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This statistic highlights Arcimoto’s Revenue Breakdown Worldwide, split across product sales and other revenue, reported on a quarterly basis from 2017 onwards.
|Segment||Q3 2020||Q2 2021||Q3 2021||Contribution in Q3 2021|
(All figures are in thousands, except percentages)
Arcimoto’s total revenue increased from $673.8 thousand earned in Q3 2020 to $1,498.1 thousand earned in Q3 2021, marking a 122% growth on a year-on-year basis. It also grew by 109% on a quarterly basis, as compared to $717.3 thousand earned in Q2 2021.
The ongoing COVID-19 pandemic has caused and will continue to create considerable disruption in global and US economies and financial markets, which has had a negative impact on the company’s financial performance. Arcimoto like many other businesses closed its facility for a period of time to protect its workers’ health. As a result, the company did not create automobiles during that time, and something similar may happen again. Additional long-term shutdowns will reduce its revenue and may lead to the company running out of funds and ceasing operations. Due to the epidemic and government measures to halt it, such as stay-at-home orders, it saw a spike in the cost of goods or a protracted disruption in supply or lack of materials. Such increase, disruption of supply, or shortage had a significant and detrimental impact on the company, prospects, financial condition, and operational performance. Aluminum, lithium, copper, nickel, steel, and cobalt, as well as lithium-ion cells from vendors, are all used in this firm. Prices for these resources fluctuate, and the supply of these materials was insecure, depending on market circumstances and worldwide demand.
Arcimoto’s revenue can be further bifurcated into the following segments:
This category includes all the revenue generated from the sale of products, manufactured and supplied by the company in the market, like Fun Utility Vehicle (FUV), a tandem two-seat, and three-wheeled electric vehicle.
The majority of Arcimoto’s revenue is generated from the Product Sales segment, accounting for 89% of the company’s total revenue in Q3 2021, amounting to $1,333.6 thousand. It grew by 115% on a yearly basis as compared to $620.4 thousand earned in Q3 2020. On a quarterly basis, it increased by 107% when compared to $644 thousand earned in Q2 2021.
The segment comprises the revenue generated from all the activities, except sales of products that are manufactured and supplied by the company.
Arcimoto’s revenue from the Other revenue segment has increased from $53.4 thousand earned in Q3 2020 to $164.5 thousand earned in Q3 2021, marking a growth of 208% on a year-on-year basis. It also increased by 124% on a quarterly basis, when compared to $73.3 thousand earned in Q2 2021. It accounts for 11% of the total revenue generated in Q3 2021.
On November 21, 2007, Arcimoto Inc. was formed in the state of Oregon. The company’s objective is to accelerate the transition to a sustainable transportation system across the world. The Company has spent the last 13 years developing a new vehicle platform based on the demands of daily drivers. The Arcimoto platform, which is around one-third the weight and one-third the footprint of a typical automobile, is designed to bring the delight of ultra-efficient, purely electric driving to the public. To date, the company has released five vehicle products based on this platform that target specific segments of the vehicle market: its flagship product, the Fun Utility Vehicle (FUV), for regular consumer trips; the Deliverator for last-mile delivery and general fleet utility; the Rapid ResponderTM for emergency services and security; the CameoTM for film, sports, and influencers; and the Arcimoto Roadster, a fully advanced pure-electric on-road thrill machine.
The company’s attention is now completely on volume production planning in order to drive to long-term profitability and deliver the thousands of pre-orders in the queue, as well as meet the demand produced by field-based pilot fleet cars. To get the funding needed to implement its expansion strategy, the Company is now developing a software for the Advanced Technology Vehicle Manufacturing Loan Program. The common stock of the company goes by the symbol “FUV” and is traded on the NASDAQ.
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