Lion Electric has announced its financial and operating results from the first quarter of fiscal year 2022. Among them, a 164% increase in revenue and nearly $35 million spent toward the new Joliet (Illinois) electric school bus facility.
Here are some highlights from the report:
- Delivery of 84 vehicles, an increase of 60 vehicles from the same period last year.
- Revenue of $22.6 million, up $16.4 million as compared to $6.2 million in Q1 2021.
- Capital expenditures, which included expenditures related to the Joliet production facility and the Lion Manufacturing Campus in Quebec (Canada), amounted to $34.9 million, up $33.8 million, as compared to $1.1 million in Q1 2021.
- Acquisition of intangible assets, mainly research and development (R&D) activities, amounted to $15 million, up $8.5 million compared to Q1 2021.
Here are some business updates from Lion:
- More than 600 vehicles on the road, with over 10 million miles driven.
- Vehicle order book of 2,422 all-electric medium- and heavy-duty urban vehicles as of May 3, 2022, consisting of 286 trucks and 2,136 buses, representing a combined total order value of approximately $600 million based on management's estimates.
- LionEnergy order book of 241 charging stations and related services as of May 3, 2022, representing a combined total order value of approximately $3 million.
- Tenant improvement work as well as the installation of critical production and other equipment advancing at the new leased 900,000 sq. ft. U.S. manufacturing facility in Joliet. Vehicle production expected to begin in the second half of 2022.
- Construction and development work for the battery manufacturing plant is advancing, including the installation of the prototype module production line at JR Automation's facilities in Troy, Michigan, the production of the first prototype pack, and the completion of the steel structure for the battery plant building in Quebec. Production of battery packs and modules is expected to begin in the second half of 2022.
- As of May 3, 2022, Lion had approximately 1,100 employees, of which over 300 were in its engineering and R&D departments.
"We are pleased with our Q1 performance. Despite the ongoing challenges in the supply chain environment, we continued to experience improvements and achieved a record number of quarterly vehicle deliveries," said Marc Bedard, CEO and founder of Lion. "We also sustained momentum in vehicle manufacturing and we expect that cadence of production, and therefore of deliveries, should gradually improve over the rest of the coming year."