Sign in

You're signed outSign in or to get full access.

AI

Arcimoto Inc (FUV)·Q1 2022 Earnings Summary

Executive Summary

  • Q1 revenue declined 53% year over year to $0.65M as the company paused and shifted manufacturing from the AMP to the new RAMP facility; units sold were 24, reflecting transitional operations .
  • Net loss widened to $12.9M, or ($0.34) per share, versus $4.7M, or ($0.13) per share, in Q1 2021; cash and equivalents ended the quarter at $5.2M, with total assets of $57.3M and liabilities of $11.5M .
  • Management emphasized “acceleration” across production ramp, hiring, next‑gen product development, market expansion, rentals, and fleet engagement; the RAMP is designed for up to 50,000 vehicles/year at full capacity .
  • Post‑quarter, Arcimoto raised $4.5M via a long‑term convertible note and retained Ducera Partners to explore financing options; near‑term investor focus remains on liquidity and execution of the production ramp .

What Went Well and What Went Wrong

What Went Well

  • Opened and began operations at RAMP (250,000 sq ft), designed for mass production with a stated full‑capacity target of 50,000 vehicles/year; on‑site grand opening held Feb 22, 2022 .
  • Unveiled the Mean Lean Machine e‑bike and demonstrated the Faction D1 driverless delivery vehicle, advancing product innovation and autonomous initiatives .
  • Management tone: “If I were to summarize the current state of Arcimoto today in one word, it would be ‘acceleration’…we are stepping up the pace” — highlighting momentum in production, team build‑out, product development, market openings, rentals, and fleet partnerships .

What Went Wrong

  • Revenue fell 53% YoY to $0.65M amid the planned Q1 production pause and facility transition; vehicles sold were 24, underscoring ramp constraints .
  • Losses widened materially to $12.9M (EPS: -$0.34) vs. $4.7M (EPS: -$0.13) in Q1 2021, reinforcing negative operating leverage at low volumes .
  • Liquidity tightened with $5.2M cash and equivalents at quarter‑end, necessitating external financing post‑quarter (convertible note) and engagement of Ducera for capital exploration .

Financial Results

Income Statement Comparison (YoY)

MetricQ1 2021Q1 2022
Revenue ($USD Millions)$1.4 $0.65
Net Loss ($USD Millions)$(4.7) $(12.9)
Diluted EPS ($USD)$(0.13) $(0.34)

Recent Quarterly Reference

MetricQ3 2021Q1 2022
Revenue ($USD Millions)$1.498 $0.65
Diluted EPS ($USD)$(0.31) $(0.34)
Net Loss ($USD Millions)$(11.5) $(12.9)

Balance Sheet and Liquidity

MetricQ3 2021Q1 2022
Total Assets ($USD Millions)$83.5 $57.3
Cash And Equivalents ($USD Millions)$33.0 $5.2
Total Liabilities ($USD Millions)$8.1 $11.5

KPIs and Operating Metrics

KPIQ3 2021Q1 2022Q2 2022
Vehicles Sold (units)63 new, 1 pre‑owned 24 new 41 delivered
Vehicles Produced (units)78 Shift to RAMP (no figure) 102 (highest quarter to date)
Rental Fleet ActivityCompany‑owned rentals in Eugene/San Diego; partner rentals expanding New rental partners in FL, WA; pilots 20 vehicles produced for rentals; 98 rental vehicles across 11 locations

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Full‑Year ProductionFY 2022Prior guidance (unspecified)Company will not meet prior guidance; not providing further guidance at this time Lowered/Withdrawn
Q1 Production OperationsQ1 2022Ongoing productionPlanned pause for portion of Q1 to move lines into new facility Lowered (temporary pause)

Earnings Call Themes & Trends

Note: The Q1 2022 earnings call transcript was not accessible via the archive; themes below reflect management commentary from the Q1 press release and prior/follow‑on quarters.

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q1 2022)Trend
Manufacturing RampQ3 2021: Took possession of new rAMP facility; planned Q1 production pause to relocate and then increase output . FY 2021: RAMP acquired/renovated; staged for mass production .RAMP launched operations; transition in Q1; designed capacity up to 50,000/year .Accelerating ramp with facility transition .
Product Innovation & AutonomyQ3 2021: Driverless Arcimoto demo; torque vectoring; Roadster/Flatbed/Platform 2 micromobility . FY 2021: Multiple unveils (Flatbed, Smokejumper, MLM); autonomy work .Unveiled Mean Lean Machine; demonstrated Faction D1 driverless delivery .Continued innovation, broader portfolio .
Rental/Shared MobilityQ3 2021: Company‑owned rentals; REEFDrive; expanding regions . FY 2021: Rental footprint expanded; partnerships .New rental partners/programs launched; pilots in multiple states .Expansion of rental strategy .
Supply Chain/MacroQ3 2021: Supply chain issues noted; planning around battery packs . FY 2021: COVID‑related supply constraints .Implicit impact via production pause/transition; no numeric margin disclosed .Persistent headwinds; operational focus on cost‑downs .
Financing/LiquidityFY 2021: Cash declined; assets up .Retained Ducera Partners; raised $4.5M convertible note post‑quarter .Active capital exploration to fund ramp .

Management Commentary

  • “Acceleration…On every front critical to the company’s growth and achievement of its mission, we are stepping up the pace,” highlighting RAMP opening, key hires, next‑gen products, territory expansion, rental model, and fleet partnerships (Mark Frohnmayer, Founder & CEO) .
  • Q1 operational focus included shifting manufacturing from the AMP to RAMP and selling 24 new customer vehicles during the transition .
  • Broader strategic initiatives in prior periods underpin the current trajectory: mass production planning, rental/sharing pilots, autonomy/torque vectoring, micromobility platform development .

Q&A Highlights

  • The Q1 2022 stakeholder webcast included an investor Q&A powered by Say and was scheduled for May 16, 2022 at 5:00 p.m. ET; however, the full transcript was not accessible via the archive, so detailed Q&A themes could not be extracted .

Estimates Context

  • Wall Street consensus estimates (S&P Global/Capital IQ) for FUV Q1 2022 revenue and EPS were unavailable due to missing CIQ mapping for FUV; as a result, comparisons versus Street were not possible in this recap [SpgiEstimatesError from GetEstimates].
  • Given the lack of consensus data, investors should anchor on reported results and monitor future coverage/updates for estimate benchmarks .

Key Takeaways for Investors

  • Q1 2022 was a transition quarter: revenue fell 53% YoY to $0.65M and EPS was ($0.34), driven by the planned production pause and facility move to RAMP; execution of the ramp is the primary driver of unit economics and margins going forward .
  • Liquidity is tight ($5.2M cash); management raised $4.5M via convertible note post‑quarter and engaged Ducera, signaling ongoing capital needs to fund ramp and working capital — track financing cadence and dilution risk .
  • Operational indicators suggest momentum: RAMP launched, rentals expanding, and product innovation continues (MLM, Faction D1); these can support demand and brand awareness as production scales .
  • Prior commentary indicated a temporary Q1 production pause to enable the move; with the facility online, watch for sequential production and delivery improvements in subsequent quarters (e.g., Q2 2022 produced 102 units, the highest to date) .
  • No numeric guidance provided; Q2 2022 withdrew full‑year production guidance amid supply chain headwinds — expect cautious Street expectations until visibility improves .
  • Balance sheet compression (assets/liabilities mix, cash decline) underscores the importance of cost‑downs, procurement leverage, and scaling to improve gross profit and path to profitability .
  • Trading implications: near‑term stock moves likely tied to updates on production cadence, financing, and rental/customer adoption metrics; medium‑term thesis depends on achieving scale at RAMP and validating demand across consumer, delivery, and emergency use cases .

Appendix: Additional Context

  • Q3 2021 (reference): Revenue $1.498M, net loss $11.5M, EPS ($0.31); 63 vehicles sold (record), 78 produced; significant progress on mass production planning .
  • FY 2021 (reference): Total revenue $4.4M (+102% YoY); net loss $47.6M; cash $17.0M at year‑end; multiple product unveils and ramp preparation .