Lion Electric Company (LEV)

[WeTheMarket]

Lion Electric Announces Second Quarter 2021 Results
August 13 2021 - 06:55AM
PR Newswire (US)
https://ih.advfn.com/stock-market/NYSE/the-lion-electric-LEV/stock-news/85830144/lion-electric-announces-second-quarter-2021-result

MONTREAL, Aug. 13, 2021 /PRNewswire/ - The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, today announced its financial and operating results for the second quarter of fiscal year 2021, which ended on June 30, 2021. Lion reports in U.S. dollars and in accordance with IFRS.

Q2 2021 HIGHLIGHTS
- Delivery of 61 vehicles, a significant increase, as compared to the 22 delivered in the same period last year.
- Revenue of $16.7 million, up $10.6 million, as compared to $6.1 million in Q2 2020.
- Gross profit of $0.9 million, down $0.1 million, as compared to $1.0 million in Q2 2020.
- Administrative expenses of $50.0 million, up $48.9 million as compared to $1.1 million in Q2 2020, primarily as a result of significant increase in non-cash share-based compensation of $44.5 million, an increase in expenses reflecting Lion's transition to being a public company, and the expansion of Lion's head office capabilities in anticipation of an expected increase in business.
- Selling expenses of $13.3 million, up $12.5 million, as compared to $0.9 million in Q2 2020, primarily as a result of significant increase in non-cash share-based compensation of $10.0 million, the expansion of Lion's salesforce, as well as an increase in expenses associated with Lion's Experience Centers.
- Net Loss of $178.5 million in Q2 2021 as compared to a net loss of $1.3 million in Q2 2020. The net loss for Q2 2021 includes $167.7 million related to non-cash share-based compensation, non-cash increase in the fair value of share warrant obligations, and transaction costs.
- Adjusted EBITDA1 of negative $5.5 million, as compared to negative $0.1 million in Q2 2020, after adjusting for certain non-cash and non-recurring items such as change in fair value of share warrant obligations, share-based compensation, transaction costs and other non-recurring expenses.
- Acquisition of intangible assets, which mainly consist of R&D activities, amounted to $10.7 million, up $8.2 million, as compared to $2.5 million in Q2 2020.
- At June 30, 2021, Lion had $364.3 million in cash, with an additional borrowing capacity of up to $100 million added on August 11, 2021.