2022 Q4 Form 10-Q Financial Statement

#000143774922027366 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $2.384M $2.024M $1.498M
YoY Change 206.91% 35.11% 120.32%
Cost Of Revenue $6.116M $6.987M $4.856M
YoY Change 5.08% 43.87% 136.89%
Gross Profit -$3.732M -$4.963M -$3.358M
YoY Change -26.0% 47.78% 146.92%
Gross Profit Margin -156.55% -245.17% -224.15%
Selling, General & Admin $3.632M $7.421M $5.045M
YoY Change -50.51% 47.09% 160.07%
% of Gross Profit
Research & Development $4.789M $6.521M $3.186M
YoY Change 24.4% 104.66% 143.24%
% of Gross Profit
Depreciation & Amortization $1.061M $767.0K $622.5K
YoY Change 50.14% 23.21% 159.38%
% of Gross Profit
Operating Expenses $8.421M $13.96M $8.232M
YoY Change -24.73% 69.53% 153.29%
Operating Profit -$12.15M -$18.92M -$11.59M
YoY Change -25.13% 63.23% 151.41%
Interest Expense -$2.629M $84.95K -$51.67K
YoY Change 3930.77% -264.4% 72.23%
% of Operating Profit
Other Income/Expense, Net -$457.4K -$83.75K $131.8K
YoY Change -855.57% -163.55%
Pretax Income -$15.56M -$16.96M -$11.51M
YoY Change -32.54% 47.38% 148.06%
Income Tax $770.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$15.56M -$16.96M -$11.51M
YoY Change -32.55% 47.38% 148.06%
Net Earnings / Revenue -652.66% -838.04% -768.26%
Basic Earnings Per Share -$0.38 -$0.31
Diluted Earnings Per Share -$5.74 -$377.3K -$306.7K
COMMON SHARES
Basic Shares Outstanding 51.19M 44.87M 37.53M
Diluted Shares Outstanding 2.248M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $462.8K $4.218M $32.98M
YoY Change -97.27% -87.21% 94.33%
Cash & Equivalents $462.8K $4.218M $32.98M
Short-Term Investments
Other Short-Term Assets $1.594M $5.392M $4.671M
YoY Change -34.67% 15.43% 295.84%
Inventory $12.32M $12.29M $6.320M
Prepaid Expenses
Receivables $262.6K $332.1K $38.40K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $16.08M $25.34M $44.01M
YoY Change -46.45% -42.41% 80.21%
LONG-TERM ASSETS
Property, Plant & Equipment $29.82M $29.44M $22.40M
YoY Change 22.53% 31.41% 286.95%
Goodwill $0.00
YoY Change
Intangibles $9.045M $9.256M
YoY Change -8.5%
Long-Term Investments
YoY Change
Other Assets $120.4K $119.7K $125.8K
YoY Change -14.87% -4.85% 25.77%
Total Long-Term Assets $40.33M $40.29M $39.45M
YoY Change 17.34% 2.14% 569.78%
TOTAL ASSETS
Total Short-Term Assets $16.08M $25.34M $44.01M
Total Long-Term Assets $40.33M $40.29M $39.45M
Total Assets $56.41M $65.64M $83.46M
YoY Change -12.41% -21.35% 175.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.668M $2.709M $806.1K
YoY Change 280.32% 236.02% 96.6%
Accrued Expenses $455.8K $4.705M $1.641M
YoY Change -80.62% 186.75% 102.56%
Deferred Revenue
YoY Change
Short-Term Debt $5.639M $8.674M $1.654M
YoY Change 176.52% 424.39% 619.17%
Long-Term Debt Due $830.5K $1.283M $809.7K
YoY Change -1.77% 58.42% -25.03%
Total Short-Term Liabilities $17.32M $19.78M $5.968M
YoY Change 101.11% 231.44% 84.77%
LONG-TERM LIABILITIES
Long-Term Debt $6.709M $6.695M $1.970M
YoY Change 253.53% 239.76% 3.16%
Other Long-Term Liabilities $1.009M $1.143M $117.3K
YoY Change 197.59% 874.41% -16.21%
Total Long-Term Liabilities $7.717M $7.838M $2.088M
YoY Change 245.05% 275.42% 1.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.32M $19.78M $5.968M
Total Long-Term Liabilities $7.717M $7.838M $2.088M
Total Liabilities $25.04M $27.62M $8.056M
YoY Change 130.78% 242.84% 52.28%
SHAREHOLDERS EQUITY
Retained Earnings -$166.9M -$151.3M
YoY Change 60.47%
Common Stock $184.7M $177.2M
YoY Change 22.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $31.37M $38.02M $75.40M
YoY Change
Total Liabilities & Shareholders Equity $56.41M $65.64M $83.46M
YoY Change -12.41% -21.35% 175.34%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$15.56M -$16.96M -$11.51M
YoY Change -32.55% 47.38% 148.06%
Depreciation, Depletion And Amortization $1.061M $767.0K $622.5K
YoY Change 50.14% 23.21% 159.38%
Cash From Operating Activities -$6.657M -$14.76M -$11.33M
YoY Change -52.24% 30.23% 145.83%
INVESTING ACTIVITIES
Capital Expenditures -$1.309M -$3.764M -$1.102M
YoY Change -47.97% 241.54% 43.12%
Acquisitions
YoY Change
Other Investing Activities -$750.00 -$2.210K $0.00
YoY Change -109.03%
Cash From Investing Activities $1.309M -$3.766M -$1.102M
YoY Change -152.17% 241.74% 43.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.475M
YoY Change -51.4%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.593M 17.73M 6.939M
YoY Change 262.17% 155.49% -52.4%
NET CHANGE
Cash From Operating Activities -6.657M -14.76M -11.33M
Cash From Investing Activities 1.309M -3.766M -1.102M
Cash From Financing Activities 1.593M 17.73M 6.939M
Net Change In Cash -3.755M -795.1K -5.495M
YoY Change -76.54% -85.53% -159.73%
FREE CASH FLOW
Cash From Operating Activities -$6.657M -$14.76M -$11.33M
Capital Expenditures -$1.309M -$3.764M -$1.102M
Free Cash Flow -$5.347M -$10.99M -$10.23M
YoY Change -53.18% 7.47% 166.43%

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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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CY2022Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2650000 usd
CY2022Q3 fuv Lessee Finance Lease Monthly Payments
LesseeFinanceLeaseMonthlyPayments
54000 usd
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
1065000 usd
CY2022Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
1718581 usd
CY2022Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
500955 usd
CY2022Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
934482 usd
CY2022Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
1435437 usd
CY2022Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M20D
CY2022Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0543 pure
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
46127 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
305296 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
57403 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
152508 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
16148 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
46127 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
143377 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
499426 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
352609 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
352609 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
216507 usd
CY2022Q3 fuv Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1564528 usd
CY2022Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
129091 usd
CY2022Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
1435437 usd
CY2022Q3 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
4801600 usd
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2022Q3 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
0
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
44030
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
91095 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
457433
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1550007 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1322119 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4773137 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2660463 usd
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
1500000 usd
CY2022Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
1151000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2024205 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1498176 usd
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-18917833 usd
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-11589969 usd
CY2022Q3 us-gaap Fair Value Liabilities Measured On Recurring Basis Debt Instrument Valuation Techniques Change In Technique Quantification Of Effect
FairValueLiabilitiesMeasuredOnRecurringBasisDebtInstrumentValuationTechniquesChangeInTechniqueQuantificationOfEffect
2122828 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
84945 usd
CY2021Q3 us-gaap Interest Expense
InterestExpense
51671 usd
CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-83749 usd
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
131781 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-16963699 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-11509859 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4173779 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3609531 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-47024283 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-28586203 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1078482 usd
us-gaap Fair Value Liabilities Measured On Recurring Basis Debt Instrument Valuation Techniques Change In Technique Quantification Of Effect
FairValueLiabilitiesMeasuredOnRecurringBasisDebtInstrumentValuationTechniquesChangeInTechniqueQuantificationOfEffect
-22712 usd
us-gaap Interest Expense
InterestExpense
258851 usd
us-gaap Interest Expense
InterestExpense
151246 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-12553 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
221214 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
-47321599 usd
us-gaap Net Income Loss
NetIncomeLoss
-24499055 usd
CY2022Q3 us-gaap Severance Costs1
SeveranceCosts1
0 usd
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000

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