Lightning Emotors Reports Decrease In Unit Production And Sales, Widened Losses In Q1 2023

Lightning Emotors Inc ZEV reported Q1 2023 adjusted revenues of $3.60 million, missing the consensus of $6.07 million.

The company produced 53 (vehicles and powertrains) units in Q1, down from 74 units in the prior year.
ZEV sold 29 units in the quarter versus 68 units a year ago.
The gross loss widened to $(6.8) million from $(2.3) million last year.
Adjusted EBITDA loss stood at $(19.7) million, versus a loss of $(14.8) million last year.
EPS loss was $(4.89) compared to the consensus loss of ($4.15).
The company held $35 million in cash and cash equivalents as of March 31, 2023. Inventories stood at $47.0 million at the end of the quarter.
On Wednesday, the company disclosed an agreement with Yorkville Advisors for a funding commitment of up to $50 million.
2023 Outlook Reiterated: ZEV expects revenues of $35 million to $50 million (consensus: $41.93 million), production of 400 to 450 and sales of 300 to 400 units.
"Customer feedback on our new Class 4 vehicles built on the GM platform has been very positive. The large Macnab order announced Friday, plus sizeable orders for Type A school buses from Collins Bus Corporation are driving growth in our business in the near term. We are also seeing strong demand momentum for shuttle buses and other Class 4 zero-emission vehicles. Further, initial customer response to our Lightning Mobile DC Fast Charger has been tremendous." said Tim Reeser, Co-founder and CEO.

Price Action: ZEV shares are trading lower by 0.47% at $4.26 at the last check Wednesday.

Photo: Shutterstock