Company Overview - ATLIS Motor Vehicles is a pre-revenue development stage company focused on electric vehicles, with significant milestones achieved in 2021, including the production of the first AMV battery cell[85]. - The company plans to commercialize its AMV XP Platform in fiscal year 2025 and begin production of the AMV XT Pickup trucks in fiscal year 2026[89]. - ATLIS aims to capture the Work market, targeting vehicles with a range of up to 500 miles and the ability to haul 20,000 to 35,000 pounds[87]. Market Opportunities - The global vehicle battery market is expected to reach over $43.4 billion by 2030, with a total opportunity of over 2 TWH of battery capacity needed for medium to heavy-duty vehicles[90]. - The energy storage market represents an approximate $360 billion opportunity, which ATLIS plans to address with its proprietary battery technology[90]. - The company has received letters of intent and memoranda of understanding for battery pack requests, indicating projected customer demand[89]. Financial Performance - Revenue for the three months ended September 30, 2022 was $0, unchanged from the same period in 2021[94]. - Total operating expenses decreased by $68.5 million from $84.7 million in Q3 2021 to $16.2 million in Q3 2022[94]. - Stock-based compensation decreased by $71.4 million from $81.6 million in Q3 2021 to $10.1 million in Q3 2022[94]. - General and administrative expenses increased by $2.2 million from $1.7 million in Q3 2021 to $3.9 million in Q3 2022[95]. - Advertising expenses increased by $465 thousand from $1 million in Q3 2021 to $1.5 million in Q3 2022[96]. - Research and development expenses increased by $223 thousand in Q3 2022 compared to Q3 2021[97]. - Net loss for the nine months ended September 30, 2022 was $53.1 million, a decrease of $42.7 million from a net loss of $95.8 million in the same period in 2021[98]. - Net cash used in operating activities was $15.8 million for the nine months ended September 30, 2022, compared to $8.3 million in the same period in 2021[103]. - The company raised $15.3 million from stock sales through its Regulation A+ offering in the nine months ended September 30, 2022[105]. - The company had $1.4 million in cash and an accumulated deficit of $201 million as of September 30, 2022[104]. Capital and Funding - ATLIS continues to seek additional capital through public markets and other means to sustain and grow the business[92]. - The company expects to incur losses on each product sold until sufficient capital is obtained to scale production capabilities[92]. External Factors - The ongoing conflict in Russia and Ukraine has led to increased costs of materials and supply chain challenges, but ATLIS has not been materially impacted so far[93]. Regulatory and Listing Information - ATLIS registered its Regulation A Class A shares with the SEC and listed on the Nasdaq under the ticker symbol "AMV" on September 27, 2022[91].
Nxu(NXU) - 2022 Q3 - Quarterly Report