The Lion Electric Company, manufacturer of all-electric medium and heavy-duty urban vehicles, announced its financial and operating results for the first quarter of fiscal year 2022, which ended on March 31, 2022.
Lion reports its results in US dollars and in accordance with International Financial Reporting Standards (“IFRS”).
Q1 2022 Financial Highlights
- Delivery of 84 vehicles, an increase of 60 vehicles, as compared to the 24 delivered in the same period last year.
- Revenue of $22.6 million, up $16.4 million as compared to $6.2 million in Q1 2021.
- Gross loss of $0.9 million, as compared to a gross loss of $1.8 million in Q1 2021.
- Net earnings of $2.1 million, as compared to a net loss of $16.1 million in Q1 2021. Net earnings for Q1 2022 include a $21.5 million gain related to non-cash decrease in the fair value of share warrant obligations and a $3.8 million charge related to non-cash share-based compensation, compared to a $5.2 million charge related to non-cash share-based compensation in Q1 2021.
- Acquisition of intangible assets, which mainly consist of R&D activities, amounted to $15.0 million, up $8.5 million, as compared to $6.5 million in Q1 2021.
- More than 600 vehicles on the road, with over 10 million miles driven.
- Vehicle order book of 2,422 all-electric medium- and heavy-duty urban vehicles as of May 3, 2022, consisting of 286 trucks and 2,136 buses, representing a combined total order value of approximately $600 million based on management’s estimates.
- LionEnergy order book of 241 charging stations and related services as of May 3, 2022, representing a combined total order value of approximately $3.0 million.
- 12 Experience Centers in operation in the United States and Canada.
- Tenant improvement work as well as the installation of critical production and other equipment advancing at the new leased 900,000 sq-ft U.S. manufacturing facility in Joliet, Illinois (the “Joliet Facility”). Vehicle production expected to begin in the second half of 2022.
- Construction and development work for the battery manufacturing plant is advancing, including the installation of the prototype module production line at JR Automation’s facilities in Troy, Michigan, the production of the first prototype pack, and the completion of the steel structure for the battery plant building in Mirabel. Production of battery packs and modules is expected to begin in the second half of 2022.
- Several new key partnerships announced with truck upfitters to provide new fully electrified refrigerated, dry freight and aluminum stake body options for the Lion6 zero-emission urban truck. The new partnerships include equipment upfit options from industry leaders Morgan Truck Body, Thermo King, Knapheide and CM Truck Beds.
- Launch of a new lightweight, aerodynamic, 100% electric heavy-duty truck on the Lion6 chassis, together with Transit Truck Bodies that is suited for last-mile urban delivery, that was developed under an upfitter partnership model.
- As of May 3, 2022, Lion had approximately 1,100 employees, of which over 300 were in its Engineering and R&D departments.
“We are pleased with our Q1 performance. Despite the ongoing challenges in the supply chain environment, we continued to experience improvements and achieved a record number of quarterly vehicle deliveries. 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,” commented Marc Bedard, CEO – Founder of Lion.
“As we celebrate our first year as a public company, we continue to build the foundations of our long-term growth and are excited to see that the movement towards electrification of transports continues to gain strong momentum, as demonstrated by unprecedented government funding packages announced in the U.S. and Canada over the past few months,” concluded Marc Bedard.