Lightning eMotors Inc (ZEVY)

[WeTheMarket]

Lightning eMotors Reports Financial Results for First Quarter 2022
May 13 2022 - 07:50AM
Business Wire

Highlights
- Record first quarter revenue of $5.4 million, increased 18% year-over-year
- Record number of quarterly units sold at 68
- Revealed new electrified Class 5-6 step van chassis and partnership with Blue Bird Corporation at the Advanced Clean Transportation Expo on May 10

Lightning eMotors, Inc. (“Lightning eMotors”, “Lightning”, or the “Company”), a leading provider of zero-emission powertrains and medium-duty and specialty commercial electric vehicles for fleets, today announced consolidated results for the first quarter ending March 31, 2022.

“Our sales growth reflected outstanding execution in the face of continued supply chain headwinds,” said Tim Reeser, CEO of Lightning eMotors. “We recently won new and repeat orders with major fleets in the U.S. and Canada across a broad range of vehicle applications. Also, earlier this week we announced a partnership to provide Blue Bird with Electric powertrains for their new Truck Chassis, which moves both companies into new markets and platforms and leverages their brand and deep nationwide sales and service channels. Lastly, we also announced a partnership with Perrone Robotics to offer a Level 2-4 autonomous vehicle option on all our Class 3-7 commercial vehicles, enhancing safety and providing campuses and logistical terminals with autonomous options they can put on the road today. Our expanding list of top tier OEM partners confirms our strategy and product leadership position, while repeat orders from major fleets following initial evaluations reflects the positive customer experience we are providing.”

Reeser continued, “Chassis supply chain challenges remain. Our multiple mitigation strategies, including recently-announced partnerships with GM and Blue Bird, plus our own Lightning eChassis, should begin to alleviate the shortage later this year. Customer reaction to our repower initiative has also been very encouraging. As we look forward with confidence, we continue to improve our productivity, efficiency, and quality with new equipment, tools, and fixtures, plus new outsourcing arrangements for complex wire harness assemblies.”

First Quarter 2022 Financial Results

First quarter revenue was $5.4 million, compared to $4.6 million for the prior-year quarter, an increase of 18% year-over-year.

Net loss was $10.8 million, or $0.14 per share, compared to net loss of $27.4 million, or $0.83 per share during the first quarter of last year.

Adjusted EBITDA was -$14.5 million, compared to -$5.1 million during the same period in the prior year. Adjusted net loss was $18.7 million, compared to $6.8 million during the prior year quarter. Adjusted EBITDA and adjusted net loss are non-GAAP measures. See explanatory language and reconciliation to the GAAP measures below.

Order Backlog and Awarded Orders

As of April 29, 2022, the Company had an order backlog—including full vehicles, powertrain systems to be sold directly to customers, and charging systems—of over 1,500 units valued at $167.8 million.

The Company’s sales pipeline remains strong at $1.5 billion. We expect the 2021 Federal Infrastructure Bill that provides over $10 billion in new funding for medium and heavy duty commercial electric vehicles to begin to be disbursed in Q4 of this year, driving customer demand for Lightning products and services in both the near and long term.

Guidance

We continue to experience supply chain challenges involving chassis and other key components. Delays associated with any of these components may impact the timing of revenue. Our customers remain supportive, and we have not seen any order cancellations due to delivery timing. Based on current business conditions, the Company expects:
- Second quarter revenue to be in the range of $6.0 million to $8.0 million.
- Second quarter vehicle and powertrain sales to be in the range of 55 units to 75 units
- Second quarter adjusted EBITDA to be in the range of -$18 million to -$20 million

Webcast and Conference Call Information

Company management will host a webcast and conference call on May 13, 2022, at 8:30 a.m. Eastern Time, to discuss the Company's financial results.

Interested investors and other parties can listen to a webcast of the live conference call and access the Company’s fourth quarter update presentation by logging onto the Investor Relations section of the Company's website at https://ir.lightningemotors.com/.

The conference call can be accessed live over the phone by dialing 877-407-6910 (domestic) or [phone] (international).