The Lion Electric Company (NYSE: LEV), maker of all-electric medium and heavy-duty vehicles, announced operating results for the third quarter of fiscal year 2022, which ended Sept. 30.
The company held an investor call on Nov. 10. Highlights included:
- Delivery of 156 vehicles, up 116 compared to the same period last year.
- Revenue of $41 million, increased $29.1 million from the same period last year.
- Capital expenditures of $29.4 million, up from $5 million in Q3 2021, largely due to the new manufacturing facility in Joliet, Ill., and the Lion Campus.
- Net loss of $17.2 million compared to net earnings of $123 million.
On Nov. 9, Lion Electric announced closing an agreement for a new credit facility for Lion – up to $30 million CAD - funded by Finalta Capital, one of Canada’s largest private debt funds, and CDPQ, a global investment group.
“With growing demand and fleet owners wishing to make the transition toward electric vehicles, this new credit facility provides an additional tool to finance our activities at a critical moment in our growth,” said Marc Bedard, Lion Electric founder and CEO, in a news release. “In North America, the transportation industry is one of the leading emitters of greenhouse gases, making it essential to electrify medium- and heavy-duty transportation as part of the fight against climate change. This provides an unprecedented opportunity for a company like Lion.”
“Lion’s industry is undergoing extensive transformation toward the adoption of green transportation in North America,” said Marc Cormier, executive vice president and head of fixed income at CDPQ. He described Lion as “an important player in sustainable mobility.”
Looking ahead to 2023, the company expects to kick off production of a new LionA Type A school bus and LionD Type D school bus. The company is also considering when to start production of a LionM transit shuttle bus, which will leverage the LionA platform contingent on customer demand.
Company officials reported more than 800 Lion vehicles on the road, with more than 10 million miles driven. The order book currently consists of 2,408 all-electric medium- and heavy-duty urban vehicles, including 323 trucks and 2,085 buses, representing a combined estimated value of about $575 million.
Lion Electric helped dozens of school districts apply for funding under the Environmental Protection Agency’s Clean School Bus Program. That’s already resulted in 49 new school bus purchase orders, with more expected before the April purchase deadline.
Said Bedard: “For the fourth quarter in a row, we delivered a record number of vehicles in the history of Lion. This proves that the switch to electrification is happening, today. As we are nearing the start of commercial production at both our U.S. manufacturing facility and our battery plant, we are excited by these important milestones, which represent a major step forward in our growth strategy.”