Lion Electric exceeds expectations with US$2.1M profit in Q1
The Canadian PressGeneral Automotive
EV urban truck maker sees sales nearly quadruple on a large increase in vehicle deliveries.
The Montreal-based manufacturer of all-electric medium and heavy-duty urban vehicles says it earned US$2.1 million or one cent per diluted share in the first quarter, compared with a net loss of US$16.1 million or 15 cents per share a year earlier.
Net earnings included a US$21.5-million gain related to non-cash decrease in the fair value of share warrant obligations and a US$3.8-million charge related to non-cash share-based compensation, compared with a US$5.2-million charge related to non-cash share-based compensation in the first quarter of fiscal 2021.
Its comprehensive profit reached US$5.35 million, versus a US$17.4-million loss in the first quarter of 2021.
Reporting in U.S. dollars, revenues for the three months ended March 31 were US$22.6 million, up from $6.2 million in the prior year.
Lion was expected to report a net loss of eight cents per share on US$23 million of revenues, according to financial data firm Refinitiv.
“Despite the ongoing challenges in the supply chain environment, we continued to experience improvements and achieved a record number of quarterly vehicle deliveries,” Lion CEO and founder Marc Bedard said in a news release. “We also sustained momentum in vehicle manufacturing and we expect that cadence of production, and therefore of deliveries, should gradually improve over the rest of the coming year.”