Lightning eMotors reports Q1 revenues up, losses down

LOVELAND — Lightning eMotors Inc., (NYSE: ZEV) the Loveland-based manufacturer of medium duty electric delivery vehicles and buses, reported today that its first quarter revenue was up 18% over revenue in the same quarter of 2021.

The company’s quarterly financial report showed revenue of $5.4 million, up from $4.6 million in the prior year’s first quarter. The company still recorded a net loss of $10.8 million, or 14 cents per share, compared to a net loss of $27.4 million, or 83 cents per share, during the first quarter of last year. Lightning’s first quarter ended March 31.

“Our sales growth reflected outstanding execution in the face of continued supply chain headwinds,” Tim Reeser, CEO of Lightning eMotors, said in a statement that accompanied the quarterly report. “We recently won new and repeat orders with major fleets in the U.S. and Canada across a broad range of vehicle applications. Also, this week we announced a partnership to provide Blue Bird with electric powertrains for their new truck chassis, which moves both companies into new markets and platforms and leverages its brand and deep nationwide sales and service channels. Lastly, we also announced a partnership with Perrone Robotics to offer a Level 2-4 autonomous vehicle option on all our Class 3-7 commercial vehicles, enhancing safety and providing campuses and logistical terminals with autonomous options they can put on the road today,” he said.

Reeser said that chassis supply chain challenges are among the headwinds that the company faces. 

As of April 29, the company had an order backlog — including full vehicles, powertrain systems to be sold directly to customers, and charging systems — of more than 1,500 units valued at $167.8 million. The sales pipeline stands at $1.5 billion.

Lightning stock closed up today at $3.82.