Atlis Motor Vehicles, the Mesa-based electric vehicle maker, said Tuesday that it has received an order from Australia-based AUSEV for 270 of the company’s 1.5 MW charging stations.
Atlis (Nasdaq: AMV) said in an announcement that the latest deal follows AUSEV’s original order of the company’s 19,000 XT electric pickup trucks that was signed in early August. Atlis has yet to produce any end-product versions of those trucks.
The order is an “extremely important milestone for Atlis as it underscores the confidence AUSEV has already placed in the company fulfilling the initial order for 19,000 XT vehicles,” said Atlis CEO Mark Hanchett in a statement. “It is also a meaningful fundamental event for our current shareholders and prospective investors as we maintain and expand our development trajectory as a publicly traded company. These two foundational orders from AUSEV demonstrate our commitment to scaling up production and AUSEV’s growing faith in Atlis. We are grateful for our continued collaboration with AUSEV and expect to extend the AUSEV collaborative and distribution model to other territories.”
Brendan Kenny, head of operations at AUSEV, said in a statement that “Atlis is focused on providing work trucks with a long range and fast charge time, which is perfectly suited for the Australian market. These charging stations are a natural progression to build on our original order.”
Atlis has yet to generate any revenue
AMV, which bills itself as an electric vehicle ecosystem, plans to build electric pickup trucks, batteries and charging stations. The company has yet to generate revenue, according to a quarterly filing posted Sept. 27, and all its products are still in development. The company first showed off a prototype of the XT vehicle in 2021. The company has said in a filing earlier this year that it would deliver battery cells by the end of this year but would not deliver any vehicles until after 2024.
AMV, which employs about 70 people, reported in the filing that it had just over $683,000 in cash on hand at the end of June, down from $3.1 million at the start of the year.
The company also reported raising $8.88 million in the first half of 2022 via its Regulation A+ crowdfunding campaign leading up to its Sept. 27 public listing on the Nasdaq, but ran a net loss of more than $36 million through the first half of the year. AMV’s biggest expense this year, by far, was stock based compensation, which exceeded $24 million through the end of June.
Atlis said it received a deposit for production of two XP platforms (basically the vehicle platform without a chassis) during the second quarter, which would be delivered “at a later date.” AMV said it expects to incur a loss on these two platforms and on all future production, until it can scale manufacturing and raise additional capital.
The company continues to see wild swings in its thinly-traded shares. After listing at $27.50 on Sept. 27, the shares skyrocketed briefly to more than $200, and fell to as low as $12.05 a week later. On Tuesday, the shares closed at $23, up $1.83 on the news of the AUSEV deal, a gain of $8.64. Track the stock here.
Register for the Council’s upcoming Phoenix and Tucson tech events and Optics Valley optics + photonics events.