Arcimoto, Inc. (FUV) Q2 2023 Earnings Call Transcript

Arcimoto, Inc. (NASDAQ:FUV) Q2 2023 Earnings Conference Call August 24, 2023 5:00 PM ET

Company Participants

Chris Dawson – Chief Executive Officer

Chris Dawson

Hey. Hello, everyone. This is Chris Dawson, CEO of Arcimoto. Welcome to Q2 2023 Report-Out.

Here’s our forward-looking statements. Naturally, everything short of historical data as presented are forward-looking statements and what we believe to achieve as we accomplish our goals.

In Q2, we were able to produce 94 units, at least — well, for the first half of the year. In 2023, we were able to produce 94 units. Of that, we delivered 65 customer vehicles in the second quarter with an average sales price of $22,700 and delivered 102 year-to-date.

In June, we’re excited to have produced our 1,000th vehicle. And as of June 30, we had 665 customer FUVs on the road; 39 vehicles allocated for marketing, R&D and internal fleet use; and another 90 vehicles in the Arcimoto rental fleet for revenue generation.

Tilting Motor Works completed delivery of 11 TRiOkits to customers with an average sale price of $14,200, that’s $14,285. And achieved — and Arcimoto achieved 954 rides for demo drives and rentals combined during the second quarter.

Arcimoto also launched the modular utility vehicle, or MUV, the first on-road modular utility vehicle in the company’s lineup of small footprint electric vehicles, dedicated professional and commercial use.

I really like to applaud the Arcimoto team. They delivered a solid quarter, sharp execution and improving operational efficiencies, generated $1.7 million, just over $1.7 million in revenue and that’s up 17% from 2022.

We’re continuing to see strength in our industrial and military markets with the MUV and our recent Matbock deal and are confident in the pipeline deals coming to fruition.

We also announced today our intention to sell our U.S. manufacturing

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