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Blue Bird Cancels Order With Adomani

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Adomani (NASDAQ: ADOM) said Wednesday orders placed in April exceeding $6.4 million were canceled by Blue Bird due to Adomani's supplier Cummins (NYSE: CMI) inability to meet delivery schedules. Adomani provides zero-emission and hybrid vehicle drivetrain transport and purpose-built electric vehicles.

In addition to the Blue Bird order cancellation, a school district that had ordered three all-electric school buses from Adomani in September 2017 has also canceled its order for approximately $1.0 million.

ADOMANI reports a net decrease in backlog from $18.9 million as of April 30 to $10.7 million as of June 30.

"As we have mentioned a number of times in recent months, we have been working on our supplier issues, and have made progress with them, but not quickly enough,” said Jim Reynolds, CEO of Adomani. “We are extremely disappointed by these cancellations after extensive discussions/negotiations, but remain very excited about the potential growth from our diversified product offerings of trucks, vans, chassis, NEVs and e-trikes that lie ahead of us."

Adomani shares traded lower by 4.4% to 28 cents per share at time of publication.

Posted-In: News Penny Stocks Contracts Markets

 

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