ARVL - Arrival reports Q3 results; expects cash on hand to fund the business into Q3 of 2023
- Arrival press release ( NASDAQ: ARVL ): Q3 loss for the period of $310.3 million, compared to a loss for the period of $30.6 million in the third quarter of 2021.
- Adjusted EBITDA loss for the period of $73.3 million, compared to an adjusted EBITDA loss of $45.9 million in the third quarter of 2021.
- Cash and cash equivalents of approximately $330 million as of September 30, 2022
- Extend the runway of $330 million cash on hand by restructuring the business to reduce costs.
- Outlook: Arrival expects to end the year with between $160M and $200M of cash. Expectations for ending cash includes approximately $35M in Q4 for severance and retention related costs, and approximately $40M for other restructuring costs.
- The Company expects cash on hand to fund the business into Q3 of 2023.
- Limited resources and the attractive opportunities of the US market makes developing US products the best use of capital, but this means revenues and margins will come later; not in 2023.
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Arrival reports Q3 results; expects cash on hand to fund the business into Q3 of 2023