Arcimoto, Inc. (FUV) Misses Q3 EPS by 2c, Revenues Miss

Arcimoto, Inc. (NASDAQ: FUV) reported Q3 EPS of ($0.15), $0.02 worse than the analyst estimate of ($0.13). Revenue for the quarter came in at $683.9 thousand versus the consensus estimate of $940 thousand.

Q3 2020 and Recent Company Highlights:

• Resumed production and delivery efforts, putting more Arcimotos in customers’ driveways, including 31 vehicles delivered in the month of September alone.
• Teamed with DHL to enable nationwide home delivery of Arcimoto vehicles, representing an incredible milestone for the Company’s direct-to-customer sales model as it plans for mass production with a seamless delivery solution.
• Launched multiple high-visibility pilot programs of Arcimoto vehicles, including a promotional Futbol Utility Vehicle for the Baltimore-Maryland 2026 World Cup Host Committee to bring 2026 FIFA World Cup and sustainable transportation to Baltimore and a Wahlburger Deliverator for their new franchise on the boardwalk of the world-renowned Historic Key West Seaport.
• Secured a $10 million common stock only registered direct offering to strengthen the Company’s balance sheet at the strongest valuation in the Company’s financing history.
• Continued collaboration with industry partners, notably Detroit legends Munro & Associates, in the push to mass production.
• Reported a continuation of quarter-over-quarter net increase in pre-orders that the company looks to fulfill as quickly as possible.
• Began development of the Arcimoto Roadster to compete in the recreational motorcycle segment.

Management Commentary

“In Q3, we launched multiple high-visibility pilot programs for our vehicles, continued our collaboration with industry scale experts, teamed with a global logistics giant to prepare for nationwide delivery of our products, and advanced long-term growth and development programs in every department of the company,” said Chief Strategy Officer Jesse Fittipaldi.

“In spite of the challenges the world has faced in 2020 – including a global pandemic, large-scale firestorms, and interrupted manufacturing logistics and supply chains – the Arcimoto team has accomplished much to improve upon the end-to-end manufacturing and assembly processes,” commented Chief Operating Officer Terry Becker. “I am extremely proud of the effort and teamwork put forth.”

“YTD September 30, 2020 revenue surpassed every prior full year, and our balance sheet is the strongest it has been in the company’s history,” said Douglas Campoli, CFO and Treasurer. “While making progress on every front, we maintained Arcimoto’s core financial mandates of fiscal discipline and capital efficiency.”

“Q3 showed us getting back into the saddle on the production and delivery fronts, and the sales and marketing team kicked into high gear to meet that demand. We launched the beta FUV Configurator on our website and subsequently opened FUV reservations to our West Coast preorder customers to fill the production queue through the end of the year,” said Chief Marketing Officer Eric Fritz. “We also completed and launched several videos and marketing campaigns to support that effort, including We Build Rides, Venice Venture, Arcimoto Votes, FUV Owner Testimonials, and an introduction to the Roadster prototype.”

“I was trying to think up the perfect summary quote for a truly transformational quarter, but nothing came to mind,” said Mark Frohnmayer, Founder and CEO. “Guess I need to take another rip around town on the Roadster. See you on the call!”

For earnings history and earnings-related data on Arcimoto, Inc. (FUV) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49
• Sinda raises $331M in IPO, reports Q2 net loss of $16.6M