Lightning eMotors announces lower revenue but nearly doubles production – Loveland Reporter-Herald
Lightning zero-emission vehicle provider eMotors Inc. (NYSE:ZEV) saw a 40% year-over-year revenue decline in the second quarter of 2022, to $3.5 million from 5, $9 million, the company reported Wednesday.
Despite this, its production of vehicles and powertrains increased to 74 from 40 in the second quarter of 2021.
The company reported earnings of $35.7 million, or 35 cents per share, for the quarter. That’s up from a net loss of $46.1 million, or 79 cents per share, a year ago. These earnings include one-time gains of $44.1 million and $10.1 million in earn-outs and derivative liabilities, respectively.
In its earnings report, Lightning attributed the revenue decline to the sale of more Class 3 vehicles in the second quarter of 2022 and more Class 4 and 5 vehicles in the prior year quarter; these vehicles had a higher selling price.
Lightning plans to sell between 350 and 450 units for the full fiscal year and expects to generate revenue of $35 million to $45 million.
In a prepared statement, Lightning chief executive Tim Reeser said the company expects all units it produced in the second quarter to sell out in the third and fourth quarters. He added that Lightning has deepened its relationship with General Motors and is beginning to produce its own chassis to help mitigate the impact of supply chain disruptions.
“The opportunities at Lightning eMotors have never been greater,” Reeser said in a statement. “The enthusiastic customer response to our vehicles, solutions and services reveals the positive impact of the investments in technology and productivity we have made so far. To build on this momentum, we are looking to invest more in our people and our processes, as well as potential strategic investments and acquisitions, to build Lightning eMotors into a world-class manufacturer of zero-emission commercial vehicles and powertrains and accelerate our efforts to achieve critical mass and scale. As such, although we believe we have enough cash to fund our operations for next year, we are exploring ways to raise more capital to fund critical investments.
This article was first published by BizWest, an independent news agency, and is published under a license agreement. © 2022 BizWestMedia LLC.