The UK-based electric vehicle maker Arrival reported on Tuesday its financial results for the first quarter of 2022. Arrival CEO confirmed the total production of 400-600 Vans plus low volume production of Buses in the UK starting in the second half of the year.
- Loss for the period of $10.4 million, compared to a loss for the period of $1,151.0 million in the first quarter of 2021 (including a $1.2 billion non-cash charge associated with the merger of Arrival and CIIG)
- Adjusted EBITDA loss for the period of $66.9 million, compared to an adjusted EBITDA loss of $31.1 million in the first quarter of 2021
- Administrative expenses were $54.2 million and non-capitalised R&D expenses were $27.7 million, compared to administrative expenses of $43.4 million and non-capitalised R&D expenses of $11.5 million in the first quarter of 2021
- Capital expenditure for the period, including tangible and intangible purchases, of $99.1 million, compared to $49.8 million in the first quarter of 2021
- Cash and cash equivalents of $735 million as of March 31st, 2022
- Shares outstanding totalled 636,678,408 and weighted average shares outstanding in Q1 totalled 633,249,940 as of March 31, 2022
Arrival continues to expect a full year Adjusted EBITDA loss of $185 – 225 million and full year Capex of $380-420 million. This assumes start of production in Bicester in Q3 and in Charlotte in Q4, and total production of 400-600 Vans plus low volume production of Buses in the UK starting in the second half. Arrival expects to end the year with between $150 million and $250 million of cash.
“Our ambition is to create better electric vehicles people love to use and our vision is becoming a reality with the Arrival zero-emission Bus being our first product to achieve certification, a critical milestone for our Bus to be driven on public roads with passengers,” said Denis Sverdlov, Arrival founder and CEO.
“This is a significant achievement for our company. As our technologies and components are shared it contributes to all future vehicle programs which is one of the many benefits of our vertically integrated approach.
“I am also very pleased to announce we have already passed over 70% of our Van certification tests and made strong progress on our Microfactories with our cabin, hoop and skateboard all assembled using our advanced robotics platform. Customers want our products and our LOIs continue to grow. With the great progress on certification we are pushing forward towards Start of Production in Q3.”
- Achieved key milestone of EU certification and received European Whole Vehicle Type Approval (EUWVTA) marking a critical step towards Arrival Buses carrying passengers on public roads in the UK and Europe
- Private road trials with First Bus drivers in progress; public road trials planned to start in Q3 2022
- Final prototype Van build complete with vehicle testing commencing on public roads
- Over 70% of Van certification tests already passed including all crash testing
- Continue to expect Van Start of production (SOP) in Bicester in Q3 2022 and Charlotte in Q4 2022
- All robotic technology required for vehicle assembly has been installed in Bicester
- Using the technology cells in Bicester, Arrival has robotically assembled the entire van structure onto the skateboard including the cabin and cargo area
- In Charlotte will begin equipment installation in late summer, on track for Q4 2022 SOP
- Demand for products grew with non-binding LOIs and Orders increasing to c.143k1 vehicles
- Attended South by Southwest (SXSW) in Austin, TX with the Van on display for attending media
Given recent developments the Company has updated its target milestones for 2022:
The company announced last week that the Arrival Bus has achieved EU certification and received European Whole Vehicle Type Approval (EUWVTA). The company successfully completed all required system safety testing to achieve EUWVTA.