Lightning eMotors Clocks 18% Revenue Growth In Q1

Lightning eMotors Inc ZEV reported first-quarter revenue growth of 18% year-over-year to $5.4 million, missing the consensus of $5.53 million.
The gross loss expanded to $(2.31) million, compared to $(0.727) million a year ago.
EPS loss narrowed to $(0.14) from $(0.83) in 1Q21.
Adjusted net loss was $(18.7) million, compared to $(6.8) million in 1Q21.
Adjusted EBITDA loss was $(14.5) million, compared to $(5.1) million during the same period in the prior year.
As of April 29, 2022, ZEV had an order backlog of over 1,500 units valued at $167.8 million.
Net cash used in operating activities for Q1 totaled $(16.14) million versus $(6.63) million a year ago.
The company’s sales pipeline remains strong at $1.5 billion. ZEV stated that it expects the 2021 Federal Infrastructure Bill that provides over $10 billion in new funding to drive customer demand for Lightning products and services in both the near and long term.
"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,” commented Tim Reeser, CEO.
2Q22 Outlook: ZEV expects revenue of $6 million - $8 million vs. a consensus of $10.2 million, vehicle and powertrain sales of 55 units - 75 units.
It expects adjusted EBITDA loss of $(18) million - $(20) million.
Price Action: ZEV shares are trading higher by 3.70% at $3.64 during the market session on Friday.

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Lightning eMotors Clocks 18% Revenue Growth In Q1