Arcimoto Announces Full Year 2019 Financial Results and Provides Corporate Update - Seite 2

“2019 was truly a watershed year for Arcimoto. We completed testing for safety and regulatory compliance, initiated production and delivery in Q3, signed our first rental franchisee in, and subsequently delivered the first vehicles to them, allowing the franchisee to start rental operations,” said Mark Frohnmayer, Founder and President of Arcimoto.

“Our momentum has continued in 2020, with pilot programs for the Rapid Responder and Deliverator now underway. While we have always seen these fleet offerings as important threads in the tapestry of the future of transportation, we see their relevance accelerating against the backdrop of the COVID-19 pandemic we face as a company and as a nation. Our full focus is on value engineering and reducing manufacturing cost, preparing for higher scale production, and ensuring the satisfaction of our existing drivers on the road today.”

Full Year 2019 Financial Results

Total revenues in 2019 were up 940% to $987,850 as compared to $94,996 in 2018. Sources of revenue in 2019 were $891,356 from the sale of vehicles, including $20,015 of which was with a related party, $49,760 from vehicle delivery charges and merchandise sales, $44,675 from machining and metal work services, and $2,059 from parts and service. The increased revenue in 2019 was largely driven by the sale and delivery of 46 Evergreen Edition FUVs.

The Company incurred a net loss of $15.3 million, or ($0.85) per share, in 2019 versus a net loss of $11.1 million, or ($0.70) per share, in 2018. The increased loss is attributable to additional research and development expenses and expenses incurred to ramp up manufacturing capacity, including the hiring of 25 employees during 2019, offset by lower sales and marketing costs.

The Company had $5.8 million in cash and cash equivalents as of December 31, 2019, compared to $4.9 million cash and cash equivalents as of December 31, 2018.

About Arcimoto

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, 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.