Arcimoto (FUVV) 15 Nov 222022 Q3 Earnings call transcript

I'm Jesse Fittipaldi. Welcome to Arcimoto's Q3 2022 update. In conjunction with our restructuring plan, which has decreased our overhead considerably, Arcimoto continues to demonstrate quarter-over-quarter increased sales and reservations, showing a path towards profitability.

We have focused our efforts on the FUV and the Deliverator and continue to deliver a product that is ultra-efficient, fun and cost effective to customers.

Our customer experience team has had their best quarter ever, demonstrating that our funnel, which includes ads, customer finance, test drives, rental, sales, delivery and service, is working. with Fromyr. meet to going Founder, Mark We're But team, achieved and met with these the executive some of we first, I accomplishments. discussed how we've some that I the experience. to start Lynn to want with great have we share news with customer Yeager of

excited in Jesse. as share, up on XX backlog. shared We I'm quarter, in going the we we vehicles quarter ended that Thank went this quarter. in we to you, started last with XX delivering

well. going into this We have XX as in backlog quarter

I note to things is that renting from of at seeing our sales we're whether order the had leads. vehicle. from a drive what of One we conversion, drive in an that want our event around XX% significant quarter, This is increase be or last to demo a from actually rental came a

still are last this volume. even We conversion nice to a X% able at increasing conversion a with our significantly quarter pace

really our data having sort actually of last to newer and We drives of advisers ready increase on had customer X,XXX really drives. quarter program we we have really have move also target experiences that base. in leads CRM variety engagement behavior, tools into hired And to forward So different those great has individual of that XXX% that lot understand had to focused one-on-one sure as on we're some through demo engagement a We we're able We've channels, last started this through social the just which have. great. implemented the campaigns, right through quarter, that making that we're a audiences, our advertisement a close we our this we the ownership nurture rentals and to to ensure that we that's customer a so can done have advertisement time. customer and around that focus storytelling been

to it's have see time… vehicles, that customer for we something our wanted long implemented financing on folks and And a

excited about relationship Freedom our Financial with Road. I'm Sure.

We that have options other people financing. use for third-party can

They to really flexible a Flexible been up very have payment great terms, they've months. However, partner. down. XX

We purchase able now. The are making vehicle kind people rates also two is of the to on biggest not pay for forward they've comes any it special the something experienced it and move also for with being X.XX% running this things to driven it vehicle, they experience, right at is before. has love anyone that a sure and that when three-wheel to especially necessarily

like. sort it's really envision what of going that And hard to so to be ride is

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important a customer it's right now think And it really I vehicle so And in easy that vehicle. and the purchase experience really we're focused the what we engagement that's make on our to for

is story now how that? I of Lynn, team most Can reservation part into increased exciting probably Arcimoto's right our the your detail quarter-over-quarter. on go has you think some

Yes.

So we that had as largest which in was an very delivered vehicles our quarter quarter, we've this significant also delivered us. a company. for a increase It quarter had was last ever XX% quarter-over-quarter,

think I past our And of year of as what our it's to clarify to And think and customers production out first all reach adopter at our in how deliveries know. demand of see volume. new and backlog funnel. means. we So questions well our full to scale and also I as think chatter new really I how in about customers kind we full it's looking this it's the that our our I first our preorder important facility there is know important important

that previous deliver. in into we those quarter, So of The that XX%. state, the are planning next are non-refundable to backlog vehicles non-refundable that sort XX% orders delivered. going these hard last means This quarter were quarter of was

that bit. see we'll scale, little a So as shift we

level that's necessarily like obviously, the and to kind really shows which different altogether. of some are is a interest not it hot Those leads, preorder However, of just backlog, funnel seriousness purchase.

on However, funnel our go looking and the do as how delivering we're sales at hard next we we really that increase that we're into what quarter is ahead.

have we more guys What on put place that customers tools our helping who in also And been give have customers. convert us you insight are?

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are have past people want what we're sign our fans that understand newsletter people are and who doing. people investors, pretty brand, database interested healthy the to up rental about we're We of for a of and customers, what all who

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their at reach strategic products. we interest looking we customers on we very our with curated how how experiences create depending our really how in So and be can

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campaign. created. detail backlog business have our doing go guys our Arcimoto Can you incredible how is think right Lynn, that's you about a I for of part opportunity key another into an rental market that's now? something that and is that's that

from Happy really I have. last revenue not talk then rentals a to. almost had little a and we our And quarter our partnerships quarter-over-quarter. to Quarter-over-quarter, rentals. programs we great lot that lot And our from our our and a more want has there's than strategy actually bit of about in three for again, I our tripled at shifting quarter strategy. restructuring we We that our really And because volume asset-light in to leverage months rentals heavier questions ago and have partnerships now, rental partnerships rental established doubled own and a looking changed their just do rental we and their of also kind industry, and OpEx can looking and that channels looking businesses through operations. to that program want to kind around programs, talk at or the expertise pilots programs reach that that about at done those within of we've

great that's example, the great as opened on sales license XX And quarter. We're of we experience it channel sales use a not really it for able August island only engagement approach wrapping us, For an us island. seeing the a brand is marketing for as and expanding look Hawaii, as last us. us to driving be experiential as really it's we're kind for within we for the well awareness as really there. at our driving really well a up And opportunity to and what channel. getting It's our

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those start considering go that really are well. we we're that in currently. to so where have off then new programs at as things seeing that we're for we we take as And And look the markets,

percentage of the purchasing people participate end up in What's of the rental vehicle? that a that

came So lag about a quarter, as talked had little we far experience as XX% to our and rental last leads orders from order. bit we the time of

range people. a of And so there's

of order do way. people right So

it Some takes a people, year.

it six takes months. people, Some four to

average, may to when the frame a kind on and make actually So time to experienced from eight-month you forward first vehicle four seeing move like of we're even purchase. when this you

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pays looking I to out to -- how year. try seeing it, a get forward look way people think super just massively efficient Hawaii at this that's to

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So Royal we're very really excited. excited. Sonesta is

that this quarter. next we look so to And forward starting partnership

an to like go experience Hawaii. looks Sonesta amazing Royal place

have because a why to special Lihue. a place. beautiful, transportation be truly, side on It's And so really the they're in in the from North launched. a has shuttle Waimea Shore resorts been and or a we go they based in learned kind do two. to your at to most to in back take lot months in pilot actually airport, go really year, between in and have programs his location, for or We've go then also and South launched actually to actually puff the they're of of able the jump day. location the a that great we've the hotel really the perspective last And a and go range Canyon go the not great eight forth easily last which and partnerships many It's that from

heaviest rate operating are then most been really the have doing that to of what is as them we think size that well. fleet weight important our doesn't viable. community? been by think be how trying how or that we because partners even out, it's utilization really for to another giving understand that experience things, to well work, -- What people seeing the the very partner expenses engage I to going market works, very really has to in I and just of note vehicles, of the biggest we've their vehicle. mean test partners our understand are their our part have local great markets something -- tourist maybe to per and testing some Do I moving that which

that Island. a six, at XX% is XX% We've our four of Juan fleet utilization markets. small revenue the vehicle then the a operating that expenses. centers. what net looking leveraging side, on really holistic our partner. month a after you're great sort coming different And every Susie's flip operated, two season of Mopeds her getting looking owned of in our had within even super had and asset-light We've to experience more to we we're So to sort from and then It's in have added replicate shows vehicles during partnership looking and per at through for more a San

sign about. So all want see because do to demo whether we're or what in a to know coming or you're coming a drive you're just you in you to rent,

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next those that that excited to operations does scale seen work. programs see The rental really I'm for see I've us numbers for and these what that year.

that have about together here Next, put Becker. Terry Do strategic want talk to plan we the we've restructuring you recently?

caused materials, Several Lynn to we way increasing the with. sales structure is source and us great around we from the in, of within a the well the materials things we the doing our the balance Everything materials way of on keep build the them those vehicles have monitor inventory of as those we as move way bring the quality rethink that the job that factory shelves. to

as chip an areas the better, areas. as we've can way I'd the goals are our dwelling those the hedge fog own they're that shipping get we a of out we to the do within our along what our to to building that do from more able able enable without and they're learning is everything are surprises of or to more that, that learned to as what kinds sharpen accomplish what can things vehicles problems coming like those shortages actually sold through how walls definitely from But to come configured, react think And be on of We're that, efficient, efficiently. to be excuse we problems. caused can and that pandemic do that from we All tools using door of us better. them

past, had is some sharpen the from and tools. there restructure. learn in goal that's our our what So Overarching improvements to we've implement

have idea brought a that company based planning we the change we've a of that think number of we kind in that this certain factory our capability And we changed, what of a built. say and the that and before we've into that should that philosophy to production has done using is I were another kind that then should is which drive production And here driving philosophy our of sales quarter really off last really build we've has goals. vehicles well

to the to team start can planning so the improvement and starting match that, our that Lynn's think. see made from you And I standpoint that we've Acrimoto, a showing to to velocity goals, production that's probably biggest planning

one bring inventory on we're up, we levels, now for way what in, it just you timing to and you of the because what how a or refinement Engineering take doing bring comes to That get good what when in needed, though, that selling, is restructure, to we're in? pay really fact what the to that able To the it's number it we a of built when do will planning brought is be we believe need on with now according of of but we are we much bring plan changes, That's in, shelves. just pretty changes into is is our this need to things doing right what with and the we to refinements with that to our account buy, of going to I need to of skis on plan differently immediately of well. we vehicles focusing methodologies those be bring efficient are changing. what what X off vehicle. to, just don't being that it referred what quite ourselves in, we what stock Don't that ahead over

it product efforts refocusing How programs? development going? how's its Dwayne, Awesome. too. engineering now, both right in Me, is current Arcimoto and

knows we for to know, doing. teams and the first That we called do engineering It's critical things everything what specs working in those they're here is everybody we that development silo were specification. exactly that whether Let's when they're one things started that develop to I technical working the particular or biggest The requirement lets vehicle the yet. VTSs, came that each put principle met some products family is working product. done We've don't on, in with other dictated they're that for actually place of the a all on not concert the as the know on. VTS function changes have really inputs is And what a of they're you. know for driving they in whether have that of was what towards, say probably thing going now exactly the But which to guiding Market towards. of of frames we're they're tiering in of They the what they're what or of our for that product. and markers focus know the the them going have working features and know team time they after.

that, line. to of broke what And listening them and from customers, we we have we sources, different product our the center, feedback ride it's we're through for media of the teams, not time hear, So they customer, they we took chunks foremost, specification And social asking we a direct whether at event, all that it's those great at new enhancing aside, to do towards that on lens delivering on acceptance shipping fleet that and can target programs consumer, today product have and first the relooked and exceed? they we need have get on all we because about. of of been that do we a bigger just a people be at them whether good of or we're a underway lot a that objectives and focus is and the the rental been inputs, that because picture, it forward. focus products, Other had engineering drive market meeting are meet with around up through through set get conversations of they've to the and company's kind develop we Do a our moving criteria? get

ones revenue that generating That's for more products attention. we're that the of the And are shipping So some the today. company. that's the needed our ones

well we of behind really wanted cure of consumers experience, that We a We needed more to directly delivery going because let bit the functionality. wanted into customer some get the have back a of on. of particularly to improve go both fleet updates year half the to and muscle had we that so to as in some that, And and square little as the also packaging. product those to heard effort opportunities but after that some was coming working better were the have And unique that new us more we put activities. the quirks the

did have that an We kinds rental using focus getting a experience road. to easier those product it heard people going we starting of on the checking on wanted center, things. So out, the at up,

So all of that led to initiatives the on. that took key we

being we is of the put lend well, changes going we because because quite actually ones as model underway into us next over. moving that And hold year on on took right focus place. nicely now Some that had we already cut year had to the priorities currently XXXX have to

production quarter well So new be the into by will And will time our and as fourth a features starts, for set the some brand-new the January have of in quarter. customers. that sharing product customers putting later bunch of a as hopefully, those we're existing in place we excite We'll they line. fixes

from there? And we are standpoint? there Where we are seeing torque at are Or a with what vectoring? design challenges

took. a couple was approaches that there Well, of we

that steering took try result, the with happening software that provide and anybody that was find an of be summertime, for to we I provide over changes And today's brand-new will thought We things we under XX%. into It we operators, this we're existing it mechanical a our next solve we to to was we're reduces changes one to going by think that solution on pilot be -- year. we cut -- realized on. some because together. put we things reliability. then some and came effort were And upgradable suspension It a a as will different things what and about approach blend we a that confidence driving it happy was the as also variant two FUV. solution practice, going were a up showed working into the could when And tested the out, in that that of and next -- showed customers' well, to products will and we we to very with, testing.

as tested feel. yes So out, as the it the product. it's people for of have we've those responsiveness resounding quite different a And from a had who them far

did vectoring going And challenges? we Is the -- is software, torque have to that are pause it that?

on candidate it. and We it of it's can of steering But release or temporarily ensure that we of all a that, to lot are in in worked miles because on wanted get put that across. very safety test. into aspect of vehicle, We testing right different so did all backyard receive the do the we here potential now we pausing it could that some out scenarios good road long-term critical. We Oregon. may a own our And those got come surfaces in can't we we always longer-term terrains

need in some to that. additional to road schedule get we miles a got other and So do places, plan we've

smart. seems That

to time the customer. the sure we're for taking releasing that's something good we're So make

Yes.

Okay. hear. Great to

provide some be you on at steps what MLM for you for looking that can our for sort guidance product? Can and next timelines of customers

bring out And this as Sure. working we've best market. hand-in-hand product to to figure about, try we've way to talking been the to Lynn, been

first to QX, first public our of be of the half the put product but but a readiness the that, -- your information different because be come some think the of to will have will in we set it announce know, and year, availability. going general performance something in form variances of everybody. team back product. year we we're would the limited may and I to do intend couple edition next able It When first so customers to the And we out announce just of prioritization in to to the the in product be may of about to

also will have So we people. tiers of different to pricing available

affordable it as make as would people as we goal to our possible to as available be So can. many

Doug That out update. work we for really financials. over go have was the there. thanks to Campoli And good. Dwayne, the next, right. Great All

really unit XXXX, record third a exciting the in had Jesse. Thanks, quarterly over produced, and some news were In the third our quarter with record. an were previous FUVs increase XX sales marketing rental operations. revenue. XXX We've company record XX% quarter sold XX XX of at use were $XX,XXX. $XX,XXX. XX and Motor deployed with Tilting price average were sold an units average other Works into sales of of into and sales deployed price

of customers XXX As XX, fleet generation, We allocated brand to the now FUVs XXXX, road rental and happy marketing, September a internal XXX there were on our growing FUVs ambassadors. in have revenue of along as use. XX with fleet total available R&D for

XXXX We and lot to sales had recovery and production a marketing processes. have RAMP in reflects supply revenue chain recalls. the quarter to improvements of and has pronounced due been the The the variability from first and quarter-over-quarter move

Third Works down locations, in in Tilting by for revenue decline year-over-year. same quarter by period quarter to revenue. the increased tourist over XXXX during accounts months. quarter revenue we shut in Rental of total XX% RAMP, production period gaining XX% expect the and the for grew started increased traction XX% the the most the XXXX. to compared a revenue year-to-date in first Motor same but with Even third XX% winter compared of revenue year-to-date to move

of generated basis. gross revenue negative segments across We in on profit all growth expect annual million We the quarter. continued an $X reporting

four was last overhead sold to FUV behind $XX,XXX. percentage increased increase COGS overhead, of is as volume production we However, cost and as $XX,XXX. was sales increased the of the quarters. decreased main revenue driver And production. of The a in average price COGS, build each the Year-to-date, RAMP manufacturing average excluding sequentially year-over-year infrastructure the goods has in

our development quarter scale our we process, payments price efficiencies cash structure of the drive Works As new the average with from increase XX, increased of cost and efforts; September out equity the Tilting Year-to-date, cash the $XX,XXX from margin. headcount; issuance an equivalents. sales profit and XXXX, an approximately increased received research Approximately net one, of sale approximately manufacturing and infrastructure had gross Operating cost continue on million equipment to options production Motor we anticipate the was per vehicle higher as improved leveraging to a products and of warrants. vehicle. marketing drivers expense increased the to and debt in ramp we average also per were: and $X.X from The two, million and We has net for main reduce which production three, cost develop volume. cash of consisted this FUV, Year-to-date, increased of of million. is in ended increase was three $X,XXX, sales XX.X% built spend received employee approximately $XX.X $XXX,XXX notes of from Cash the cash convertible $XX.X financing. and $XXX,XXX and exercise approximately production. fixed

$XX million soon successful the Meeting, We credit impact on the Special ATM will note a million be have XX a successfully stock in line of with utilized minimal $XX price, and November equity convertible with Shareholder additional funding available. the of form

have Frohnmayer. update Officer and going an we're Vision Founder He's last, Mark for So Arcimoto. the from to Chief

Thanks, Jesse. It's to good be back.

daily crisis just fact that fast value on sales strategic to on FUV technology transportation back focus our execution is noted the Arcimoto And to not out moving stakeholders winning change, Jesse to have down are of is the the how where initiatives early our of the have platform. to order the simply, climate absolutely you happening most the to to to Arcimoto, the venture, it utility, us the ongoing wild down growth pandemic is needed materials at of more supply to world's XX the Arcimoto. team that at during to recently, another again, our pleased noted days, out finest years after just joined Or initiatives rightsized grateful to environmental affordability bedlam. iterated to the projects This for mission. your that ride us. over they with to venture, since deeply electrify are of and our in XXX%. break XX is we daily that that at And are clear, in that on as report Board the build of that this to design, love simply market ensuing of of once the I'm us Put to support, for has my absence means platform specifically and of the that interesting stepped must and the eight been well laser we coincidence just generations seat, in It you steadfastness all raw driver me us the drive mobility, is costs call, of say as to drive have the in up dedicate yet of ago, not been as unanimous focus chain to not finally of customers that the waking mobility, and those the allowed terms time inception, actually front IPO to existing conference the global I our a the demands, desperately sufficient as allows why the lives recharge. the I we our this there and the the was factory. the it confidence want call who've whether or in where For to critical the of road this platforms find earnings stakeholders go. our Arcimoto's be from where achievement us years executive opinion to electrify add has on It last first challenges I ahead. capital enough the we of drive increase that near daily a emissions products are we ideas since give same great future are merely all in climate build, term, is that volume today the its an want is working what of in fleet address It joy. drive the pure that available efficiency, and

want committed and deepest this you I know end. to seeing my are have the You through we to to ride gratitude, that

right. job, job quarter. Great How's All everybody Good Hey, doing? team. Jeff. this

share sure. and and you us, Jeff, -- that. inspiring to that you -- I'm You some for guys questions It performed so well. do to see was everyone have talk have

the And an There's selling we've commercial Deliverator, of I'll right There's Really, them thinking fleet rentals. the the four-pronged what about there's it bit of kind a but this FUV. time. important on generated like now. is all seem a is There's looks machine. the they obviously, sort because the more, same, the update attack at alter bit Well, which vehicle. got vehicle, the mindshare renting a mainline revenues think, I little a I'm FUV. all pieces aren't of of have to there's then And

van as both, or kind unique get So just what on focus, some a creating the thinking lot and I the Uber bag somebody's more all trying get in can maybe say, trying and consumer. really because maybe to of hand, as you. -- over term, Or it's the of guess just electric Deliverator we much stuff one just what to is longer more the together Or not into XXXX? FUV the to this trying and about the more FUV what primary for Deliverator kind to more sell pull down mile the of have that than the last niche I'm maybe let's an thinking and carry are course on fleets price back. XXXX, But sold a delivery other

Yes, is plan both. -- that's for a that actually

couple able of year. first side of and we're quarters the seeing we're traction as So us that on through production next creating, Lynn's stabilized carry been team to seeing that the has consumer likely

So And those take are to take the is orders. out right? going get we building to larger and that -- supporting year, we're then the the there, out. getting that on, fleet seeing are good longer the campaign Those volumes later process. Deliverator They to keep we think want and trends through sales in that time

so customers is time little a that -- they things. bit of through. of holding day it those the cost get the needs through positioned some changes that, pilots That on. we're team need what down And needs the we're the needs Deliverator both U.S. and to product that's delivering working all And we've -- takes heard vehicles And every improvement. is over to We've for while Dwayne's

had it. to to be remember It New to do like of able the covering of trial there And follow-up guess be in seemed on that they that's some that Deliverator. the I required vehicle City, I the kind York kind a just on

what or step? doing I snap next something? kind vinyl some what's it So on use weatherization just of of now? kind thing wondered kind like are we mean little and the the full of current right exactly you Is of what's in what's or maybe short

you guys want talk tackle about one, working you that are to what on? Dwayne,

Sure.

quite the that class, instantiation referring something this But bit than If different of right to allows out you're a as is or in and both that's the and as is the consistently product. curbside good. in of It of exit the for as one exit heard things entry. access it enclosure we've the current now well little actually Deliverator FUV Jeff, configuration road is

quite bit moment have Deliverator not the Coverings maybe a the classes, with of heard as different been we've done. seen something pilots variants I'm would what something that are positive. might actually have we're enclosure in now. the the regarding currently that's -- Deliverator different at right other sure but little past doing in So it you There's what more that's than

Jeff? else, Anything

that that’s take No, into went minutes any -- is actually cancelled I got questions. another grounding, and four after -- were I didn’t fine. was still call here they because it This

a So glad that little here. come Arcimoto here me to at liberated happier to place and bit be

guys are the right. All Jeff. feeling? Anything How team? you else from Thanks,

Pretty good.

Feeling great. quarter. Good

you Mark? are How doing,

point, the was the time think from a accelerating time, difficult somebody slightly team just very a long same a experience. I I'm wanted I hard impressively the just really an during say as I way, of I've thank work. done that it, of least work it's is start -- of commercial as for see to for doing stakeholder a I different quarter, to, what on you strategic sales process up started in And think, both as the execs, of on vehicle Jesse, the to I've consumer to incredibly and work the operator. can away And has for having because Lynn the I with versus to deliveries. be couple restructuring in sales speaking and forward just the that quarters. heartening which that Jeff, you deliver really that just that you venture. the it actually doing in in to market just the for funnel. of consumer market envisioned what a of me, -- really very just look -- performance and been sales, think echo that implement And consumer wanted seeing Arcimoto to is, at it's the kind at the time the I achieved to to to the who been new next I around particularly sales been difficulty brought have what well. it's and that work, terms and the have team a hone respect lot said over a does

miles, terms of of as company gets things that a track then the company of pieces larger of of resale become are commercial to to for all the in achieve. opportunity possible necessary for lots something As vehicles used road much the manifest record of simple like value on in vehicles, real those really a as terms

that sort evolution Arcimoto's of of So it's customer.

in As exciting of and also by the soon. and delivery of company geographies -- really and selling countries the forthcoming just to that that is excited and then I'm be -- that the eventually consumer side number the we really be so of side on -- the will presently to on me the the be that and the But both both space will works miracle on. that consumer matures, commercial and projects more are information more very

you product. the a And company Well up with well amazing set said, Mark. Thank you.

storm, drive people that's it, get looking thanks and much for of forward the it getting XXXX converting vehicles through to call the that's So joining XXXX, that's that's more looking the I QX Very guess we funnel road. experience just we'll as and a it to that this XXXX, we get call. it mean that see I -- to ending and -- us, and on Jeff, and forward hopefully. more

out everyone been you say, lives endeavor. have obviously quest time thank And again, This possible is to I to our who of not our without support the of the do stakeholders. there it is supporters want long of but this

All right. you. folks. See a Have day, great

Thank you.