Intraday Mover: Electrameccanica Vehicles Corp. (NASDAQ: SOLO)

Elizabeth Villa

I am Elizabeth Villa and I have over 16 years experience in the financial services industry giving me a vast understanding of how news affects the financial markets.

I am an active day trader spending the majority of my time analyzing earnings reports and watching commodities and derivatives. I have a Masters Degree in Economics from Westminster University with previous roles counting Investment Banking.

Address: 4211 Angie Drive, Los Angeles, CA 90017, USA
Phone: (+1) 714-933-4836
Email: elizabeth.villa@up24news.com
Elizabeth Villa

VANCOUVER, British Columbia, July 13, 2019 – Shares of Electrameccanica Vehicles Corp. (NASDAQ: SOLO) declined -0.70% to $2.84. The stock traded total volume of 752.416K shares higher than the average volume of 399.40K shares.

ElectraMeccanica Vehicles Corp. (SOLO) reported total revenue of CAD$141.901K for the three months ended December 31, 2018, contrast to revenue of CAD$109.103K in the same year-ago quarter. Total revenue in 2018 was CAD$777.302K contrast with CAD$109.173K in 2017. The increase in revenue was because of the full year of revenue from the Intermeccanica acquisition in 2017.

General and administrative expenses for the three months ended December 31, 2018, were CAD$1,894,940.0M, contrast to CAD$905,589.0M in the same year-ago quarter. General and administrative expenses in 2018 were CAD$5,490,938, contrast to CAD$2,373,251 in 2017. This increase is mainly because of increased rent and office expenses, legal and professional fees, consulting fees and increased salary expenses.

Research and development expenses reduced to CAD$1,381,449.0M for the three months ended December 31, 2018, contrast to CAD$1,705,292.0M in the same year-ago quarter. Research and development expenses increased to CAD$5,566,036 in 2018, contrast to CAD$4,430,386 in 2017. This is mainly because of costs related to the development of the SOLO.

Operating loss for the three months ended December 31, 2018 increased to CAD$4.80M, contrast to an operating loss of CAD$5.40M in the same year-ago quarter. Operating loss in 2018 increased to CAD$16,858,405 contrast to an operating loss of CAD$9,489,156 in 2017.

Net loss for the three months ended December 31, 2018 was CAD$2.10M, contrast to CAD$4.60M in the same year-ago quarter. Net loss for 2018 was CAD$10.00M, contrast to CAD$11.40M in 2017.

Cash used in operations in the quarter ended December 31, 2018 was CAD$4.50M, contrast with cash used in operations of CAD$2.90M in the same year-ago quarter. Cash used in operations in 2018 was CAD$15.60M, contrast to CAD$7.30M in 2017.

Cash and cash equivalents and short-term deposits were CAD$19.00M as of December 31, 2018, contrast with CAD$12.10M as of September 30, 2018. The increase in cash was mainly because of a registered direct offering the Company accomplished in November 2018, which generated USD$8.50M in gross proceeds to support vehicle development efforts.

SOLO has the market capitalization of $105.65M. The return on assets ratio of the Company was -104.50% while its return on investment ratio stands at -73.60%. Price to sales ratio was 211.30 while 3.00% of the stock was owned by institutional investors.

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Elizabeth Villa

I am Elizabeth Villa and I have over 16 years experience in the financial services industry giving me a vast understanding of how news affects the financial markets. I am an active day trader spending the majority of my time analyzing earnings reports and watching commodities and derivatives. I have a Masters Degree in Economics from Westminster University with previous roles counting Investment Banking. Address: 4211 Angie Drive, Los Angeles, CA 90017, USA Phone: (+1) 714-933-4836 Email: elizabeth.villa@up24news.com

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