Lightning eMotors posts record revenue in Q2

LOVELAND — Lightning eMotors Inc. (NYSE: ZEV) posted record revenue of $5.9 million in the second quarter of 2021, its first quarter as a public company, according to an earnings report released Monday. That is a 580% year-over-year increase over the $900,000 it earned in the second quarter of 2020.

“Lightning’s record second quarter performance continued on our strong [first quarter] momentum with robust vehicle sales and revenue growth,” CEO Tim Reeser said in a prepared statement. “We are excited about the significant opportunity ahead.” 

The manufacturer of electric commercial fleet vehicles recorded a $46.1 million net loss, or 79 cents per share, for the quarter. That is up more than 1,500% from the $2.8 million loss, or 10 cents per share, that Lightning reported in the second quarter of 2020. 

Operating expenses were up 663% from $2.2 million in the second quarter of 2020 to $16.8 million in 2021.

In a news release, the company attributed the increase to “non-recurring expenses related to the business combination with GigCapital3, new public company costs and increased payroll expense due to higher headcount in administration and sales to support the growing sales, backlog and production.”

Lightning went public through a combination with the special purpose acquisition company GigCapital3 in May. It gained more than 10% in its debut. 

The company has dealt with significant supply chain issues since then. At a June CEO Roundtable hosted by BizWest, Reeser said Lightning was experiencing shortages of everything from chassis to batteries to windshields.

Indeed, in his statement Monday, Reeser said that supply chain challenges constrained Lightning’s second-quarter revenue, which the company is “working to remedy through the addition of new suppliers.”

“Notably, we are in the final stages of negotiations and technical integration and validation with one of the largest worldwide battery suppliers, which we believe will mitigate our supply constraints in 2022,” Reeser said in the statement.

Reeser also said that Lighting will be designing its first purpose-built chassis to help solve that shortage. 

Lightning also signed during the second quarter a deal worth up to $850 million — roughly equivalent to the company’s value when it went public — with Indiana-based Forest River Inc. to provide powertrains for as many as 7,500 electric buses.

Lightning reported an order backlog of 1,600 units valued at $168.4 million as of June 30. 

Lightning stock closed Monday at $9.63 per share, up 6.88% for the day. 

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