securities Litigation
Reform Act of 1995, for which the Company claims the protection of
the safe harbor for forward-looking statements. These statements
relate to analyses and other information that are based on
forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Any other statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as “expects” or “does not expect”, “is expected”,
“anticipates” or “does not anticipate”, “plans, “estimates” or
“intends”, or stating that certain actions, events or results
“may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved) are not statements of historical fact and should be
viewed as forward- looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and other factors
include, among others, the availability of capital to fund programs
and the resulting dilution caused by the raising of capital through
the sale of shares, accidents, labor disputes and other risks of
the automotive industry including, without limitation, those
associated with the environment, delays in obtaining governmental
approvals, permits or financing or in the completion of development
or construction activities or claims limitations on insurance
coverage. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. Although the Company believes
that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance
that its expectations will be achieved. Forward-looking information
is subject to certain risks, trends and uncertainties that could
cause actual results to differ materially from those projected.
Many of these factors are beyond the Company’s ability to control
or predict. Important factors that may cause actual results to
differ materially and that could impact the Company and the
statements contained in this news release can be found in the
Company’s filings with the Securities and Exchange Commission. The
Company assumes no obligation to update or supplement any forward-
looking statements whether as a result of new information, future
events or otherwise. Accordingly, readers should not place undue
reliance on forward-looking statements contained in this news
release and in any document referred to in this news release. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220811005648/en/
Investor Relations Contact Robbie Goffin Sinter
ir@emvauto.com
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