Lightning eMotors reports record revenue, losses

LOVELAND — Lightning eMotors Inc. (NYSE: ZEV) said revenue rose 65% to $6.3 million in its third quarter, compared with the same period last year, its highest quarterly results to date.

The maker of drivetrains and transmissions for electric fleet vehicles said nine-month revenue has tripled to $16.7 million. It also recapped several supply deals signed in the quarter, including one it said is worth up to $850 million with a transportation company owned by Warren Buffett’s Berkshire Hathaway Inc.

Commercial partnerships begun in the quarter also include entry into the Canadian market with buying by a food delivery company and the United Kingdom with a supplier of fleet vehicles to end users there.

Lightning eMotors’ net loss was two-and-a-half times higher in the quarter at $49.5 million. Nine-month net losses quintupled to $123 million.

Adjusted earnings before interest, taxes, depreciation and amortization and adjusted net loss — both non-GAAP metrics — also rose by several multiples.

Lightning eMotors shares closed flat Monday at a $655 million market cap. Following the release of the quarterly report, shares rose about 3% in after-hours trading.

The company went public via a special purpose acquisition company in May.

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