- The Lion Electric Co LEV shares are down Tuesday following its first-quarter results, which topped Street expectations. Meanwhile, the company said its revenues were impacted by continuing global supply chain challenges, which required it to delay the final assembly of certain vehicles and resulted in increased inventory levels and challenges associated with the production ramp-up and the development of certain models.
- LEV reported Q1 2023 revenue of $54.7 million, up from $22.6 million, beating the consensus of $52.4 million.
- EPS was $(0.07) was better than the consensus of $(0.10).
- The company delivered 220 vehicles compared to 84 same quarter last year.
- The company reported a gross loss of $(2.3) million vs. a gross loss of $(0.9) million in Q1 2022 owing to higher fixed manufacturing costs, inventory management system expenses, and increased raw materials and commodity costs.
- Selling expenses increased to $5.9 million, compared to $5.4 million in Q1 2022. Adjusted EBITDA widened to $(14.5) million from $(11.3) million a year ago.
- Lion Electric's cash flows used in operating activities was $(37.6) million, compared to $(34.5) million a year ago.
- Lion Electric had $36.0 million in cash as of Mar 31, 2023.
- As of May 8, 2023, the vehicle order book of 2,565 all-electric medium- and heavy-duty urban vehicles comprised 295 trucks and 2,270 buses, with a combined order value of around $625 million.
- Marc Bedard, CEO – Founder of Lion, said, "With manufacturing operations at both our Joliet vehicle plant and our battery factory now underway, we are focused on achieving profitability and are putting the right elements in place to achieve this objective."
- Price Action: LEV shares are trading lower by 7.50% at $2.22 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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