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Arcimoto (FUV) Q2 Loss Wider Than Expected, Revenues Up Y/Y
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Arcimoto (FUV - Free Report) incurred second-quarter 2022 loss of 39 cents per share, wider than the Zacks Consensus Estimate of a loss of 33 cents. Also, the figure was wider than the prior-year quarter’s loss of 23 cents a share.
Revenues skyrocketed 109% year over year to $1.5 million, surpassing the Zacks Consensus Estimate of $1 million.
The company reported a gross loss of $4.6 million in the quarter, wider than the year-ago loss figure of $2.5 million.
Arcimoto has three reportable segments, namely fun utility vehicles (FUV - Free Report) , rental and TMW.
The FUV segment consists of the sale of electric vehicle product lines while the rental segment‘s operations are related to generating revenues from the short-term rental of its electric vehicles via various channels or networks. The TMW segment engages in the design, production, sales and installation of a bolt-on kit that converts a two-wheeled motorcycle into a tilting three-wheeled motorcycle.
The FUV segment reported revenues of $1.01 million in the quarter, up from $0.67 million a year ago. The operating loss came at $14.3 million, deteriorating from $8.9 million incurred in the year-ago period.
The rental segment reported revenues of $53,818, increasing from $16,618. The segment incurred an operating loss of $0.51 million against a profit of $16,617 in the year-ago quarter.
Revenues for the TMW segment were $0.43 million, up from $0.03 million a year ago. The operating loss was $0.31 million, narrower from $0.42 million.
Financial Highlights
Total inventory amounted to $11.4 million as of Jun 30, 2022, increasing from $7.8 million as of Dec 31, 2021.
Research and development expenses shot up to $3.7 million from $2.6 million a year ago. General and administrative expenses went up to $3.8 million from $2.6 million. Total operating expenses during the quarter was $10 million, jumping from $6.8 million in the comparable quarter of 2021.
Cash and cash equivalents came to $5 million as of quaretr-end, falling significantly from $16 million in the year-ago quarter.
Harley-Davidson has an expected earnings growth rate of 6.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 8.5% upward in the past 30 days.
Harley-Davidson’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. HOG pulled off a trailing four-quarter earnings surprise of 49.52%, on average. The stock has risen 0.8% in the past year.
Genuine Parts has an expected earnings growth rate of 15.3% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 1.5% upward in the past 30 days.
Genuine Parts’ earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. GPC pulled off a trailing four-quarter earnings surprise of 11.03%, on average. The stock has risen 28.2% over the past year.
Tesla has an expected earnings growth rate of 74.6% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 5.4% upward in the past 30 days.
Tesla’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 32.17%, on average. The stock has risen 39.4% in the past year.
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Arcimoto (FUV) Q2 Loss Wider Than Expected, Revenues Up Y/Y
Arcimoto (FUV - Free Report) incurred second-quarter 2022 loss of 39 cents per share, wider than the Zacks Consensus Estimate of a loss of 33 cents. Also, the figure was wider than the prior-year quarter’s loss of 23 cents a share.
Revenues skyrocketed 109% year over year to $1.5 million, surpassing the Zacks Consensus Estimate of $1 million.
The company reported a gross loss of $4.6 million in the quarter, wider than the year-ago loss figure of $2.5 million.
Arcimoto, Inc. Price, Consensus and EPS Surprise
Arcimoto, Inc. price-consensus-eps-surprise-chart | Arcimoto, Inc. Quote
Segmental Highlights
Arcimoto has three reportable segments, namely fun utility vehicles (FUV - Free Report) , rental and TMW.
The FUV segment consists of the sale of electric vehicle product lines while the rental segment‘s operations are related to generating revenues from the short-term rental of its electric vehicles via various channels or networks. The TMW segment engages in the design, production, sales and installation of a bolt-on kit that converts a two-wheeled motorcycle into a tilting three-wheeled motorcycle.
The FUV segment reported revenues of $1.01 million in the quarter, up from $0.67 million a year ago. The operating loss came at $14.3 million, deteriorating from $8.9 million incurred in the year-ago period.
The rental segment reported revenues of $53,818, increasing from $16,618. The segment incurred an operating loss of $0.51 million against a profit of $16,617 in the year-ago quarter.
Revenues for the TMW segment were $0.43 million, up from $0.03 million a year ago. The operating loss was $0.31 million, narrower from $0.42 million.
Financial Highlights
Total inventory amounted to $11.4 million as of Jun 30, 2022, increasing from $7.8 million as of Dec 31, 2021.
Research and development expenses shot up to $3.7 million from $2.6 million a year ago. General and administrative expenses went up to $3.8 million from $2.6 million. Total operating expenses during the quarter was $10 million, jumping from $6.8 million in the comparable quarter of 2021.
Cash and cash equivalents came to $5 million as of quaretr-end, falling significantly from $16 million in the year-ago quarter.
Zacks Rank & Other Key Picks
FUV carries a Zacks Rank #2 (Buy), currently.
Some other top-ranked players in the auto space are Harley-Davidson (HOG - Free Report) , Genuine Parts Company (GPC - Free Report) and Tesla Inc. (TSLA - Free Report) , each carrying a Zacks Rank #2, currently. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Harley-Davidson has an expected earnings growth rate of 6.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 8.5% upward in the past 30 days.
Harley-Davidson’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. HOG pulled off a trailing four-quarter earnings surprise of 49.52%, on average. The stock has risen 0.8% in the past year.
Genuine Parts has an expected earnings growth rate of 15.3% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 1.5% upward in the past 30 days.
Genuine Parts’ earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. GPC pulled off a trailing four-quarter earnings surprise of 11.03%, on average. The stock has risen 28.2% over the past year.
Tesla has an expected earnings growth rate of 74.6% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 5.4% upward in the past 30 days.
Tesla’s earnings beat the Zacks Consensus Estimate in all of the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 32.17%, on average. The stock has risen 39.4% in the past year.