Arrival Pushes Forward Towards Start Of Production In Q3; Loss Narrows In Q1

• Arrival SA (NASDAQ:ARVL) reported a first-quarter FY22 loss of $(10.4) million versus a loss of $(1.15) billion last year that included a $1.2 billion non-cash charge associated with the merger of Arrival and CIIG.
• The adjusted EBITDA loss for the quarter widened to $(66.9) million.
• Capital expenditure rose 99% Y/Y to $99.1 million.
• The company held $735 million in cash and equivalents as of March 31, 2022.
• Arrival continues to expect Van production to begin in Bicester in Q3 and Charlotte in Q4 of 2022. It expects to produce and sell 400-600 Vans plus low volume production of Buses in the U.K. starting in the second half.
• Outlook: Arrival expects FY22 adjusted EBITDA loss of $(185) million - $(225) million.
• It sees FY22 capital expenditure of $380 million - $420 million.
• Arrival expects to end the year with $150 million - $250 million of cash.
• Price Action: ARVL shares are trading lower by 1.20% at $1.54 on the last check Tuesday.