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Benzinga
Benzinga
Business
Shivani Kumaresan

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

  • Arrival SA (NASDAQ:ARVLreported 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.
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