Arrival (NASDAQ:ARVL) was light on details with its Q1 earnings report, but did disclose a cash position of $130M at the end of the quarter to mark a 37% drop from the prior quarter.
The change in cash of $75M included a $25M receipt from Antara and use of cash of approximately $60M for restructuring-related costs and legacy supplier payments.
Arrival (ARVL) said during the quarter the company advanced U.S. commercialization plans through a business combination with Kensington Capital Acquisition Corp. V. The transaction is anticipated to allow Arrival (ARVL) to access up to $283M of cash held in trust for the build-out of the company’s expected Charlotte, North Carolina factory for continued development of Arrival’s XL Van. During Q1, Arrival (ARVL) built three L Vans at the Bicester factory with five more in progress. The company also accumulated over 90K kilometers of on-road test driving. Arrival (ARVL) said the build and road test of the L Vans has proven to be a valuable source of insights as it finalizes manufacturing methods and designs for the XL Van. Arrival (ARVL) also continued development of the XL Van design process, with design release targeted for later this year.
Shares of Arrival (ARVL) fell 2.26% in premarket trading.