Lightning Emotors Drops As Q4 Results Miss Expectations

Lightning Emotors Inc ZEV reported fourth-quarter FY22 sales growth of 2.6% year-on-year to $4.33 million, missing the consensus of $10.21 million.
The company produced 128 units during the quarter, compared to 104 in the prior quarter.
The gross loss expanded to $(4.7) million from $(2.7) million last year. The operating loss expanded to $(21.7) million.
Adjusted EBITDA loss for Q4 was $(19.9) million versus a loss of $(15.9) million last year.
Adjusted net loss was $(24.0) million, compared to a loss of $(20.0) million during the prior year quarter. Adjusted loss per share of $(0.31) missed the consensus of $(0.27).
EPS loss was $(0.11) versus the profit of $0.28 year-ago quarter.
The company held $56 million in cash and equivalents as of Dec. 31, 2022. Inventories as of Dec. 31, 2022, more than tripled to $47 million.
Outlook: Lightning Emotors sees FY23 revenue of $35 million - $50 million. The company expects FY23 vehicle and powertrain sales of 300 – 400 units.
Exchange Agreement: The company entered into privately negotiated exchange agreements with certain holders of its unsecured 7.5% convertible senior notes due in 2024 to exchange $10.5 million of the Convertible Notes for approximately 18.75 million newly issued shares of its common stock.
Price Action: ZEV shares are trading lower by 10.71% at $0.50 in premarket on the last check Monday.
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