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Electric-vehicle startup Arrival SA said on Tuesday it does not currently have cash on hand to fund operations for the upcoming year, and there are material uncertainties about the company being a going concern.
The British company had said last month it would restructure to focus on the U.S. market, seeking to capitalize on the Inflation Reduction Act incentives and a larger addressable market amid efforts to cut costs.
Arrival on Tuesday reported cash and cash equivalents of about $330 million as of Sept. 30, and said it expects cash on hand to fund the business into the third quarter of next year. Its net loss widened to $310.3 million in the third quarter from a loss of $30.6 million a year earlier. The company also said it was exploring all funding and strategic opportunities to obtain necessary funding.