Thursday, The Lion Electric Company LEV reported fourth-quarter 203 revenue of $60.4 million, up from $46.8 million a year ago, sharply below the consensus of $89.99 million.
The increase in revenue was primarily due to an increase in vehicle sales volume of 14 units, from 174 units (139 school buses and 35 trucks; 160 vehicles in Canada and 14 vehicles in the U.S.) to 188 units (178 school buses and 10 trucks; 107 vehicles in Canada and 81 vehicles in the U.S.)
The number of vehicles delivered was 852 vehicles in the fiscal year 2023, up from 519 a year ago.
The manufacturer of all-electric medium and heavy-duty urban vehicles reported a deeper gross loss of $(9.1) million compared to $(4.8) million a year ago.
On an adjusted basis, the company reported a gross profit of $0.8 million versus the adjusted gross loss of $4.8 million in Q4 2022.
The company reported a wider net loss of $(56.5) million in the fourth quarter of 2023, compared to a net loss of $(4.6) million in Q4 of 2022. GAAP EPS loss came in at $(0.25) versus the consensus of $(0.09).
Adjusted EBITDA of negative $6.3 million compared to negative $13.9 million in Q4 2022.
The company says over 1,850 vehicles are on the road, with over 22 million miles driven (over 36 million kilometers).
The vehicle order book of 2,076 all-electric medium- and heavy-duty urban vehicles as of February 28, 2024, consisting of 285 trucks and 1,791 buses, represents a combined total order value of approximately $500 million based on management’s estimates.
LionEnergy order book of 132 charging stations and related services as of February 28, 2024, represents a combined total order value of approximately $4 million.
The company initiated commercial production of LionD units, which led to the completion of the first deliveries to customers in January 2024.
Lion Electric completed the final certification for medium-duty Lion battery packs, paving the way for initial deliveries of Lion5 trucks.
Price Action: LEV shares are down 15.3% at $1.42 on the last check Thursday.
Photo via company
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