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Earnings Call Summary | The Lion Electric(LEV.US) Q4 2023 Earnings Conference

Futu News ·  Mar 1 06:20  · Conference Call

The following is a summary of the The Lion Electric Company (LEV) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • Lion Electric reported Q4 revenue of $60.4 million, a 29% increase YoY with an adjusted gross margin of 1.3%.

  • Fiscal 2023 reported a revenue increase of 81% to $253.5 million, with the U.S. contributing over a third of the annual revenue.

  • Q4 results saw a significant improvement in adjusted EBITDA, decreasing from negative $13.9 million in Q4 2022 to negative $6.3 million for this quarter.

  • Inventory reduction targeted at $50 million to $75 million is expected to contribute positively to liquidity in 2024.

Business Progress:

  • Lion Electric delivered a total of 852 vehicles in 2023, with a Q4 delivery total of 188 vehicles, marking a substantial increase in unit sales.

  • The manufacture of the Lion8 tractor truck is expected to commence in mid-2024.

  • Company plans for 2024 include reducing capital expenditure to below $10 million, cutting inventory levels and product cost savings.

  • A temporary trimming of staff and night shift elimination were part of cost reduction efforts.

  • Arrival of vehicles like LionV, Lion5 and Lion batteries, along with Lion tractor, are expected to spur growth.

More details: The Lion Electric IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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