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.
Arcimoto, makers of rightsized, outrageously fun, ultra-efficient electric vehicles, announced in an email, October 20th that they are opening up six new states for sales of the FUV: New York, New Jersey, Pennsylvania, Maryland, Virginia, Georgia, and Washington D.C.
Once ordered, deliveries are expected to arrive within 120 days.