FUV - Arcimoto continue to decline after earnings miss

Arcimoto (FUV -6.5%) is down after reporting miss on both lines in its Q3 earnings results. Revenue of $1.5M (+120.6% Y/Y) misses consensus by $0.38M. In Q3, the company sold a record 63 new and one pre-owned customer vehicles, and produced a total of 78 vehicles. "The third quarter was the first full quarter of operations for our company-owned rental operations in Eugene and San Diego, and we have seen continued interest and growth from both our franchise rental partner in Key West as well as at GoCar Tours in San Francisco. We also recently launched our first vehicle sharing collaboration with REEF, launching REEFDrive in Santa Monica," says Mark Frohnmayer, Founder and CEO of Arcimoto. GAAP EPS of -$0.31 misses by $0.11. The company ended the quarter with $33M in cash and cash equivalents.  Arcimoto notes that the final submission of application to the US Department of Energy for an advanced technology vehicles manufacturing loan expected in the fourth

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Arcimoto continue to decline after earnings miss