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
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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.
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
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