NFYEF - NFI cuts 2022 outlook on supply chain disruptions lower production

NFI (OTCPK:NFYEF) on Friday cut its 2022 guidance to reflect challenging YTD results, supply chain disruptions through Q3, and lower than planned increase in production rates in H2. NFYEF expects 2022 revenue of $2.3B-2.6B, an increase of up to 11% Y/Y, driven by higher volume of ZEB sales and product mix. Revenue guidance range was lowered to reflect changes to planned vehicle production rates and delivery schedules. 2022 adj. EBITDA is projected to be $15M-45Mand NFYEF expects negative adj. EBITDA in the first three quarters with positive adj. EBITDA in Q4. 2022 adj. EBITDA is estimated to decrease Y/Y as a result of no govt. wage subsidies, combined with operational inefficiencies due to supply chain disruptions, with more pronounced impact in the first three quarters of 2022. NFYEF expects production rates to be lower than expected in H2 of 2022 due to supply chain disruptions. NFYEF's production rates in 2021 and

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NFI cuts 2022 outlook on supply chain disruptions, lower production