Lion Electric 2023 Financial Reports [Updated 11/08]

Q3 2023 Report

Electric vehicle manufacturer Lion Electric posted another quarter of record revenue. For the third quarter of 2023, Lion reported $80.3 million in revenue, nearly double the same period in 2022.

"We are pleased with our performance in the third quarter of 2023, as we posted record revenue and gross margins, and our revenue year-to-date has more than doubled compared to last year," said Marc Bedard, CEO and founder of Lion. "As we approach the end of the year, we continue to relentlessly focus on all the elements that will enable us to reach our profitability objectives."

Other highlights of the latest financial report:

• Delivery of 245 vehicles, up 89 from Q3 2022.
• Reduced capital expenditures related to the Joliet production facility in Illinois and the Lion Campus.
• Vehicle order book of 2,232 vehicles, consisting of 268 trucks and 1,964 buses, with a combined total order value of about $525 million.
• LionEnergy order book of 129 charging stations and related services.
• Started producing LionD school buses in Joliet and Lion5 trucks in Montreal.
• Delayed production of LionA and LionM vehicles.
• About 1,500 employees.

Q2 2023 Report

Electric vehicle manufacturer Lion Electric this week reported record revenue of $58 million for the second quarter of 2023, up $28.5 million compared to the same period in 2022. The company, which recently celebrated the grand opening of its production facility in Joliet, Ill., indicated that it delivered 199 vehicles during the quarter that ended on June 30.

According to a news release, vehicle deliveries "were negatively impacted by delays in the final approval of a subsidy program which resulted in the deferral to subsequent quarters of the delivery of 50 school buses to one customer despite that such vehicles were ready for delivery and the client being ready to receive them."

The company reported a net loss of $11.8 million in Q2 2023.

Among the company's business updates:

• More than 1,400 vehicles on the road, with more than 14 million miles driven.
• Vehicle order book of 2,559 all-electric medium- and heavy-duty urban vehicles as of Aug. 2, consisting of 304 trucks and 2,255 buses, representing a combined total order value of about $625 million.
• LionEnergy order book of 275 charging stations and related services, representing a combined total order value of about $5 million.
• 12 experience centers in operation in the United States and Canada.
• Employs about 1,450 people.
• Making progress on final certification of the first Lion battery packs.

"We are pleased with our performance in the second quarter of 2023, as we continued to see gradual growth in revenue and truck deliveries," said Marc Bedard, Lion's CEO and founder. "As we recently closed a $142 million financing that provides us with the flexibility to execute our growth plans, we will continue to focus our efforts on achieving profitability, which is moving in the right direction, as demonstrated by the positive gross margin we posted this quarter."

Q1 2023 Report

Electric vehicle manufacturer Lion Electric reported delivery of 220 vehicles (including school buses) and increased revenue of $54.7 million for the first quarter of 2023, ending March 31.

"We are pleased with our Q1 2023 performance, as we increased the number of vehicles delivered for the sixth quarter in a row," said Marc Bedard, CEO and founder of Lion. "With manufacturing at both our Joliet vehicle plant and our battery factory now underway, we are focused on achieving profitability and are putting the right elements in place to achieve this objective."

Highlights from the quarter include:

• 220 vehicles delivered, up from 84 during the same period in 2022.
• $54.7 million in revenue, up from $22.6 million this time last year.
• Capital expenditures of $23.1 million toward the company's manufacturing facility in Joliet, Ill., and the battery plant in Quebec, down $11.8 million compared to last year.

The company reports that it has more than 1,100 vehicles on the road with more than 10 million miles driven. Production of LionC zero-emission school buses has begun in Joliet. The order book includes 2,565 all-electric medium- and heavy-duty vehicles - 295 trucks and 2,270 buses - with a combined total order value of about $6 million. Lion Electric employs 1,400 people as of May 8, with about 300 working in the engineering and research and development departments.

Lion Electric's virtual annual meeting will be held May 30 at 11 a.m. Eastern.