ElectraMeccanica Q3 Sales C$200K, Same YoY, R&D C$3.3M Up From C$900K YoY

Third Quarter 2019 Financial Summary  Total revenue for the three months ended September 30, 2019, was CAD$0.2 million, compared to revenue of CAD$0.2 million in the same year-ago quarter. Research and

Benzinga · 11/08/2019 21:07

Third Quarter 2019 Financial Summary 

  • Total revenue for the three months ended September 30, 2019, was CAD$0.2 million, compared to revenue of CAD$0.2 million in the same year-ago quarter.
  • Research and development expenses for the three months ended September 30, 2019 were CAD$3.3 million, compared to CAD$0.9 million in the same year-ago quarter. The increase in research and development expenses was primarily due to the costs related to pre-production vehicles that are being expensed to research and development.
  • Operating loss for the three months ended September 30, 2019 was CAD$7.8 million, compared to an operating loss of CAD$3.9 million in the same year-ago quarter.
  • Net loss for the three months ended September 30, 2019 was CAD$5.3 million, compared to a net loss of CAD$2.9 million in the same year-ago quarter. The increase in net loss was primarily related to increased general and administrative expenses, stock compensation and higher R&D costs.
  • Cash and cash equivalents and short-term deposits were CAD$16.2 million as of September 30, 2019, compared with CAD$18.9 million as of December 31, 2018.
  • Cash used in operations in the quarter ended September 30, 2019 was CAD$2.8 million, compared with cash used in operations of CAD$5.0 million in the same year-ago quarter.