ElectraMeccanica Reports First Quarter 2022 Financial Results

Rhea-AI Summary

ElectraMeccanica (NASDAQ: SOLO) reported a remarkable Q1 2022, generating $1.05 million in revenue, a staggering 400% year-over-year increase. Despite facing logistical challenges, the company manufactured 170 SOLO vehicles and delivered 45. It maintains a robust $215 million in working capital. The Mesa, AZ assembly plant is on track to commence operations by the end of 2022. CEO Kevin Pavlov has strengthened the leadership team with new executives and board appointments, positioning the company for future growth.

Positive

• Revenue of $1.05 million, up 400% year-over-year.
• Manufactured 170 SOLOs and delivered 45 despite logistical challenges.
• Maintains strong working capital of $215 million.
• Mesa assembly plant on track to open by year-end 2022.
• Expanded leadership team with experienced executives.

Negative

• Reported an EPS of ($0.15), indicating continued losses.

Company Reported $1.05 Million in Q1 ‘22 Revenue, up 400+% YOY, and EPS of ($.15) as it Ramps Up Production

ElectraMeccanica Manufactured 170 SOLOs in the Period, Delivering a Total of 45
Despite Strong Logistical Headwinds

Business Maintains $215 Million of Working Capital

Mesa, AZ Assembly Plant Remains on Track to Come Online Year End ‘22

CEO Kevin Pavlov Expands Leadership Team With Experienced Operating Executives Joe Mitchell as COO and Kim Brink as CRO, Adds Seasoned Finance
and Auto Executive Bill Quigley to Board of Directors

VANCOUVER, British Columbia, May 12, 2022 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the "Company"), a designer and manufacturer of electric vehicles revolutionizing the urban driving experience, today reported financial results for the first quarter ended March 31, 2022 in conjunction with the filing of its Quarterly Report on Form 6-K earlier today.

For more information on the quarter, please see the report here or listen to management's recorded remarks on the results.

About ElectraMeccanica Vehicles Corp.

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a Canadian designer and manufacturer of environmentally efficient electric vehicles (EVs). The company’s flagship vehicle is the innovative, purpose-built, single-seat EV called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. Engineered for a single occupant, it offers a unique driving experience for the environmentally conscious consumer. Depending on driving conditions, temperature and climate controls, the SOLO has a range of up to 100 miles and a top speed of up to 80 mph. The SOLO also features front and rear crumple zones, side impact protection, roll bar, torque-limiting control as well as power steering, power brakes, air conditioning and a Bluetooth entertainment system. It blends a modern look with safety features at an accessible price point of $18,500 (MSRP) for the consumer model and $24,500 (MSRP) for the delivery-oriented SOLO Cargo model, which features an expanded cargo box to accommodate a wide variety of fleet and commercial applications. The SOLO is currently available for order here. For more information, please visit www.electrameccanica.com.

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward- looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the automotive industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the

Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward- looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

Investor Relations Contact
Robbie Goffin
(646) 468-9039
robbie@sintercompany.com

Public Relations Contact
Amy Pandya
R&CPMK
(310) 967-3418
amy.pandya@rogersandcowanpmk.com

FAQ

What were ElectraMeccanica's Q1 2022 earnings results?

ElectraMeccanica reported $1.05 million in revenue for Q1 2022, with an EPS of ($0.15).

How many SOLO vehicles did ElectraMeccanica manufacture in Q1 2022?

ElectraMeccanica manufactured 170 SOLO vehicles in Q1 2022.

What is the working capital of ElectraMeccanica?

ElectraMeccanica has a working capital of $215 million.

When is the Mesa assembly plant expected to start operations?

The Mesa assembly plant is expected to come online by the end of 2022.

Who are the new executives appointed at ElectraMeccanica?

CEO Kevin Pavlov appointed Joe Mitchell as COO, Kim Brink as CRO, and Bill Quigley to the Board of Directors.