Arcimoto, Inc.

Q2 2023 total revenue increased 17% to $1.76 million from $1.5 million in Q2 2022. Year-to-date revenue through June 30, 2023 increased 45% to $3.1 million from $2.1 million in 2022. Net loss was approximately $13.2 million, or $1.71 per share, versus a net loss of $17.4 million, or $8.80 per share, in the prior-year period. Operationally, the company produced 94 units in 2023, delivered 65 customer vehicles in Q2 at an average sales price of $22,700, and had 665 customer FUVs on the road, 39 vehicles in marketing/R&D/internal fleet use, and 90 vehicles in the rental fleet as of June 30. Looking ahead, management said cost reductions and manufacturing improvements could tip the business toward material profitability in the fall, and the recently raised $6.7 million, plus proceeds from a planned facility sale, are intended to extend runway and support scaling production and sales.

CEO Chris Dawson said his focus since joining has been on accelerating strategic partnerships, capital formation, and sales execution while restructuring the company. He emphasized improved production efficiency, leveraging underutilized manufacturing assets, and building momentum in new categories like the MUV. His tone was upbeat and operationally focused, repeatedly saying the company is on track with the cost-out and profitability goals previously discussed.

No separate CFO remarks were included; Dawson covered the financial update himself. He cited $1.76 million of Q2 revenue, $3.1 million year-to-date revenue, a $13.2 million net loss, $53.1 million in total assets, $1.3 million in cash and cash equivalents, and $32.7 million in total liabilities as of June 30, 2023. He also noted the company completed or received $4.3 million of a $6.7 million raise and expects an additional $2.4 million in Q4 upon shareholder approval, while saying the planned facility sale should free up capital tied up in the plant.

In the submitted Q&A, management was asked about production, the facility sale, use of the new funding, the Matbock partnership, the path to profitability, and what drove the revenue increase. Dawson answered that the factory is largely underutilized and that a sale-leaseback would free up capital better used for production rather than real estate, while contract manufacturing has also become a revenue opportunity. He said the Matbock deal combines Arcimoto’s electrical and systems capabilities with Matbock’s military design experience, and he reiterated that cost reductions should support material profitability in the fall.