ARVL - Arrival reports Q2 results
- Arrival press release ( NASDAQ: ARVL ): ended Q2 with approximately $513M of cash and cash equivalents, began restructuring the business to reduce costs, and today is establishing a $300M At The Market (ATM) platform.
- These actions will allow the company to start production this quarter in Bicester, deliver its first vehicles to UPS this year, and start production in Charlotte in 2023 with an optimized factory.
- The company expects lower production volumes in 2022 compared to previous estimates.
- Loss for Q2 was $89.6M and Adjusted EBITDA loss was $76.2M.
- For the second half, Arrival expects Adjusted EBITDA loss in the range of $175M-195M, and Capex of $40M-60M. Capex will primarily be for some initial production tooling and finalizing the commissioning of Bicester.
- The company expects to end the year with approximately $300M-350M of cash inclusive of expected proceeds from the ATM proceeds of approximately $90M this year and $210M in 2023.
- Shares +1.6% PM.
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Arrival reports Q2 results