- Lightning eMotors Inc ZEV reported fourth-quarter revenue growth of 13% year-over-year to $4.2 million, missing the consensus of $5.25 million.
- EPS improved to $0.28 from $(0.42) in 4Q20, beating the consensus of $(0.19).
- Adjusted net loss stood at $(20.05) million, compared to $(6.89) million in 4Q20.
- The gross loss expanded to $(2.68) million from $(1.15) million in 4Q20. Loss from operations was $(18.16) million versus $(5.2) million.
- Adjusted EBITDA loss widened to $(15.95) million from $(5.05) million a year ago.
- ZEV’s net cash used in operating activities for FY21 totaled $65.81 million, compared to $16.23 million in FY20.
- As of March 14, 2022, ZEV has an order backlog of ~1,500 units valued at $169.3 million. The company’s sales pipeline remains strong at $1.5 billion and is expected to grow further.
- Lightning eMotors has partnered with Forest River for factory-certified Lightning repower powertrains supporting over 50,000 eligible Forest River Shuttle buses and Vans currently on the road.
- 1Q22 Guidance: Lightning eMotors expects revenue to be in the range of $5 million to $6 million, versus a consensus of $10.36 million, and adjusted EBITDA to be in the range of -$15 million to -$17 million.
- ZEV states ~$7 million of potential Q1 revenue has been pushed into future quarters due to supply constraints, principally chassis.
- It expects vehicle and powertrain sales to be in the range of 65 units to 75 units.
- Price Action: ZEV shares are trading lower by 9.33% at $5.15 during the post-market session on Monday.
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