(Montreal) The Lion Electric Company slightly widened its net loss in the third quarter of the current financial year compared to the corresponding period of 2022: it went from US 17.2 million to US 19.9 million.
The Quebec manufacturer of urban electric vehicles, better known as Lion Électrique, however reports that in the quarter ending September 30, revenues from its ordinary activities reached a record of 80.3 million US dollars, an increase of 39.4 million US dollars in one year. During the same period, gross profit increased from US$3.8 million to US$5.4 million.
In the third quarter of the current year, Lion Electric delivered 245 vehicles, or 89 vehicles more than during the same period last year.
As for the order book, as of November 6, it stood at 2,232 all-electric medium and heavy-duty urban vehicles, or 268 trucks and 1,964 buses, for a total combined value of approximately US$525 million, according to estimates from The direction.
The CEO of Lion Électrique, Marc Bédard, reports that the company’s turnover has more than doubled since the start of the year compared to last year.
Lion Electric largely attributes its third quarter net loss to the smaller decrease in the fair value of the bonds linked to the stock warrants.
Company cited in this dispatch: La Compagnie Électrique Lion (TSX: LEV)