Lightning eMotors posts record quarterly revenue

LOVELAND — Zero-emission-vehicle provider Lightning eMotors Inc. (NYSE: ZEV) posted a record sales total in the third quarter of 2022.

Quarterly revenues were $11.1 million, compared to $6.3 million for the prior-year quarter.

Lightning posted a net loss of $1.2 million in the most recent period, or $0.02 per diluted share, compared to net loss of $49.5 million, or $0.67 per diluted share, in the third quarter of last year.

The company produced 104 vehicles in the third quarter of 2022. That’s up from 43 in the same period in 2021.

“Our strong third quarter results highlight our improved production capacity, supply chain execution, and strong demand for Lightning products,” Lighting CEO Tim Reeser said in a prepared statement. “Both production and revenue were quarterly records, demonstrating our ability to increase productivity and scale. In the quarter we announced new products and partnerships that expand our addressable market and extend our lead in our target segments.

Looking ahead, Lightning expects its fourth quarter revenue to be in the range of $13 million to $18 million.

Lightning’s shares closed Tuesday’s trading off 5.22% at $1.27 per share. 

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