Executive Summary

Revenue grew 17% year over year to $1.76M, but missed Wall Street consensus of ~$3.0M; GAAP net loss narrowed to $(13.2)M (−$1.71/sh) from $(17.4)M (−$8.80/sh) YoY, as OpEx fell sharply on restructuring .
Operating and financing updates: management announced intent to sell its U.S. manufacturing facility subject to a leaseback to unlock equity and extend runway; raised ~$6.3–$6.8M gross via 8% Series D preferred and warrants (two-tranche structure) .
Commercial traction: launched the MUV (Modern Utility Vehicle); highlighted demand in industrial and military/government channels (MATBOCK partnership) and delivered 65 vehicles at a $22,744 ASP in Q2; produced its 1,000th vehicle in June .
Liquidity remains tight: cash was $1.35M at 6/30 and going concern risk persists amid ongoing losses and modest backlog (8 units at Q2-end) despite cost actions and funding steps; sale‑leaseback is the near‑term catalyst to extend runway .

What Went Well and What Went Wrong

What Went Well
- Revenue +17% YoY to $1.76M; gross loss improved YoY on 48% OpEx reduction; Q2 net loss narrowed to $(13.2)M from $(17.4)M .
- Commercial progress: 65 deliveries at $22,744 ASP; 1,000th vehicle produced; MUV launched; industrial and military/government interest highlighted (MATBOCK) .
- CEO focus on capital formation and asset-light footprint: “This allows us to free up capital that is currently locked up in the factory’s equity… extend our runway” (sale‑leaseback) .
What Went Wrong
- Missed Street revenue consensus (~$3.0M vs $1.76M actual); weak top‑line scale vs fixed costs persisted .
- Financing costs surged ($4.14M in Q2), primarily warrant/stock issuance economics; cash remained low at $1.35M; going concern remains .
- Demand signals mixed: backlog fell to 8 units at Q2‑end vs 18 in Q1; TMW revenue declined YoY; battery supply remains single‑source .

Financial Results

Metric	Q2 2022	Q1 2023	Q2 2023	Consensus (Q2 2023)
Revenue ($M)	$1.499	$1.354	$1.760	$3.000
Cost of Goods Sold ($M)	$6.104	$2.942	$3.524	—
Gross Loss ($M)	$(4.605)	$(1.588)	$(1.764)	—
Operating Expenses ($M)	$10.572	$5.888	$5.524	—
Net Loss ($M)	$(17.404)	$(6.891)	$(13.208)	—
Diluted EPS (GAAP)	$(8.80)	$(1.06)	$(1.71)	—

Vs estimates: Revenue missed by ~$1.24M (−41%), a significant shortfall given S&P consensus of ~$3.0M .
Additional items: Q2 financing costs were $4.138M (warrant/stock issuance accounting); interest expense was $0.211M .

Segment revenue (Q2):

Segment Revenue ($)	Q2 2022	Q2 2023
FUV	$1,015,038	$1,537,412
Rental	$53,818	$65,793
TMW	$430,485	$157,141
Total	$1,499,341	$1,760,346

KPIs:

KPI	Q1 2023	Q2 2023
Vehicles delivered (units)	—	65
ASP per vehicle ($)	—	$22,744
YTD deliveries (units)	37 (derived from YTD 102 − 65) — see note	102 YTD
Demo drives + rentals (rides)	—	954
Backlog (units)	18	8
Customer FUVs on road (units)	—	665
TRiO kits delivered (units)	—	11 (ASP $14,285)

Note: Q1 deliveries implied as YTD less Q2; company did not directly disclose standalone Q1 deliveries in press materials.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
All metrics	FY/Q3	None provided	None provided	No formal guidance

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2023)	Current Period (Q2 2023)	Trend
Capital & Liquidity	Going concern; paused production in Jan; resumed Feb; reliance on equity/mortgage financing	Intent to sell plant with leaseback; Series D preferred financing (two tranches); cash $1.35M at 6/30	Active balance sheet actions; runway extension efforts
Production & Cost	Production resumed; workforce reductions; focus on cost-down	1H production 94 units; 1,000th vehicle; OpEx −48% YoY; financing costs elevated	Operational efficiency improving; financing overhead a headwind
Demand/Commercial	Building rental/experience funnel; order backlog 18; single-source battery cells	Industrial/military (MATBOCK) and MUV push; backlog down to 8; 954 rides (demo+rentals)	Mixed: targeted B2B demand vs softer backlog
Real Estate Strategy	—	Announced plant sale with leaseback to unlock equity and fund operations	Monetization to extend runway
Supply Chain	Single-source battery cells; plans to expand options/testing	Single-source status reiterated; no new certification issues expected	Risk unchanged

Management Commentary

“The Arcimoto team delivered a solid quarter. Sharp execution and improving operational efficiencies generated $1.76 million of revenue, up 17% from 2022… We also announced today our intention to sell our U.S. manufacturing facility contingent on a lease agreement… to free up capital… extend our runway” — CEO Christopher Dawson .
On the sale‑leaseback: “We should be allocating our capital into [vehicle manufacturing]… we’re not at a stage where we should be investing in real estate” — CEO, Q2 call (prepared remarks/Q&A) .
“We are continuing to see strength in our industrial and military (government) markets with MUV and Matbock and are confident in pipeline deals coming to fruition” — CEO .

Q&A Highlights

Strategic rationale for sale‑leaseback: prioritize capital for vehicle production and cost‑out work; monetize equity trapped in real estate to extend runway .
Capital deployment: proceeds aimed at scaling production, select company‑owned dealerships, and cost reductions .
Defense/commercial pipeline: MATBOCK collaboration acknowledged as part of industrial and government demand push .
No formal numeric guidance provided; management reiterated focus on financing actions and operational efficiency .

Estimates Context

Wall Street consensus revenue for Q2 2023 was ~$3.0M (S&P Global, via Moomoo); actual was $1.76M — a material miss that may prompt further downward estimate revisions absent near-term order wins .
EPS consensus not disclosed in company materials; management did not provide guidance; investors should expect model sensitivity to financing costs (Q2 financing costs $4.14M) and mix .

Key Takeaways for Investors

Liquidity is central to the near-term thesis: the plant sale‑leaseback, the August preferred financing and any additional asset monetizations are key to extending runway while orders scale; monitor 8‑Ks for execution .
Top‑line scale remains subcritical; despite Q2 YoY growth, revenue missed consensus by ~41% — backlog decline and modest rental contribution argue for conservative revenue modeling .
Cost actions are working (OpEx down ~48% YoY), but financing costs and negative gross margin continue to pressure results; breakeven requires materially higher volumes and sustained cost-down .
Commercial focus pivot (MUV, industrial/government, MATBOCK) could improve mix/visibility if pilot programs convert; track deal announcements and fleet order cadence .
Supply chain concentration risk (battery cells) persists; diversification initiatives remain a watch item .
Trading setup: near‑term stock moves likely driven by funding milestones (sale‑leaseback close, tranche two financing) and any material commercial awards; absence of these could weigh on sentiment.

Supporting details and sources: Q2 2023 10-Q financials and MD&A ; Q1 2023 10-Q ; Q2 2023 press release/8‑K ; Series D preferred financing 8‑K ; Earnings call transcript excerpts ; S&P Global consensus (via Moomoo) ; news summary (MATBOCK) .

Arcimoto Inc (FUV)·Q2 2023 Earnings Summary