Electrameccanica Vehicles Corp.

Third-quarter revenue was $1.44 million, down 6.9% sequentially from $1.55 million and roughly 12 times higher than the same quarter a year ago. SOLO production was 103 vehicles, and deliveries were 64 versus 68 in the prior quarter. Gross margin was -66.3%, a sequential improvement of roughly 55 points, while operating expenses rose 14.2% sequentially to $20.9 million and net loss was $21.5 million, up 6.1% sequentially. Management did not provide formal next-quarter or full-year numerical guidance, but said margins could be volatile and that Mesa onshoring should help margins over time.

Kevin Pavlov emphasized that the business is building momentum despite a difficult macro backdrop. He said demand has not slowed, the manufacturing partners affected by Zero COVID are back on track, and a new multi-channel marketing campaign should improve visibility and funnel performance. He also framed the Mesa onshoring decision as strategically important for shortening supply lines, lowering costs, avoiding tariffs, and supporting U.S. market expansion.

Mark Orsmond focused on the quarter’s financial profile and the company’s capital position. He reiterated revenue of $1.44 million, gross margin of -66.3% after a 55% sequential improvement, operating expenses of $20.9 million, and net loss of $21.5 million. He said the balance sheet remained healthy with working capital of just over $173 million at quarter end and described capital allocation as disciplined, with spending directed toward R&D, sales, and marketing to support strategy.

There was no live analyst Q&A included in the transcript, so the main discussion points came from management’s prepared remarks. The notable issues raised were the impact of Zero COVID and supply-chain disruption on production, the expectation that margins may remain volatile, and how onshoring to Mesa could improve control over costs and lead times. Management also highlighted the Arizona sales license, the Pizza Hut franchise pilot for SOLO Cargo, and the first Investor Day planned for Mesa in February.