EUGENE, Ore.--(BUSINESS WIRE)--Arcimoto, Inc.® (NASDAQ: FUV), makers of the world’s first Fun Utility Vehicle® (FUV®) — an affordable and practical pure electric vehicle for everyday commuters and fleets — today announced financial results for the fiscal year ended December 31, 2017 and provided a business update.
Recent Company Highlights:
- Pre-orders for the FUV increased to approximately 2,234 units, as compared to approximately 1,076 units at December 31, 2016
- Raised $18.1 million in net proceeds through a Regulation A+ initial public offering and listed shares for trading on the Nasdaq Capital Market in September 2017
- Established its first U.S. manufacturing plant in Eugene, Oregon in October of 2017
- Accelerated the expected timeline to Phase 2 Retail Series FUV production through the expedited ordering of critical manufacturing and fabrication equipment
- Delivered the first Signature Series FUVs to paying customers
- Debuted the FUV at several notable auto industry events
Arcimoto Manufacturing Plant (AMP) Update Video
The Company has released its first corporate update video since listing on NASDAQ. This update showcases both the Company’s accomplishments since its September 21, 2017 debut on NASDAQ, and how it is moving expeditiously towards significant vehicle production. This video can be accessed on the Company’s website.
“We’ve made significant progress here at Arcimoto, thanks to the substantial support we received in our initial public offering in September of 2017,” said Mark Frohnmayer, Founder and President of Arcimoto. “Using this capital injection, we hit the ground running in the fourth quarter of 2017. We began facility improvements on our factory in early October, and had the full team moved in by the end of the year. We also ordered and began installing some key pieces of automated equipment and started delivering the first Signature Series Fun Utility Vehicles to paying customers.
“We’ve also continued to grow our base of pre-orders for our pioneering FUV electric vehicle. As we begin to deliver more FUVs to our pre-order customers, we expect the pace of new orders to accelerate as a result of owner referrals, strategic partnerships and other innovative marketing initiatives, which we believe have the potential to create significant value for our shareholders.
“Arcimoto’s position in the market represents the culmination of a decade-long journey to create a true sustainable mobility solution. We are working on transitioning from a development-stage venture to a next-generation vehicle production enterprise. We are committed to creating a world-class production facility, capable of manufacturing reliable, high-quality, and affordable electric vehicles for the masses, and we are pleased to report that we are on-plan in meeting that commitment.”
Arcimoto is scheduled to present at The MicroCap Conference in New York City on April 9, 2018, and management will host one-on-one meetings throughout the day. The conference is being held on April 9-10, 2018 at the JW Marriott Essex House. Registration is mandatory for conference participation. For more information on the conference or to schedule a one-on-one meeting, please visit the conference website, http://microcapconf.com.
Full Year 2017 Financial Results
Total revenues in 2017 were $127,016, compared to no revenue in 2016.
The Company incurred an operating loss of $3.3 million in 2017 compared to an operating loss of $1.9 million in 2016.
Net loss per share for 2017 on 13.6 million shares was ($0.24) per basic and diluted share, compared to a net loss per share on 10.0 million shares was ($0.19) per diluted share, in 2016.
The Company had $14.1 million in cash, cash equivalents and short-term investments as of December 31, 2017, compared to $0.4 million as of December 31, 2016. The substantial balances of cash as of the comparative periods ended December 31, 2017 and December 31, 2016 resulted from the net proceeds of $18.1 million from the Company's Regulation A+ initial public offering in September and October of 2017.
About Arcimoto, Inc.
Headquartered and manufactured in Eugene, Oregon, Arcimoto, Inc. (NASDAQ: FUV) is devising new technologies and patterns of mobility that together raise the bar for environmental efficiency, footprint and affordability. Available for pre-order today with a target base model purchase price of approximately $11,900, Arcimoto’s Fun Utility Vehicle is one of the lightest, most affordable, and most appropriate electric vehicles suitable for the daily driver. For more information please visit www.arcimoto.com.
Safe Harbor / Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to, among other things: our ability to effectively execute on our business plan and growth strategy; the volatility of our stock price; our ability to design, manufacture and market vehicle models within projected timeframes; our dependence on suppliers; the number of reservations and cancellations for our vehicles and the ability to deliver on those reservations; our reliance on key personnel; our ability to manage the distribution channels for our products, including our ability to successfully implement our direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; changes in consumer demand for, and acceptance of, our products; changes in the competitive environment, including adoption of technologies and products that compete with our products; the overall strength and stability of general economic conditions and of the automotive industry more specifically; and changes in laws or regulations governing our business and operations. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation to update any forward-looking statements.