Arcimoto, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 10, 2023 at 03:27 pm EDT
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Arcimoto, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 1.76 million compared to USD 1.5 million a year ago. Net loss was USD 13.21 million compared to USD 17.4 million a year ago. Basic loss per share from continuing operations was USD 1.71 compared to USD 8.8 a year ago.
For the six months, sales was USD 3.11 million compared to USD 2.15 million a year ago. Net loss was USD 20.1 million compared to USD 30.36 million a year ago. Basic loss per share from continuing operations was USD 2.82 compared to USD 15.66 a year ago.
Arcimoto, Inc. is engaged in the design, development, manufacturing, and sales of electric vehicles. The Company has introduced six vehicle products built on the first Arcimoto platform that target specific niches in the vehicle market. Its 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 electric on-road thrill machine; and the Flatbed, the Company's solution for a right sized pickup truck. The Company introduced a second vehicle platform prototype, and the first product concept on that platform, a class III e-trike codenamed the Mean Lean Machine. The Company is also selling their TRiO motorcycle upgrade kit through Tilting Motor Works, Inc., which transforms a traditional two-wheeled motorcycle into a leaning three-wheeled motorcycle.