2024 Q1 Form 10-Q Financial Statement

#000121390024012237 Filed on February 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q3 2022 Q3
Revenue $1.110M $2.024M
YoY Change -45.15% 35.11%
Cost Of Revenue $2.962M $6.987M
YoY Change -57.6% 43.87%
Gross Profit -$1.852M -$4.963M
YoY Change -62.68% 47.78%
Gross Profit Margin -166.82% -245.17%
Selling, General & Admin $4.417M $7.421M
YoY Change -40.49% 47.09%
% of Gross Profit
Research & Development $1.164M $6.521M
YoY Change -82.15% 104.66%
% of Gross Profit
Depreciation & Amortization $629.0K $767.0K
YoY Change -17.99% 23.21%
% of Gross Profit
Operating Expenses $5.774M $13.96M
YoY Change -58.63% 69.53%
Operating Profit -$7.626M -$18.92M
YoY Change -59.69% 63.23%
Interest Expense $715.6K $84.95K
YoY Change 742.44% -264.4%
% of Operating Profit
Other Income/Expense, Net -$6.417M -$83.75K
YoY Change 7562.53% -163.55%
Pretax Income -$14.04M -$16.96M
YoY Change -17.22% 47.38%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$14.04M -$16.96M
YoY Change -17.22% 47.38%
Net Earnings / Revenue -1264.86% -838.04%
Basic Earnings Per Share -$1.58 -$0.38
Diluted Earnings Per Share -$1.58 -$377.3K
COMMON SHARES
Basic Shares Outstanding 9.451M shares 8.806M shares 44.87M
Diluted Shares Outstanding 8.955M shares 2.248M shares

Balance Sheet

Concept 2024 Q1 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $232.8K $4.218M
YoY Change -94.48% -87.21%
Cash & Equivalents $232.8K $4.218M
Short-Term Investments
Other Short-Term Assets $656.0K $5.392M
YoY Change -87.83% 15.43%
Inventory $10.89M $12.29M
Prepaid Expenses
Receivables $346.9K $332.1K
Other Receivables $0.00 $0.00
Total Short-Term Assets $13.60M $25.34M
YoY Change -46.33% -42.41%
LONG-TERM ASSETS
Property, Plant & Equipment $27.12M $29.44M
YoY Change -7.9% 31.41%
Goodwill
YoY Change
Intangibles $8.412M $9.256M
YoY Change -9.12%
Long-Term Investments
YoY Change
Other Assets $116.3K $119.7K
YoY Change -2.82% -4.85%
Total Long-Term Assets $36.47M $40.29M
YoY Change -9.5% 2.14%
TOTAL ASSETS
Total Short-Term Assets $13.60M $25.34M
Total Long-Term Assets $36.47M $40.29M
Total Assets $50.07M $65.64M
YoY Change -23.72% -21.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.659M $2.709M
YoY Change 108.94% 236.02%
Accrued Expenses $2.143M $4.705M
YoY Change -54.45% 186.75%
Deferred Revenue
YoY Change
Short-Term Debt $7.289M $8.674M
YoY Change -15.97% 424.39%
Long-Term Debt Due $744.1K $1.283M
YoY Change -41.99% 58.42%
Total Short-Term Liabilities $29.49M $19.78M
YoY Change 49.11% 231.44%
LONG-TERM LIABILITIES
Long-Term Debt $6.186M $6.695M
YoY Change -7.6% 239.76%
Other Long-Term Liabilities $2.927M $1.143M
YoY Change 156.04% 874.41%
Total Long-Term Liabilities $9.113M $7.838M
YoY Change 16.27% 275.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.49M $19.78M
Total Long-Term Liabilities $9.113M $7.838M
Total Liabilities $38.61M $27.62M
YoY Change 39.79% 242.84%
SHAREHOLDERS EQUITY
Retained Earnings -$201.0M -$151.3M
YoY Change 32.85%
Common Stock $192.0M $177.2M
YoY Change 8.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.164M $38.02M
YoY Change
Total Liabilities & Shareholders Equity $50.07M $65.64M
YoY Change -23.72% -21.35%

Cashflow Statement

Concept 2024 Q1 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$14.04M -$16.96M
YoY Change -17.22% 47.38%
Depreciation, Depletion And Amortization $629.0K $767.0K
YoY Change -17.99% 23.21%
Cash From Operating Activities -$5.164M -$14.76M
YoY Change -65.01% 30.23%
INVESTING ACTIVITIES
Capital Expenditures $1.570K -$3.764M
YoY Change -100.04% 241.54%
Acquisitions
YoY Change
Other Investing Activities $175.6K -$2.210K
YoY Change -8046.15%
Cash From Investing Activities $174.0K -$3.766M
YoY Change -104.62% 241.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.880M 17.73M
YoY Change -78.11% 155.49%
NET CHANGE
Cash From Operating Activities -5.164M -14.76M
Cash From Investing Activities 174.0K -3.766M
Cash From Financing Activities 3.880M 17.73M
Net Change In Cash -1.110M -795.1K
YoY Change 39.6% -85.53%
FREE CASH FLOW
Cash From Operating Activities -$5.164M -$14.76M
Capital Expenditures $1.570K -$3.764M
Free Cash Flow -$5.166M -$10.99M
YoY Change -53.02% 7.47%

Facts In Submission

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1: NATURE OF OPERATIONS </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Arcimoto, Inc. (the “Company”) was incorporated in the State of Oregon on November 21, 2007. The Company’s mission is to catalyze the global shift to a sustainable transportation system. Over the past 16 years, the Company has developed a new vehicle platform designed around the needs of everyday drivers. Having approximately one-third the weight and one-third of the footprint of the average car, the Arcimoto platform’s purpose is to bring the joy of ultra-efficient, pure electric driving to the masses. To date, the Company currently has two vehicle products built on this platform that target specific niches in the vehicle market: its flagship product, the Fun Utility Vehicle® (“FUV®”), for everyday consumer trips, and the Deliverator® for last-mile delivery and general fleet utility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2023, two wholly-owned subsidiaries of the Company were formed, Arcimoto Property Holding Company, LLC and APHC Holdings, LLC. APHC Holdings, LLC is the parent of Arcimoto Property Holding Company, LLC. Arcimoto Property Holding Company, LLC is the borrower in a loan obtained on February 17, 2023 for $6,000,000 that is secured by a guarantee provided by Arcimoto, Inc. and the real estate owned by the Company.</p>
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