Exhibit 99.1

 

Arcimoto Reports Third Quarter 2020 Financial
Results and Provides Corporate Update

 

Production and delivery of customer vehicles resumes, highlighting progress on every front

 

EUGENE, Ore., Nov. 16, 2020–Arcimoto, Inc.® (NASDAQ: FUV), makers of affordable, practical, and joyful pure electric vehicles for everyday commuters and fleets, today announced financial results for the Company’s third quarter ended September 30, 2020, highlighting recent corporate developments and updates.

 

Management will host an investor webcast today, Nov. 16, at 2:00 p.m. PST (5:00 p.m. EST), to discuss Arcimoto's third quarter 2020 financial results, provide a corporate update, and conclude with Q&A from participants. Details of the webcast are as follows:

 

Third Quarter 2020 Investor Webcast

Date: Monday, November 16, 2020

Time: 2:00 p.m. PST (5:00 p.m. EST)

Webcast: https://us02web.zoom.us/webinar/register/WN_vQYFwl1QQVeCS3UM_B9lbg

 

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.

 

Q3 2020 and Recent Company Highlights:

 

Resumed production and delivery efforts, putting more Arcimotos in customers’ driveways, including 31 vehicles delivered in the month of September alone.

 

Teamed with DHL to enable nationwide home delivery of Arcimoto vehicles, representing an incredible milestone for the Company’s direct-to-customer sales model as it plans for mass production with a seamless delivery solution.

 

Launched multiple high-visibility pilot programs of Arcimoto vehicles, including a promotional Futbol Utility Vehicle for the Baltimore-Maryland 2026 World Cup Host Committee to bring 2026 FIFA World Cup and sustainable transportation to Baltimore and a Wahlburger Deliverator for their new franchise on the boardwalk of the world-renowned Historic Key West Seaport.

 

Secured a $10 million common stock only registered direct offering to strengthen the Company’s balance sheet at the strongest valuation in the Company’s financing history.

 

Continued collaboration with industry partners, notably Detroit legends Munro & Associates, in the push to mass production.

 

Reported a continuation of quarter-over-quarter net increase in pre-orders that the company looks to fulfill as quickly as possible.

 

Began development of the Arcimoto Roadster to compete in the recreational motorcycle segment.

 

   

 

 

Management Commentary

 

“In Q3, we launched multiple high-visibility pilot programs for our vehicles, continued our collaboration with industry scale experts, teamed with a global logistics giant to prepare for nationwide delivery of our products, and advanced long-term growth and development programs in every department of the company,” said Chief Strategy Officer Jesse Fittipaldi.

 

“In spite of the challenges the world has faced in 2020 – including a global pandemic, large-scale firestorms, and interrupted manufacturing logistics and supply chains – the Arcimoto team has accomplished much to improve upon the end-to-end manufacturing and assembly processes,” commented Chief Operating Officer Terry Becker. “I am extremely proud of the effort and teamwork put forth.”

 

“YTD September 30, 2020 revenue surpassed every prior full year, and our balance sheet is the strongest it has been in the company’s history,” said Douglas Campoli, CFO and Treasurer. “While making progress on every front, we maintained Arcimoto’s core financial mandates of fiscal discipline and capital efficiency.”

 

“Q3 showed us getting back into the saddle on the production and delivery fronts, and the sales and marketing team kicked into high gear to meet that demand. We launched the beta FUV Configurator on our website and subsequently opened FUV reservations to our West Coast preorder customers to fill the production queue through the end of the year,” said Chief Marketing Officer Eric Fritz. “We also completed and launched several videos and marketing campaigns to support that effort, including We Build Rides, Venice Venture, Arcimoto Votes, FUV Owner Testimonials, and an introduction to the Roadster prototype.”

 

“I was trying to think up the perfect summary quote for a truly transformational quarter, but nothing came to mind,” said Mark Frohnmayer, Founder and CEO. “Guess I need to take another rip around town on the Roadster. See you on the call!”

 

Third Quarter of 2020 Financial Results

 

Total revenue in the third quarter of 2020 was $683,895 as compared to revenue of $33,311 for the same period in 2019. The increased revenue in the current year period was due to resuming vehicle production and customer deliveries, including a total of 31 vehicles delivered in the month of September alone. From production start in September 2019, to September 30, 2020, the Company has produced 136 production vehicles in total, up from the 57 produced by December 31, 2019.

 

2

 

 

The Company incurred a net loss of approximately $4.6 Million or ($0.15) per share, in the third quarter of 2020 versus a net loss of approximately $4.0 Million or ($0.22) per share, for the same prior-year period.

 

The Company had approximately $17 million in cash and cash equivalents as of September 30, 2020, compared to approximately $5.8 million in cash and cash equivalents as of December 31, 2019.

 

About Arcimoto

 

Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Now available to preorder customers on the West Coast, the Arcimoto FUV is purpose-built for everyday driving, transforming ordinary trips into pure-electric joyrides. Available for preorder, the Deliverator and Rapid Responder provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit 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. 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.

 

Public Relations Contact:
Susan Donahue
Main: 646-454-9378
pr@arcimoto.com

 

Investor Relations Contact:
investor@arcimoto.com

 

Arcimoto Fleet Sales:
Sam Fittipaldi
sales@arcimoto.com

 

 

3

 

 

View differences made from one to another to evaluate Arcimoto Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Arcimoto Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account