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

Arrival SA 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.