Arcimoto electric 3-wheeler reports 2018 financial results
Eugene, Oregon-based Arcimoto, Inc. — makers of the Fun Utility Vehicle (FUV), Rapid Responder and Deliverator — pure electric vehicles for everyday commuters and fleets, has released a corporate update and announced financial results for the fourth quarter and fiscal year ended December 31, 2018.
Pre-orders for the FUV increased to 3,217 units as of December 31, 2018, as compared to 3,018 units as of September 30, 2018, and 2,234 units as of December 31, 2017. As of March 29, Arcimoto had 3,883 vehicle pre-orders.
Arcimoto announced its flagship Fun Utility Vehicle, the FUV Evergreen Edition, with first customer deliveries planned on the West Coast for June 2019. Our entire anticipated Q2 2019 production capacity of 100 vehicles is fully allocated, anchored by $5,000 non-refundable reservation fees collected for consumer Evergreens.
Arcimoto introduced two additional, purpose-built vehicles on the Arcimoto platform, the Rapid Responder for emergency responders, campus security and law enforcement; and the Deliverator for local and last-mile delivery.
Arcimoto secured comprehensive, above-market $1.5 million and $4.5 million financings in November and December 2018, respectively. Subsequently, in March 2019 the Company raised an additional $3.4 million in gross proceeds with a single institutional investor.
Arcimoto showcased the FUV at several notable industry events across the country including the 2018 SEMA Show in Las Vegas; 2018 Soccerex in Miami; as well as multiple investor conferences, including the LD Micro Main Event and the 31st Annual ROTH Conference.
Arcimoto was featured in dozens of media pieces, including Bloomberg Business Week, Wired, and The Chicago Tribune.
“2018 was a transformational year that laid the foundation for Arcimoto’s business moving forward. After more than a decade of development, we are now on the cusp of production start, and plan to deliver Fun Utility Vehicles to retail customers for the first time next quarter,” said Mark Frohnmayer, Founder and President of Arcimoto. “Furthermore, we are expanding our offering of light-footprint, pure electric vehicles built on the Arcimoto Platform to address two key sectors: rapid response and local and last-mile delivery. The transportation system is changing rapidly, and businesses and fleets are looking for new solutions, right-sized for their needs.
“Meanwhile, the demand for Arcimoto’s ultra-efficient and exhilarating products has accelerated. We anticipate that demand will continue to grow as we deliver retail FUVs to our early customers, open rental hubs in key destinations, and pilot new vehicle models including the Rapid Responder and Deliverator.
“I am incredibly proud of all that our team has accomplished. The transition from product development to production is an enormous hurdle for every electric vehicle endeavor. The team’s ingenuity and passionate commitment to true sustainable mobility solutions, and our community of stakeholders’ continued support of our mission, have been instrumental in powering us to this next critical stage, as we begin to truly address urban congestion and climate change,” concluded Frohnmayer.
Full Year 2018 Financial Results
Total revenues in 2018 were $94,996 as compared to $127,016 in 2017. Sources of revenue in 2018 were $84,000 from the sale of vehicles, $7,314 from merchandise and metal fabrication revenue, $1,680 in vehicle rental income, and $2,002 from merchandise sales.
The Company incurred an operating and net loss of $11.1 million, or ($0.70) per share in 2018, compared to $3.3 million, or ($0.24) per share in 2017.
The Company had $4.9 million in cash and cash equivalents and no short-term investments as of December 31, 2018, compared to $2.4 million cash and cash equivalents and $0.8 million in short-term investments as of September 30, 2018. Subsequent to the end of the quarter, in March 2019, the Company entered into a securities purchase agreement with a single institutional investor to sell 800,000 shares at the offering price of $4.25 per share for gross proceeds of $3.4 million. The closing of the offering occurred on March 26, 2019.
