The Lion Electric Company posted a profit last quarter as sales nearly quadrupled on a surge in vehicle deliveries.
Posted at 7:55 p.m.
The Saint-Jérôme company on Tuesday reported a net profit of 2.1 billion US dollars for the first quarter of the year, compared to a loss of 16.1 million for the first quarter of 2021.
Earnings include a $21.5 million gain related to a non-cash decrease in the fair value of stock warrant obligations and a $3.8 million stock-based compensation charge non-cash.
The maker of all-electric trucks and buses notably announced that it delivered 84 vehicles in the first three months of the year, an increase of 60 vehicles compared to the 24 delivered during the same period last year.
Its activities allowed it to increase its income to 22.6 million for the start of the year, against 6.2 million for the first quarter of 2021.
The company delivered 72 school buses and 12 trucks in the fiscal year that ended March 31.
“Despite the current challenges in the supply chain environment, we continued to see improvements and delivered a record number of vehicles in a single quarter,” said President and Chief Executive Officer. management of Lion, Marc Bédard, by press release.
“We also maintained our momentum in vehicle manufacturing, and we expect a gradual increase in the production rate, and therefore in deliveries, during the rest of the fiscal year,” added Mr. Bédard.
In its latest update, Lion estimates that more than 600 of their vehicles are on the roads. It has an order book of 2,422 medium- and heavy-duty electric urban vehicles, i.e. 286 trucks and 2,136 buses.
These orders have a combined total value of approximately $600 million according to management estimates.