Arrival (NASDAQ:ARVL) stock is sliding on Thursday following the release of the company’s second-quarter earnings report.
For Q2, Arrival saw a loss of $89.6 million. That’s much wider compared to the $56.2 million loss the company reported in Q2 2021.
In the report, Arrival also noted that cash and cash equivalents at the end of Q2 totaled $512.6 million. The company has also set up an at-the-market (ATM) stock offering that will allow it to sell $300 million worth of shares.
Adding to the negative news is the company’s revenue warning for 2022. Arrival says it only expects to deliver 20 of its electric vans to customers in Q4 2022. As such, the company doesn’t expect to report revenue this year.
This isn’t the only recent bad news to come from Arrival. Last week, reports alleged that the company is delaying some of its other electric vehicle (EV) projects, specifically its electric cars and buses.
According to insiders, Arrival doesn’t have enough cash on hand right now to explore these other EV projects. The company hopes that it will generate enough revenue from its vans to resume its bus and car development later on.
ARVL stock is down 20% as of Thursday afternoon. Shares are also down 80% since the start of the year.
Investors seeking out more recent stock market news are in the right place!
InvestorPlace is home to all of the latest stock market news traders need to know about! For Thursday, this includes what’s going on with shares of Li Auto (NASDAQ:LI) stock, recent Cathie Wood investments and what has shares of Archer Aviation (NYSE:ACHR) stock rising. You can find all of that at the following links!
More Stock Market News for Thursday
- LI Stock News: Li Auto’s EV Joint Venture Just Filed for Bankruptcy
- Cathie Wood Is Doubling Down on Biotech Stocks DNA, NVTA, TDOC
- Archer Aviation (ACHR) Stock Soars as United Buys Its Flying Taxis
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
