FUV - Arcimoto warns it will miss its full-year production guidance due to supply chain slowdowns

Arcimoto ( NASDAQ: FUV ) doubled revenue in Q2 to $1.5M as it began to ramp up production.

The electric vehicle maker said it produced 102 new customer vehicles to mark its the highest quarterly vehicle production ever.

FUV delivered 41 customer vehicles in Q2 and deployed 4 vehicles into fixed assets for marketing and deployed 20 vehicles into rental operations, as well as increased finished goods inventory to 55 vehicles from 18. Arcimoto ( FUV ) also produced 20 rental vehicles. The rental program now totals 98 rental vehicles across 11 Arcimoto rental and partner rental locations in 5 states.

During the quarter, Arcimoto ( FUV ) achieved at one point a production rate of six vehicles per day, which it noted represents an annual run-rate of 1,200 vehicles per year.

Arcimoto ( FUV ) ended the quarter with $65.6M in assets, $5M in cash, and total liabilities of $22.5M.

Looking ahead, FUV expects gross profit to improve as the company continue to scale production volume and implement key cost-down initiatives. However, due to supply chain headwinds, Arcimoto ( FUV ) warned that it would not meet its full-year production guidance.

"More important than the aggregate number of vehicles produced while we remain at a gross margin deficit, is that we plan to reach the production rate of 12 vehicles a day by the end of the year, representing an annual run-rate of 2,400 vehicles per year."

Shares of FUV moved up 0.98% in after-hours trading to $3.08.

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