Lightning eMotors Inc (ZEVY)

[WeTheMarket]

Lightning eMotors Reports Financial Results for Third Quarter 2021
November 15 2021 - 04:01PM, Business Wire
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/86562009/lightning-emotors-reports-financial-results-for-th

Summary
– Record Nine Month Revenues of $16.8 million, Increased 212% Year-Over-Year
– Record Third Quarter Revenue of $6.3 million, Increased 65% Year-Over-Year
– Record Third Quarter Sales of 43 Zero Emission Vehicles (“ZEV”), Increased 43% Year-Over-Year
– Announced Entry Into Electric School Bus Space With Multi-Year Agreement With REV Group’s Collins Bus Corporation
– Entered Into Long-Term Battery Supply Agreement With Proterra

Lightning eMotors, Inc. (“Lightning eMotors”, “Lightning”, or the “Company”), a leading zero emissions commercial fleet vehicle designer and manufacturer, today announced consolidated results for the third quarter ending September 30, 2021.

Tim Reeser, Chief Executive Officer of Lightning eMotors said, “Lightning’s record third quarter performance continued on our strong Q2 momentum with robust vehicle sales and revenue growth. We began deliveries on our agreement with Forest River, which has a potential value of up to $850 million, and expect to deliver additional zero emission shuttle buses through the end of the year. Further, the first nine zero emission vehicles were delivered under the Collins Bus agreement, which includes an initial firm order commitment worth around $11 million to deploy over 100 all-electric Type A school buses across the U.S. and Canada through the end of 2023. Our team again this quarter leveraged our modularity and customization toolboxes and released two new exciting products - our zero emission Type A school Bus, and our zero emission Class A double-decker motorcoach, one of the largest ZEV’s in the world today, with 200 miles of range. I continue to be impressed with the speed at which our team has been able to deliver new, compelling products that are seeing immediate customer uptake.”

Reeser continued, “During the third quarter, we were very focused on addressing supply chain constraints through the addition of new suppliers. We entered into a long-term agreement with Proterra, which we believe will provide us greater visibility into our battery supply into 2025 and expect to deliver our first vehicles powered by Proterra in Q4. We continue to believe that the progress we’ve made with our suppliers will help mitigate our battery supply constraints and lower costs in 2022 and beyond, while also enhancing our product reliability. Additionally, we expect our first purpose built Lightning eChassis to ship in 2022, which will help address the industry chassis shortage.”

Key Company Highlights

Lightning recently announced a strategic customer relationship with REV Group’s Collins Bus. We continue to develop relationships with other leading vocational vehicle OEMs and suppliers:
- Lightning eMotors and Forest River Inc. Reach Multiyear Agreement for up to $850M in Zero-Emission Bus Technology Plus Charging Products and Services
- Lightning eMotors Enters the Electric School Bus Space with Multiyear Agreement with REV Group's Collins Bus
- Lightning eMotors Partners with ABB to Provide DC Fast Chargers
- Lightning eMotors and Ricardo sign strategic partnership to provide commercial electric vehicles to United Kingdom customers
- Lightning eMotors Sees Acceleration of Electrified Vehicle Deployment with California Transit Agencies
- Lightning eMotors Enters Canada’s Commercial EV Market with Fully Electric Refrigerated Delivery Vehicles
- Lightning eMotors Develops Largest Battery All-Electric Double-Decker Motor Coach Available
- Proterra to Supply Battery Technology for up to 10,000 Lightning eMotors Electric Commercial Vehicles

Lightning eMotors is a leading electric commercial fleet designer and manufacturer, providing zero emission solutions (both Battery Electric and Fuel Cell Electric) for commercial fleets, including without limitation, Class 3-5 cargo and passenger vehicles, school buses, Class 5-6 work trucks, and Class 7 city buses and motorcoaches. The Company is focused on eradicating commercial fleet emissions without compromising on safety of efficiency in our commercial fleets. Lightning eMotors’ ongoing focus has been on providing a broad range of zero emission vehicle platforms and charging solutions to help fleets reduce emissions and improve their energy efficiency.