Lightning eMotors reports big revenue gain, loss

LOVELAND — Lightning eMotors Inc. (NYSE: ZEV) recorded a 131% increase in revenue in 2021, but the company’s loss also increased.

The maker of electric vehicles reported revenue of $21 million, compared with $9.1 million in 2020.

Net loss increased to $100.8 million, up from $37.7 million for the prior year. The loss amounted to a diluted loss per share of $1.67, compared with $1.25 in 2020.

For the fourth quarter, revenue totaled $4.2 million, compared with $3.7 million for the same period a year ago, an increase of 13%.

Fourth-quarter net income totaled $22.2 million, compared with a net loss of $13.4 million in the fourth quarter of 2020.

The company reported an order backlog, including full vehicles, powertrain systems to be sold directly to customers and charging systems of approximately 1,500 units, valued at $169.3 million.

“We continue to experience supply chain challenges involving chassis and other key components,” the company said in a press release. “Delays associated with any of these components may impact the timing of revenue.”

Lightning eMotors CEO Tim Reeser said in an earnings conference call that “while in the near term, Lightning is experiencing the same supply chain headwinds as other companies in our space, we feel confident in our longer-term outlook as evidenced by our strong backlog, pipeline and the OEM partnerships we have announced. In fact, we see the current industry disruptions, focus shifts and market transformation as bullish for our business in the medium and long term as we are well positioned with products, customers and experience.”

Lightning eMotors’ stock closed up 13 cents Tuesday, to $5.79 per share.

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