Bankruptcy Looms For Arcimoto

The future of Arcimoto, the Oregon-based maker of fun, three-wheeled electric vehicles, is unclear. Earlier this week in an SEC filing the company disclosed that they "have halted [their] production of vehicles and will require substantial additional funding to resume production, which may not be available to [them] on acceptable terms, or at all, and, if not so available, [they] will be required to cease [their] operations and/or seek bankruptcy protection."

The company has faced many recent challenges that included supply chain issues, a change in leadership, and the hemorrhaging of cash reserves as they work to ramp up production of their FUV and other similar vehicles.

​On January 19th, the company successfully closed a $12 Million public stock offering which may help hold off bankruptcy in the short term, but if the balance sheet doesn't significantly improve, it may be an inevitability.

​In their Q3 Financial update, the company reported:

Total revenues for the third quarter of 2022 increased 35% to $2 million as compared to $1.5 million in the third quarter of 2021. YTD September 30, 2022 revenue increased 16% to $4.2 million as compared to $3.6 million in 2021.

The Company incurred a net loss of approximately $17 million or ($0.38) per share, in the third quarter of 2022 compared with a net loss of $11.5 million or ($0.31) per share, for the same prior-year period.

The Company had $65.6 million in total assets, $4.2 million in cash and cash equivalents, and $27.6 million in total liabilities as of September 30, 2022.

About Arcimoto, Inc.

Arcimoto is a pioneer in the design and manufacture of rightsized, ultra-efficient, incredibly fun electric vehicles for everyday mobility. Built on the revolutionary three-wheel Arcimoto Platform, their vehicles are purpose-built for daily driving and local delivery, all at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Based in Eugene, Oregon, the Arcimoto team is dedicated to creating world-class EVs that make the world a better place. For more information, please visit Arcimoto.com.