Electra Meccanica Vehicles Corp. (NASDAQ: SOLO) is one of the Canadian designer and manufacturer of environmentally efficient electric vehicles. This company’s flagship vehicle is the innovative purpose-built, single-seat electric vehicle called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting,toll manufacturing delivery and shared mobility. The Nyse v stock news at https://www.webull.com/quote/nyse-v company is providing a driving experience that is unique, trendy, fun, affordable and environmentally friendly. InterMeccanica, a subsidiary of Electra Meccanica, has successfully been building high-end specialty cars for 61 years.
Fourth Quarter And Financial Summary
They have made unbelievable progress in this asset-light approach to preparing for the launch of a vehicle unlike any other. They will continue to leverage our proven retail kiosk model at highly trafficked areas throughout Southern California and the broader West Coast, and as production volumes ramp throughout the year, they are looking forward to increasing shareholder value, revolutionizing the urban driver experience and providing a long-overdue solution for SOLO Mobility.
- Revenue in the fourth quarter of 2019 was CAD$0.3 million, compared to revenue of CAD$0.1 million in the same year-ago quarter. It was CAD$0.8 million compared with CAD$0.8 million in 2018.
- Research and development expenses in the fourth quarter of 2019 were CAD$2.7 million, compared to CAD$1.4 million in the same year-ago quarter. Research and development expenses in 2019 were CAD$9.5 million, compared to CAD$5.6 million in 2018. Research and development costs related to the electric vehicle segment as the Company continued to develop its first electric vehicle, the SOLO.
- Operating loss in the fourth quarter of 2019 was CAD$8.3 million, compared to an operating loss of CAD$4.8 million in the same year-ago quarter. Operating loss in 2019 was CAD$27.3 million, compared to CAD$16.9 million in 2018.
- Net loss in the fourth quarter of 2019 was CAD$8.1 million, compared to a net loss of CAD$2.1 million in the same year-ago quarter. It was CAD$30.7 million, compared to CAD$10.0 million in 2018.
- Cash and cash equivalents and short-term deposits were CAD$11.1 million as of December 31, 2019, compared with CAD$18.9 million as of December 31, 2018.
- Cash used in operations in the fourth quarter of 2019 was CAD$4.8 million, compared with cash used in operations of CAD$5.3 million in the same year-ago quarter. Cash used in operations in 2019 was CAD$22.5 million, compared to CAD$15.6 million in 2018. You can also check Nasdaq gnmx news at https://www.webull.com/quote/nasdaq-gnmx .
