- Lightning eMotors Inc (NYSE:ZEV) reported first-quarter revenue growth of 18% year-over-year to $5.4 million, missing the consensus of $5.53 million.
- The gross loss expanded to $(2.31) million, compared to $(0.727) million a year ago.
- EPS loss narrowed to $(0.14) from $(0.83) in 1Q21.
- Adjusted net loss was $(18.7) million, compared to $(6.8) million in 1Q21.
- Adjusted EBITDA loss was $(14.5) million, compared to $(5.1) million during the same period in the prior year.
- As of April 29, 2022, ZEV had an order backlog of over 1,500 units valued at $167.8 million.
- Net cash used in operating activities for Q1 totaled $(16.14) million versus $(6.63) million a year ago.
- The company’s sales pipeline remains strong at $1.5 billion. ZEV stated that it expects the 2021 Federal Infrastructure Bill that provides over $10 billion in new funding to drive customer demand for Lightning products and services in both the near and long term.
- "Chassis supply chain challenges remain. Our multiple mitigation strategies, including recently-announced partnerships with GM and Blue Bird, plus our own Lightning eChassis, should begin to alleviate the shortage later this year,” commented Tim Reeser, CEO.
- 2Q22 Outlook: ZEV expects revenue of $6 million - $8 million vs. a consensus of $10.2 million, vehicle and powertrain sales of 55 units - 75 units.
- It expects adjusted EBITDA loss of $(18) million - $(20) million.
- Price Action: ZEV shares are trading higher by 3.70% at $3.64 during the market session on Friday.
