- Arrival SA ARVL reported a third-quarter FY22 loss of $(310.3) million compared to $(30.6) loss million last year. The company's Q3 FY22 loss includes non-cash impairment charges and write-offs of $232 million.
- Administrative expenses increased to $79.6 million versus $52.2 million last year.
- Adjusted EBITDA loss for the quarter expanded to $(73.3) million.
- Capital expenditure for the period, including tangible and intangible purchases, totaled $80.4 million.
- Arrival recently received a Nasdaq non-compliance letter regarding the minimum bid price requirement.
- Going Concern: Arrival held $330 million in cash and equivalents as of September 30, 2022. The company specified this balance is not sufficient to cover twelve months of operations.
- As a result, on October 20, 2022, the company revealed a plan to restructure its business significantly to extend its cash runway.
- It explores all funding and strategic opportunities to obtain the necessary funding.
- The company's Board determined that its unaudited financial information presented is appropriately prepared on a going concern basis.
- Price action: ARVL shares are trading lower by 35.8% at $0.3795 on the last check Tuesday.
- Photo Via Company
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