CA - Lion Electric GAAP EPS of -$0.02 beats by $0.11 revenue of $46.77M beats by $0.05M

2023-03-10 06:51:27 ET

• Lion Electric press release ( NYSE: LEV ): Q4 GAAP EPS of -$0.02 beats by $0.11 .
• Revenue of $46.77M (+104.2% Y/Y) beats by $0.05M .
• Delivery of 174 vehicles, an increase of 103 vehicles, as compared to the 71 delivered in the same period last year.
• Gross loss of $4.8 million as compared to gross profit of $2.2 million in Q4 2021
• Adjusted EBITDA ¹ of negative $13.9 million, as compared to negative $7.5 million in Q4 2021, after mainly adjusting for certain non-cash items such as change in fair value of share warrant obligations and share-based compensation.
• Capital expenditures, which included expenditures related to the Company's U.S. manufacturing facility in Joliet, Illinois (the "Joliet Facility") and the Company's battery manufacturing plant and innovation center in Mirabel, Quebec (the "Lion Campus'), amounted to $39.1 million, up $19.9 million, as compared to $19.2 million in Q4 2021.
• Additions to intangible assets, which mainly consist of R&D activities, amounted to $21.3 million, up $11.6 million, as compared to $9.7 million in Q4 2021.
• Closed a public offering of units in December 2022, pursuant to which the Company issued 19,685,040 units at a price of $2.54 per unit for gross proceeds of approximately $50 million; each unit consisted of one common share and one common share purchase warrant (a "2022 Warrant"), with each whole 2022 Warrant entitling the holder thereof to acquire one common share at an exercise price of $2.80 per share for a period of five years until December 16, 2027.
• Total gross proceeds from financing activities of approximately $116 million, consisting of offering of units (approximate gross proceeds of $50 million), issuance of common shares under the Company's "at-the-market" program (approximate gross proceeds of $10 million) and borrowings under long-term debt instruments (approximately $56 million in the aggregate under the Company's revolving credit agreement, loan with Investissement Quebec, loan with the Strategic Innovation Fund of the Government of Canada and new loan agreement with Finalta and CDPQ), as compared to approximately $64 million in the aggregate in Q4 2021.

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