2022 Q3 Form 10-Q Financial Statement

#000143774922020544 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $2.024M $1.499M $650.2K
YoY Change 35.11% 109.0% -53.35%
Cost Of Revenue $6.987M $6.104M $4.047M
YoY Change 43.87% 87.94% 24.74%
Gross Profit -$4.963M -$4.605M -$3.397M
YoY Change 47.78% 81.97% 83.57%
Gross Profit Margin -245.17% -307.13% -522.43%
Selling, General & Admin $7.421M $6.856M $5.625M
YoY Change 47.09% 64.17% 66.18%
% of Gross Profit
Research & Development $6.521M $3.716M $3.907M
YoY Change 104.66% 40.45% 62.25%
% of Gross Profit
Depreciation & Amortization $767.0K $810.0K $707.5K
YoY Change 23.21% 114.29% 64.69%
% of Gross Profit
Operating Expenses $13.96M $10.57M $9.532M
YoY Change 69.53% 54.97% 64.55%
Operating Profit -$18.92M -$15.18M -$12.93M
YoY Change 63.23% 62.27% 69.16%
Interest Expense $84.95K $124.2K $49.74K
YoY Change -264.4% 162.25% -4.77%
% of Operating Profit
Other Income/Expense, Net -$83.75K $45.94K $25.26K
YoY Change -163.55% -38.98% 78.46%
Pretax Income -$16.96M -$17.40M -$12.95M
YoY Change 47.38% 111.01% 68.64%
Income Tax $0.00 $3.200K $0.00
% Of Pretax Income
Net Earnings -$16.96M -$17.40M -$12.95M
YoY Change 47.38% 111.05% 173.14%
Net Earnings / Revenue -838.04% -1160.8% -1992.14%
Basic Earnings Per Share -$0.38 -$0.44 -$0.34
Diluted Earnings Per Share -$377.3K -$439.8K -$341.2K
COMMON SHARES
Basic Shares Outstanding 44.87M 39.57M 37.97M
Diluted Shares Outstanding 2.248M shares 1.979M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.218M $5.013M $5.228M
YoY Change -87.21% -86.97% -88.79%
Cash & Equivalents $4.218M $5.013M $5.228M
Short-Term Investments
Other Short-Term Assets $5.392M $4.574M $2.934M
YoY Change 15.43% 39.36% 51.24%
Inventory $12.29M $11.44M $8.987M
Prepaid Expenses
Receivables $332.1K $324.2K $124.1K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $25.34M $24.10M $20.17M
YoY Change -42.41% -49.84% -62.81%
LONG-TERM ASSETS
Property, Plant & Equipment $29.44M $27.41M $25.65M
YoY Change 31.41% 29.19% 268.99%
Goodwill
YoY Change
Intangibles $9.256M $9.465M $9.675M
YoY Change
Long-Term Investments
YoY Change
Other Assets $119.7K $117.5K $117.5K
YoY Change -4.85% -6.6% -9.64%
Total Long-Term Assets $40.29M $38.63M $37.11M
YoY Change 2.14% 0.41% 51.98%
TOTAL ASSETS
Total Short-Term Assets $25.34M $24.10M $20.17M
Total Long-Term Assets $40.29M $38.63M $37.11M
Total Assets $65.64M $62.73M $57.28M
YoY Change -21.35% -27.5% -27.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.709M $2.758M $1.025M
YoY Change 236.02% 98.99% -3.34%
Accrued Expenses $4.705M $2.711M $2.641M
YoY Change 186.75% 107.64% 398.24%
Deferred Revenue
YoY Change
Short-Term Debt $8.674M $1.248M $1.659M
YoY Change 424.39% -4.01% 621.49%
Long-Term Debt Due $1.283M $850.4K $876.9K
YoY Change 58.42% -8.5% 53.84%
Total Short-Term Liabilities $19.78M $9.838M $8.344M
YoY Change 231.44% 52.34% 140.45%
LONG-TERM LIABILITIES
Long-Term Debt $6.695M $8.316M $1.669M
YoY Change 239.76% 399.34% -42.84%
Other Long-Term Liabilities $1.143M $1.401M $1.496M
YoY Change 874.41% 760.5% 780.15%
Total Long-Term Liabilities $7.838M $9.716M $3.165M
YoY Change 275.42% 431.5% 2.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.78M $9.838M $8.344M
Total Long-Term Liabilities $7.838M $9.716M $3.165M
Total Liabilities $27.62M $19.55M $11.51M
YoY Change 242.84% 136.0% 75.44%
SHAREHOLDERS EQUITY
Retained Earnings -$151.3M -$134.4M -$116.9M
YoY Change
Common Stock $177.2M $167.0M $154.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.02M $43.18M $45.77M
YoY Change
Total Liabilities & Shareholders Equity $65.64M $62.73M $57.28M
YoY Change -21.35% -27.5% -27.18%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$16.96M -$17.40M -$12.95M
YoY Change 47.38% 111.05% 173.14%
Depreciation, Depletion And Amortization $767.0K $810.0K $707.5K
YoY Change 23.21% 114.29% 64.69%
Cash From Operating Activities -$14.76M -$12.63M -$13.47M
YoY Change 30.23% 48.97% 142.97%
INVESTING ACTIVITIES
Capital Expenditures -$3.764M -$4.123M $1.486M
YoY Change 241.54% -68.62% 148.23%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$2.210K $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$3.766M -$4.123M -$1.486M
YoY Change 241.74% -68.61% -37.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.942M
YoY Change -71.98%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.73M 16.54M $3.214M
YoY Change 155.49% 23.09% -78.74%
NET CHANGE
Cash From Operating Activities -14.76M -12.63M -$13.47M
Cash From Investing Activities -3.766M -4.123M -$1.486M
Cash From Financing Activities 17.73M 16.54M $3.214M
Net Change In Cash -795.1K -215.4K -$11.74M
YoY Change -85.53% -97.37% -263.12%
FREE CASH FLOW
Cash From Operating Activities -$14.76M -$12.63M -$13.47M
Capital Expenditures -$3.764M -$4.123M $1.486M
Free Cash Flow -$10.99M -$8.512M -$14.96M
YoY Change 7.47% -282.81% 143.49%

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>NOTE <em style="font: inherit;">1:</em> NATURE OF OPERATIONS </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Arcimoto, Inc. (the “Company”, “We”, “Us”, or “Our”) was incorporated in the State of Oregon on <em style="font: inherit;"> November 21, 2007. </em>The Company’s mission is to catalyze the global shift to a sustainable transportation system. Over the past <em style="font: inherit;">15</em> years, the Company has developed a new vehicle platform designed around the needs of everyday drivers. Having approximately <em style="font: inherit;">one</em>-<em style="font: inherit;">third</em> the weight and <em style="font: inherit;">one</em>-<em style="font: inherit;">third</em> 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 has introduced<span style="color:#000000;"> <em style="font: inherit;">six</em> v</span>ehicle products built on this platform that target specific niches in the vehicle market: our flagship product, the Fun Utility Vehicle® (“FUV®”), for everyday consumer trips; the Deliverator® for last-mile delivery and general fleet utility; the Rapid Responder™ for emergency services and security; the Cameo™ for film, sports and influencers; the Arcimoto Roadster, an unparalleled pure-electric on-road thrill machine, and the Arcimoto Flatbed that has a pick-up style flatbed instead of an enclosed cargo area.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><span style="text-decoration: underline; ">Concentration risk</span></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company is dependent on <em style="font: inherit;">one</em> supplier for its battery supply that is a key component of its main product line. Any disruption in supply chain or significant price increase <em style="font: inherit;"> may </em>impact Arcimoto's production volume and costs, which will affect the Company's long-term goal of sustainable profitability. Also, the Company <em style="font: inherit;"> may </em>from time to time experience shortages in obtaining materials and parts that are used in our production process as we depend on a limited number of suppliers for our inputs.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
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184321 usd
CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
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CY2022Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
104315 usd
CY2022Q2 fuv Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2022Q2 us-gaap Finance Lease Liability Payments Due
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CY2022Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2022Q2 us-gaap Finance Lease Liability
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939145 usd
CY2022Q2 us-gaap Preferred Stock Shares Authorized
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5000000
CY2022Q2 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
17773
CY2022Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022Q2 us-gaap Proceeds From Stock Options Exercised
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CY2021Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2021Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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315463
us-gaap Proceeds From Stock Options Exercised
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CY2021Q2 fuv Subscription Agreement Number Of Shares
SubscriptionAgreementNumberOfShares
200000
CY2021Q2 fuv Subscription Agreement Price Per Share
SubscriptionAgreementPricePerShare
17.67
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1812019 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
677866 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3223130 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1338344 usd
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
1500000 usd
CY2022Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
1179000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1499341 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-9352947 usd
CY2021Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1078482 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
124171 usd
CY2021Q2 us-gaap Interest Expense
InterestExpense
47348 usd
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
45937 usd
CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
75279 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3200 usd
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
150 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-17404342 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-8246684 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2111355 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-28106450 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-16996234 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1078482 usd
us-gaap Interest Expense
InterestExpense
173906 usd
us-gaap Interest Expense
InterestExpense
99575 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
71196 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
89433 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3200 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2938698 usd
us-gaap Net Income Loss
NetIncomeLoss
-30357900 usd
us-gaap Net Income Loss
NetIncomeLoss
-12989196 usd

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