Lion Electric delivered 174 vehicles during the fourth quarter of 2022, including 139 school buses and 35 trucks, in the United States and Canada. That’s up from 71 units during the same period in 2021, and helps explain the boost in Q4 revenue to $46.8 million.

“We are pleased with our 2022 performance as, once again, despite external challenges, we delivered a record number of electric vehicles,” said Marc Bedard, founder and CEO of Lion.

The company also built its first electric school bus in the new manufacturing facility in Joliet, Ill., and produced the first battery pack at Lion’s battery manufacturing facility in Quebec.

“As we head into a new year, I would like to thank all our employees for their hard work and dedication,” Bedard said. “In 2023, we will continue to carefully manage liquidities while maintaining focus on investing capital and resources required to accelerate the efficient ramp-up of our production, with a view to optimize our manufacturing footprint and drive long-term growth and profitability.”

Highlights from the quarter include:

• $39.1 million in capital expenditures, including costs related to the new facilities in Joliet and the battery plant in Quebec.

• $21.3 million of intangible assets, primarily consisting of research and development activities.

• Closed a public offering of units for gross proceeds of about $50 million.

Highlights from the overall year include:

• Delivery of 519 vehicles, up from 323 in 2021.

• $139.9 million in revenue, up $82.2 million from the previous fiscal year.

• Net earnings of $17.8 million, compared to a net loss of $43.3 million in fiscal 2021.

In December 2022, the company delivered the first LionC zero-emission school bus built at the Joliet facility and funded by the U.S. Environmental Protection Agency’s Clean School Bus Program.