The Lion Electric Company (NYSE:LEV) reported first-quarter 2024 revenue growth of 1.4% year-over-year to $55.48 million, missing the consensus of $69.16 million.
The revenue increase was mainly due to a higher proportion of U.S. vehicle sales, enhancing the product mix, though partially offset by a drop in sales volume from 220 to 196 units over the quarter.
Gross loss was $(11.1) million, reflecting higher manufacturing costs due to the introduction of a new product, versus a gross loss of $(2.3) a year ago.
Adjusted EBITDA loss was $(17.3) million compared to $(14.5) million loss a year ago.
The company reported a wider net loss of $(21.7) million in the quarter, compared to $(15.6) million prior year. GAAP EPS loss came in at $(0.10), missing the consensus of $(0.08).
The company says over 2,000 vehicles are on the road, with over 25 million miles driven (over 40 million kilometers).
Cash flows used in operating activities totaled $(43.70) million versus $(37.60) million a year ago.
The company had a vehicle order book of 2,004 all-electric medium- and heavy-duty urban vehicles as of May 7, consisting of 211 trucks and 1,793 buses, representing a combined total order value of ~$475 million based on management's estimates.
LionEnergy order book of 350 charging stations and related services represents a total order value of ~$8 million. LEV has 12 experience centers across the U.S. and Canada.
"Despite a challenging first quarter marked by turbulence in the electric vehicle sector, our commitment to long-term growth remains unwavering. This drove us to make the tough decision to streamline our workforce and implement cost-saving measures. While difficult, this move was essential to fortify our liquidity in the face of market volatility, ensuring sustainability without compromising production capacity," commented Marc Bedard, CEO-Founder of Lion.
As of March-end, Lion had a cash balance of $4.8 million ($29.9 million as at December 31, 2023).
Price Action: LEV shares traded lower by 7.86% at $0.9583 at the last check Wednesday.