Wednesday, May 17, 2023 11:45:23 AM
May 17 2023
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/91091556/lightning-emotors-reports-financial-results-for-fi
Link to Q1 2023 Earnings Presentation https://d1io3yog0oux5.cloudfront.net/_b8d4a46c48d8e19113966364bcf68884/lightningemotors/db/1111/9843/earnings_presentation/Q1+2023+Earnings+Presentation+v1.pdf
Link to Q1 2023 Earnings Webcast https://event.choruscall.com/mediaframe/webcast.html?webcastid=NUyz5bfF
Highlights
- GAAP revenue of $1.3 million, after $2.3 million of recall-related costs
- Adjusted revenue of $3.6 million from sales of 29 units; produced 53 units during the quarter
- Today announced funding commitment with Yorkville Advisors to provide up to $50 million of capital
- Recent contract to sell 126 Lightning ZEV3 and ZEV4 cargo vans, passenger vans and shuttle buses to new Canadian customer expected to contribute to Q2 and Q3 revenue
- Strong order momentum in Type A zero-emission school buses through partnership with Collins Bus
Lightning eMotors, Inc., 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 ended March 31, 2023.
“I’m very excited about the progress we made in Q1 on our portfolio transition. Customer feedback on our new Class 4 vehicles built on the GM platform has been very positive,” stated Tim Reeser, Lightning Co-founder and CEO. “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. We believe we are on track to achieve our stated annual revenue guidance of $35-50 million. As government incentive programs take hold, we are helping customers navigate the application process and are seeing orders. While focusing on the revenue growth opportunities before us, we also have taken actions to reduce our expense structure and secure new growth capital.”
“The lower GAAP revenue resulted from booking the apportioned cost of an accommodation we made to support our customers, as we bought back vehicles with defective Romeo batteries. Many of those customers have placed new orders with us, and some have already received their new vehicles in Q2.”
“Today we announced an agreement with Yorkville Advisors that will provide us with up to $50 million of capital that we plan to use to fund our growth strategy,” said David Agatston, CFO of Lightning. “We believe this funding commitment from Yorkville is a strong endorsement of Lightning’s ability to attract new capital and provide returns for investors.”
First Quarter 2023 Financial Results
First quarter production was 53 units (vehicles and powertrains), down from 74 units in Q1 2022. Unit sales were 29, compared to 68 in the year-ago quarter. First quarter revenue was $1.3 million, compared to $5.4 million for the prior-year quarter. Excluding customer refunds, adjusted revenue was $3.6 million.
First quarter net loss was $23.4 million, or $4.89 per diluted share, compared to net loss of $10.8 million, or $2.86 per diluted share, during the first quarter of last year.
First quarter adjusted EBITDA loss was $19.7 million, compared to a loss of $14.8 million during the same period in the prior year. Adjusted revenue and adjusted EBITDA are non-GAAP measures. See explanatory language and reconciliation to the GAAP measures below.
Guidance
Based on current demand and supply conditions, the Company reiterates its prior 2023 guidance:
- 2023 revenue to be in the range of $35 million to $50 million
- 2023 unit sales to be in the range of 300 to 400 units
- 2023 unit production to be in the range of 400 to 450 units
Webcast and Conference Call Information
Company management will host a conference call on Wednesday, May 17, 2023, 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 first quarter update presentation by logging onto the Investor Relations section of the Company's website at ir.lightningemotors.com.
The conference call can be accessed live over the phone by dialing (877) 407-6910 (domestic) or +1 (201) 689-8731 (international).
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle solutions for commercial fleets since 2018 – including cargo and passenger vans, ambulances, shuttle buses, Type A school buses, work trucks, city buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at lightningemotors.com.
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