Why did Arcimoto Inc. (FUV) stock popup in the after-hours on Monday?

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GMVD Stock
GMVD Stock

Arcimoto Inc. (FUV) shares surged 3.90% in after-hours on Monday, December 27, 2021, and closed the daily trading at $8.80. However, in the regular trading session of Monday, FUV’s stock lost 2.53%. FUV shares have fallen 43.04% over the last 12 months, and they have moved down 3.09% in the past week. Over the past three months, the stock has lost 30.35%, while over the past six months, it has declined 49.70%.

Let’s have a brief look at its recent news and developments.


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FUV first pure electric Caribbean fleet

On December 07, 2021, Arcimoto, Inc.® (FUV), announced its plans to deploy the first Caribbean fleet of pure electric FUVs to Turks and Caicos in Q1 2022 in collaboration with Tropical Tours and Adventures.

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Visitors will be able to rent the FUV from Tropical Tours and Adventures to explore beautiful Providenciales, renowned for its soft, sandy beaches, the stunning Chalk Sound National Park, and the historic Cheshire Hall Plantation.

FUV participation in the recent conferences

  • Arcimoto, Inc. recently participated in UBS Energy Transition Call Series which was held on December 14, 2021.
  • FUV also participated in Sequire Clean Tech & EV Conference which was held on December 6, 2021.
  • The company also participated in Credit Suisse’s 9th Annual Global Industrials Conference which was on December 3, 2021.

Mark Frohnmayer, Founder and CEO of Arcimoto, provided a recent corporate update highlighting the achievements critical for the Company’s growth.

FUV in Arizona

On November 17, 2021, Arcimoto, Inc.® (FUV), commenced vehicle reservations from customers in Arizona, the sixth state in Arcimoto’s nationwide expansion plan. First Arizona vehicle deliveries are anticipated to begin in Q1 2022.

FUV latest financial results

On November 15, 2021, Arcimoto, Inc. (FUV) released its financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • FUV revenue was approximately $1,498,000 in the third quarter of 2021 compared to $684,000 in the third quarter of 2020.
  • The cost of goods sold was $4.8 million compared to $2.04 million in Q3 2020.
  • Total operating expenses were $8.23 million in Q3 2021 compared to $3.25 million in Q3 2020.
  • It suffered a net loss of approximately $11.5 million or $0.31 per share, in the third quarter of 2021 compared with a net loss of approximately $4.6 million or $0.15 per share, for the same prior-year period.
  • The company ended the third quarter with $83.5 million in total assets, $33.0 million in cash and cash equivalents, and $8.1 million in total liabilities.

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Conclusion

Well, we have no recent news or developments which could be the reason behind its Monday performance.

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