FUV - Earnings call transcript Q1 2022

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Mark Frohnmayer

Good afternoon, everyone, and welcome to Arcimoto's Q1 2022 stakeholder update webinar. To start out, I want to call your attention to our safe harbor disclaimer regarding forward-looking statements. This note identifies risk factors that may cause our actual results to differ materially from the content of forward-looking statements for the reasons we cite in our SEC filings. Today's format is going to be a bit different from prior webinars as we have a lot of ground to cover, including the introduction of the two newest members of the executive team.

So we are going to save the analyst panel for the Q2 webinar. call many platform, questions few and the of to over came more answers end Say permits. the we'll the folded of that the in at We've time as take a

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Dwayne Lum

by earnings eliminate people upon Whatever years daring Mark, Arcimoto, acquisition call, offer us must all object implement product fossil customers, ideas. we learned mentioned stakeholders support. are money. substantially bottom of my and lower colleague have the their it the I maintenance, deliver To a business level make line. the The and win Thanks, to ideas Ideas the And In is former customers to of of staying an goals with Kevin company, that Mark right and O'Rourke innovation and not success. I've decrease and latter in incumbent expense industries it themselves, takes the on annual innovation deals in costs, to these and tailoring with we it ingredients next your segments, the be, And suit just for of products last the called not needs vehicle implementation. are. power to development a shock to must thanks do. energy, that, with of number the of vehicle it's while commercial those we the sinus. mix of and the done. fuels across our may and first for the do product of company get the to know-how, organization do things ideation implement their and take can the My generation increase deals continued business customer many believe

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Mark Frohnmayer

to glad you board. have very and Dwayne, you, on Thank

specifics continue the streamline our the we've the the points to gears of ahead. fund here, utility great on future product touch been expertise really it maturing taking in when And I pleased and care our Diego again experience who our time. first of all all now rental it, around current from way family, to to the think of has of about we've on the development trying Lynn to introduce and our an and we short through and you, with you Arcimoto front, want and and an You've a from customer made push to product continued and is to and significant expect us hone see got hear over to just very the already couple San I I acceleration Lynn, processes, it that things shift background behind to present deep impact -- Yager, comes see experience center a weeks customer win. and to experience pace buying awesomeness I'm industry in

to So Lynn, stakeholders. our say hello

Lynn Yeager

grateful Thank you, Mark. I'm team. the on very be to

last of at really roles. a individuals my talented little experience of of give little and sales group years career the to wanted bit. or on just here a a bit variety have a in client I've XX Arcimoto. I We background spent so leadership

Tesla automotive as few within Specifically, space, in for the through and our in roles of U.S. West for leading our X. and Director global launch operations strategy performance, different spent to I was leading a Sales support like in of XXXX towards which few California, XXXX, retail strategy years with sales scaling the organization Hawaii engagement also our Model the leading our a programs

customer from San you strategic our thoughtful see have the That be focus delivery, being can through reach going them my we how really all in my and experience Center now be channels, Experience in we how role would as way estrances around products. engagement evolving to and basically the we So all here sell in a is Diego. up brand from scaling building first that now very customers our that our to to from right

expanding sort channels. of way we that on engage from in channels our products for different currently also I experience drive are brand holistic see and rental approach having our Arcimoto. the to the X We

So we have our individual consumer channel.

our commercial. have We

We business. have small

have as recreational which as a that stream it, ties piece is sort revenue of We also another really well and of together. piece fun the all that rental

As Mark we're moving. challenging really about people that the way said, think

look our we as Eugene getting drive expand growth to beyond have we an as as from and at a Diego. few few are so business, will and a scale And in We right and well to deliveries to demand deliveries thousand go. San hundred sustaining now, trying that how experience currently center we

also We now. well the rental we in right have spread Oregon, a opening be Hawaii, to launching up going as Florida We're California are to few partners and process as of coming and Hawaii. in out

after engagement in to come As we that, New launching will be well shortly York. in sales

I'm, different multiple really different customers people. on of to a profiles. think really incredibly This the audit have very reasons. X talented the a such is organization, to excited to thoughtful I products platform chose come important for reach products, reach types of So again, multiple fun applications our I One, we be quality the and really client really there's truly product and of for team. here an that of

time. thank So you again. everybody's I appreciate

Mark Frohnmayer

you, Thank Lynn.

on that ready Arcimoto in out build been gaps to adjacent And with what's then filled that and you Before two bit Can for in doing start-up to best so get because And sit thought to bringing the and again. industry just in, you're company a it said truly had have a the answer the both I've want gears piece in little of sit I getting great Friday's I to got single problem you the from push factory executive in, in of scale that public such of was me awesome why Terry, It a at -- this once going mouth. grizzled team we this both had to in I was out dive year I watch there? have are table and could year company, meeting reason explain at through got people automotive we've have in as then the we're what my around smarter where with phenomenal I the one veterans now? that expectations veterans at before -- I -- way. every the tested hours live than switching is through ever had every fields goes. production to

Terry Becker

reporter today. roving the I'm afternoon. Good

month, the the hit machining. we're we This together do line, folks rAMP. and the double are to people rAMP where go do and parts year. six full will we the the assembly on per we putting come motion, to forming end stellar, to need good toward vacuum the the assembly. end SUVs, we rate day. intend per assembly to And Those guys our now that for to be to make actually to welcome what super then of pieces of day. year, and four vehicles putting the is the X,XXX facility final our is for of I'm By this it's parts of our right that we final river proud battery and here are which these the a of facility These plant final stations these XX motion. The together, that flowing. in at of in fabrication in and So our is do

to just to job. are want shout give out I a these that all great a So doing people

Mark Frohnmayer

you, we've like work. Doug versus the Thank on to share wins of expected Great of through milestones team, you then the Terry. look the and we Would QX just we Campoli, And what some perspective got. a growth Awesome. CFO. did. finance your at what

Douglas Campoli

first revenue talent production of to as ramp pleased move with manufacturing this on plan. and achieve full target Mark. I'm production tighter SUV growth than Thanks, successfully back our and on and to completing was due than faster the at navigate finance -- of SOX and planned the the their quarter We to us getting $X.X very million team beginning And accounting we to the better compliance. abilities to year growth reporting emerging puts sales exit the deadlines believe status into XXXX, look anticipated.

independent auditors want global announced DBBMcKennon, from presence Arcimoto As growth, their the start-up a prior talent as thank this part XX, of public private our of to engagement Arcimoto's guiding We external production Deloitte for to on we with April company. a auditors.

they XX-Q, Thank manufacturer. you, growth Deloitte we to Mark. becoming Arcimoto's is on will quarter believe first global guide this As of a and board,

Mark Frohnmayer

sprawling be on as those we with in footprint. present before more just us studio from manufacturer guide have have the auditing like team footprint fantastic to can and a grown been public team grow as through who to a us believe that us welcome to with And a future went and global partner, helped have him it's DBBMcKennon, Deloitte to thanks our XX a the echo from we to team. scale Likewise, small moment, they've design I'd been to guys foreseeable a as that of through we we

developments awesome well. So that on as front

thoughts share Jesse So to that before any like all we dive have you assemble? Fittipaldi, you'd Q&A, into do with

Jesse Fittipaldi

Thanks, Mark. Yes.

folks our super that's the for the that our and if a understand and out for is creating and to with coming X And to by be when good the is American factory, starting they was, dream and isn't looks COVID for struck hard created. we we this that like visit that to get Now get statement their it, drives product where true it's facility like. to it get out give fun. see able American that of usually, I to out come because come to give people tour, thing. we it weeks an we're takes what to gave -- that the to that able But ago have this are And what a we've of what they everyone there how hear to I love out international test I was is truly the answer statement it, came team. product. really the of manufacturing her does And I tour the them team. are we people manufacturing in was

So wanted here out that share I doing. and see to or doing to strongly we're what it recommend to just getting and

Mark Frohnmayer

as to think, play to customers. factor both of the significant our become to potential that through very I partners, of reality walked plans. just is wave had it Omicron of I'll partners, we and of to people come getting potential very out and our just stoke experiencing Arcimoto's and who from what particularly number echo joy facilities, people opportunity, the We've the we on almost future desensitized, host Jess of doing but ride, a the I've a see look the presence the at the level heartening ground are have close

Q&A. the one of experience. the sharing foreseeable and very see it take we with So are up again coming we've next the X And future Thank have for and the or that you all we're I'm to Arcimoto before and here. of stream of that, all and you a ahead look folks to handful forward coming how the gratifying questions, we off doing what with being it at been is open -- we go reasons least road let's it's full wrap it We'll our a for large doing for way months, to up.

Eric Fritz

right. All

just of some say, Looking to particularly want the around a so were the I on note these make funding. at addressed questions in that comments,

a at are see don't So questions go open. if answered, look invite particular gave at comments that that question those and the in you I or Mark you the to then back take

see mass What biggest products? Arcimoto here. is currently any the the concern production for achieving Let's of in

Mark Frohnmayer

say, when challenge the again, comes have. getting word, that one would again, leadership is on it the bigger, gets But bigger and of the specific the of fuzzy kind it development is would and challenges, a I that initiatives trying I gets. So we're the is -- biggest is we various it leadership, all but bigger -- to I've challenge this the solve gets, seen team that to the problem that of face gets

X.x so drivetrain includes major And the vehicle. changes to of the

Changes ability and hard battery the upper to for points mount in system. chassis integrate on. -- so New the where we the new a

the is a we in moving say a so the challenge. Arcimoto that board, on the we really manner. around the in making team on for along at And we time incredible getting plan is all moving in -- in of to the for planned that aiming of the having box, development. that and puzzle which would and work scale. by We aligned I the the our side effort a but production to amount And monstrous of excellent other all And It's to on biggest only me that, is truly is push is all fronts it be side the team is sure challenge And values. facilities same on that that those same the forward have that, coordination then cohesive of documentation, front. process can making easily has -- just on this it's development, very just by other but of we headway are communication, product no Arcimoto say, that so production And as internationally. product both not product that domestically is want our facilities, are a and the good put more done, huge and family the the replicate means you

Eric Fritz

is or X,XXX Arcimoto Not X, to demand? currently shifts get question do product the how efficient. But... to to Next running expect not, X demand manufacturing exactly If X sure asking about meet or manufacturing they're our you plans more production? about hit of if

Mark Frohnmayer

again, X now X,XXX year moving The produced, is shift did I target units are last X next believe again target X,XXX year. point, is summer? XXXX to like for And triple is production and we year's Terry, what this over shifts we on to the which target. that the And

Terry Becker

takes have the ramp to of to go the We now. do the simply the third other We thing stations shift faster. fabrication the that we more parts up has We'll put toward the stations know the won't that resources order speed, X,XXX meet quarter to together a line. assembly. up make is here rearrange line everything final the two line, it the we line feed But have that one that the we've and vehicles. shifts We're to Yes. the in fact put as late the to enough be in pick plan, -- into third

for next So that's year. be how we'll ready

Eric Fritz

does And you coming the question There's battery any improvements Excellent. with pipe? a have associated on here it? speculate new improvements technology about repackaging, can to down it related recent

Mark Frohnmayer

got battery underway. actually initiatives multiple we've So

cell door flexible, common being work The cell factor that we which first about that out required today. the packs energy the have the the interconnects. modules on form thing That in flexibility It our place to Up, give electric very the we're the which at new talked until will and flexibility we teamed called the architecture There's -- some XXXX safe chain is us we -- factor, certain form is part of use to is will a not juice. continue vehicles as It a automation change well That shipping process, are battery the cylindrical That this packs. essentially in can large program longer-term Ramp is development and to tweaks effort. that cells low-cost, present into on an we've form -- -- to range think those as through part compliance used And redundancy is module for that factor most modules vehicles. our and packing will from design high-volumetric a changes to come from density from production set and design Fritz, is what this up scale online way thermally vehicle, present work next year. machine to the the automated that pouch architecture briefly with that's us cells optionality in critical terms mainly all and the year. very arguably And through for company cells incredibly of of of for now supply XXXX testing we -- DW with the what assembled provides were first we of developed of mass X.x experts overall is packing use in that

Eric Fritz

delivery? and partnerships made scaling progress What market goods is food leaders in with in

Mark Frohnmayer

Say time? that X more

Eric Fritz

leaders goods and partnerships in with market on delivery. scaling made food Progress

Mark Frohnmayer

have the particularly are for vehicles. having Arcimoto alluded major near what a with in over we're of and this we aiming seen is to management I pilot So place and morning announcement space, some couple calls now delivery that, get in this is might beyond we conversations have fleet the is that to the stuff players term that in

of what management So products. for this or robust of lot Arcimoto's to having comprehensive about eat adoption will from turnkey And everything the is call, for being the is Kevin providing themselves fleet fleet instead talk to more and that's that financing by expect fleet for the something financing, [indiscernible] our a able service, on -- last fleet sticker price to the talked solutions so of have was about really users for for adoption. sort month that solution in which we through turnkey This future. packages upfront applications I near

Eric Fritz

When huge expansion for states specifically U.S. should expect which like the can Texas, we a SUV? further be the in market

Mark Frohnmayer

coming you approach more and deck. would very a on bit about to opening we've little and some I markets, the new like believe Lynn, talk the got rollout of soon then

Dwayne Lum

me, ready state too. a to Texas. Texas special go are once I'm very into we is for excited

Our when launch for a plan engagement very looks like delivery is our our we what experience that have our out well we ensure it's do and a ensuring service. strategic mapped with as customers, as also our to in that in to approach state logistics that

well your is thought as out So ownership experience well.

so And the right all states on within well we're open of in and reaching California, as the already the focus we're launching states Coast. making scaling densities Florida throughout like in currently is as of now, formally that markets that sure more our West those the

doing We up in we're which Hawaii, now. are opening the of process

will market we really hub experience, a experience New focus a We center will the out And rental on center for holistic there, after approach. delivery then that next be which the rolling York will an to into. have essentially state go be

it rest planned. beginning from thought sure launch just we to experience entire yet, will to don't the that we an very estate, in Texas, have announcement the an when but be that make on out relation assured So and is do that ownership well

Mark Frohnmayer

Awesome.

it. Looking forward to

Eric Fritz

those give There questions are product update full a Can closure, on you asking on any MLM. about few fronts? updates update

Mark Frohnmayer

Sure.

likewise, terms to enclosure program our And requires the then is intend first actually form. that delivery shot for of full we vehicles. technology carry loan are solution be enclosed cap our the in wind manufacturing and So of fleet X the deliver in that part of first program that funding people fully a a requirement vehicles production advanced that will of the both

some one have this or that that include more get a will you scale coming. production we our the some solution with those more be on will have land full X.x, you But likely FPV make actually will door versions of the Likely were up at now. for a for that customer. so upper. And enclosure typically photos, or the of saw solid product we enclosure, And ramping prototype enclosure into soft solutions it as if the those an of of that we solution half When fully-embodied production kind to be accessory. would full

it process. So be a will stepwise

Eric Fritz

the or equity ATVM recession dilution? current of slowdown, make instead with chat sense to loan the the would it early pursue From

Mark Frohnmayer

Arcimoto. is would deals are own been shareholder long and being interest feet. I be as in calling very stand conventional out a we one dilution that cash all scale where CEO of But to that terms achieving positivity we're piece is at is I the Project not think. of the the of a $XX,XXX opportunity requirement bad fair And much a the the today said, nearer-term lower a A I of steps So on rounds approach. -- in of think, the that shareholders. what real to in for really helpful deliver plugging part who's founder that to scale. the of of XX,XXX-units is, comprehensive chunk our deals will A of for founder And see the that it that scale scale what the -- dilution the up profitability, be structures to component in on opportunity having the flow go big a traded really really terms a gatekeeping is can this I'm venture debt, will a away to it equation, see for get terms next dilution, resources nearer-term with solution. that we piece it number push company to would are add company. get and That much just Ascent ATVM am look in the that's necessary conscious take its of for really point the I of then am We much That for be fund to equity. in of time. -- largest about stock. CEO a a is larger in of to mission the towards I to for

wipe spiral we that that to -- something have just just is word. aim that is this structures to and future. so-called we've So a the into not death order bad, itself foreseeable That deal can and dilution are a totally avoided me, deals screw company. What and lot the It to necessary turn cap seen avoid bad table -- is really out not microcap is the over by in in for is the space shareholders. grow

Eric Fritz

or gross production Also as on from perspectives Chad, ramps comments any up? margin

Mark Frohnmayer

that again? Say

Eric Fritz

up? as Any production gross or margin ramps perspective on comments

Mark Frohnmayer

So ultimately, target for for is the the as long right scale. for out, gross true been at products we gross it's around and margins margins, XX% a time project

we're we're If obviously, baked shipped. nowhere all you because gets to today, units of relatively that manufacturing overhead of close a our at small what look into doing number

And that the and all scale door, cost manufacturing units parts we're portion in vehicle drive ship drivetrain. for that of those is and to per terms up that's up. power work doing purchasing we you various in layer overhead of through X.x of down the us scale economy gets within on we number purchase then As then goes that we the that what vehicle. the way of complexity out of out steps And the course,

Eric Fritz

app Any the app? update about chat and Question the update. on

Mark Frohnmayer

implemented. specified but no chewing updates and very you that are getting have We something app on that the and at away for is today, it present is we

put to the basic I be just checking vehicle a app that version not think bunch of the pretty the functionality to ultimately, other you is any terms want But startup. of that that there we on features in going simple seen app. vehicle are we -- need of ultimately, cool see service, first on engaging community have in for done in we service,

out forward. that that Again, customers for vectoring. program can Vectoring phenomenal the moving at job done And has front. stockholder the the front, that on tuned at in just time I on add team stay Version available So guess X same the fall Truck of torque the to we is target app that I roll have a is working on

of a and X that computers huge a is adopter be as it's public first steering people in board, another our that faction terms online terms of the first us believe on initiative up, with very the I had in out then there the low-speed level We autonomy but we a of using to need higher to side on ago. demo And pulling are platform, software. channel, sensors. that of do supervisory, that quarter. customers, concept here the also the they is critical for cool driving YouTube foundation are nobody to of complete on Robo vehicle have of delivery out partner it's driven vehicle. shot our platform, a is because substantial able rolling or Vale provides foundational week real the Arcimoto the this Arcimoto delivery. their factions provides as avoiding going There and to BXB a an they're There's well amount [ph] be for that demo being it by drive testing but they And before of that difficulty impact feature layer targeting our program, that's testing amount -- having substantial is for

terms and torque in So on of system technology the that sits foundation vectoring, on faction on very the it. API cool then developments of top

Eric Fritz

up the you scale that talk number came number? to beyond demand what and units goes how that we there? X,XXX is Maybe you that can about Can into production

Mark Frohnmayer

one. let and I'll Terry And handle Yes. Jesse this

to and augmentations have a necessary additional to pieces significant this also the coming place back But few sort will in more to on that machinery are scale we with and scale Jesse, machine that a to goes offer have what maybe spend. board, without then we of just get lets then unit X,XXX timing nets and be X,XXX-plus that I'll that massive We to are X,XXX. the of want minor approach we the capital what placement do little ATVM us with and that you chime of the to to that, have figured believe -- And piece. in out Terry team

Jesse Fittipaldi

it. for go Terry,

Terry Becker

wanted Well, year. vehicles with has factory mentioned to was when next support I I just What remention a to built I walked X,XXX number that earlier. you had of stations the a been out through saw what factory

right it's efficient So now, at going a X and rate a the day. little many slow it that looks build to we're there, people that's it take vehicles because doesn't out

it, coating, to set the will And it go that, other we well. panels, then XX the of efficient next the equipment parts, they're the X thing day busier. it again, fabricated per the the month very up in efficient. that's and vacuum look then by got that's But in other As as in all parts, people take buildings, fall is time, to and painted it's bring powder the the body formed that will

efficiency So proud we're pulled here of off we've quite with of what the factory. the

Mark Frohnmayer

It's more, then awesome. Thank you, take couple we'll to Terry. turn Fritz, let's a Luis. and

Eric Fritz

model. Sure. bit Question right how how here and revenue about you the a rental about that's little talk set up? Can that works

Mark Frohnmayer

to -- going in-year is rentals to pass one court. and Lynn our now that over experience Lynn. I'm

talk revenue rental model. let's So

Lynn Yeager

Sure. Happy on that. to jump in

partner as So as rev setup and well owned operated we rental. have rental share

And so last those launched few right now, just over we're we have we eight the partners as months. with working that

up both partners bet a markets they It's first we that is our or in state. that successful we're that they're reaching be it increase to new for the we launching focus are start that to want important states already most locations successful the currently set we're and on. scale a that we So to around in in before utilization the

be really for easy it the make utilization sure experience of operational scaling to those own business and when that rentals of for purchased piece or it's and the partner that there model, rental have that important is we as their that that want very sort or So customer is that we're even rev whether owned for share operated our well. for

Mark Frohnmayer

Lynn. you, Thank

Eric Fritz

the question Last just you Are selling on short the now? right came Okay. about in. stock of level concerned

Mark Frohnmayer

seeing did share -- in of probably there on -- Arcimoto have that the we that very something above awesome over address. my a mark, reported is moving leave aware hour in won't. of the see I'll stock, guess service refer opinion one the We is direction it substantial the mission-driven. mark. back third-party and related But we're would I near to in strategy top question commentary to other products. that. a say, about on that I believe mean, personal tracking are it, that shortening I smart a reporting engaged the I we question at the we SaaS to imbalances we're and But stock. persistent we're the I so and we've And This on very are that the firmly formulated least, I with would I question the MLM at shouldn't actual it's

the you MLM for will soon. on coming have more We

that We They're we are have on -- -- looking as call, cool. have last I super mentioned multiples the presently building platform. vehicles first the new on of we

in stuff So external than much once less road, the very show to target it internal is that. cool get a That's The that those call lot be of MLM should we an on six target weeks. team.

Mark Frohnmayer

the times we through our pushing done. getting on and the all that it All very mission focus let's and that in go of right. and partners turbulent of are our I up. wrap partners share call that, Once all for Well, want to all world to we supplier our guys, on our ahead the call, and our thank on of the with continuing and team share challenging again, all stakeholders,

So all. day. a lovely Have you thank

Arcimoto (FUVV) 17 May 222022 Q1 Earnings call transcript