Arcimoto Reports Second Quarter 2020 Financial Results and Provides Corporate Update
Arcimoto, Inc. (NASDAQ: FUV), makers of the Fun Utility Vehicle (FUV), Rapid Responder, and Deliverator—affordable, practical, and joyful pure electric vehicles for everyday commuters and fleets—today announced financial results for the Company’s second quarter ended June 30, 2020, highlighting recent corporate developments and updates.
Management will host an investor webcast today, Aug. 19, at 2:00 p.m. PDT (5:00 p.m. EDT), to discuss Arcimoto's second quarter 2020 financial results, provide a corporate update, and conclude with Q&A from participants. Details of the webcast are as follows:
Second Quarter 2020 Investor Webcast
Date: Wednesday, August 19, 2020
Time: 2:00 p.m. PDT (5:00 p.m. EDT)
Webcast: https://us02web.zoom.us/webinar/register/WN_7QfroJb_TaehWfUp0p6z2A
Please log in 10 minutes before the start of the webcast to ensure timely participation.
A playback of the webcast will be available for replay for 60 days on the Investor Relations section of the Arcimoto website at www.arcimoto.com/investor.
Q2 2020 and Recent Company Highlights:
- Began design evaluation with Munro & Associates to improve Arcimoto’s manufacturing processes and supply chain management with goal to drive down costs and begin high-volume production of ultra-efficient electric vehicles at rate of 50,000 vehicles per year within 24 months.
- Launched first restaurant delivery pilot program for the Deliverator with Wahlburgers Key West.
- In Q2, raised a total of $16.5 Million with two common stock only registered direct offerings and retired all convertible and senior secured notes. In July, raised an additional $10 Million with common stock only registered direct offering, and $1.6 Million from exercise of warrants.
- Launched first Deliverator rental program in Los Angeles with HyreCar, targeting gig drivers for local food and grocery delivery.
- Announced that Progressive Motorcycle Insurance is now available for Fun Utility Vehicle.
Management Commentary
Lesen Sie auch
While 2020 continues to be a challenge to each of us in almost every way, the pandemic has clarified the relevance of Arcimoto’s mission, with our debut of the Deliverator for just in time home-delivery of food and supplies, the Rapid Responder for emergency response and security, and the renewed importance of personal local transportation with the Fun Utility Vehicle.
Springing into summer, we executed three capital raises in quick succession that allowed us to retire all of our secured and convertible debt, and provided ample dry powder with which to forge ahead toward our next milestones.