Lightning eMotor Inc. ( NYSE: ZEV ) slipped in Wednesday trading after the electric vehicle maker delivered only about half the revenue in Q2 that analysts expected in Q2. The revenue shortfall was due in part to some unit sales that were pushed out of the quarter due to customer financing delays.
ZEV guided for Q3 revenue of $7M to $10M vs. $16.1M consensus with full year vehicle and powertrain sales expected to be in the range of 350 to 450 units
Looking ahead, the company said medium-term chassis supply remains uncertain, but ZEV's Lightning eChassis and the Blue Bird eChassis should put chassis supply more within its control in the long term and allow it to service the strong customer demand for its vehicles.
CEO update: "Mitigation strategies we employed earlier in the year are improving the outlook for the second half of this year, and we now have a commitment from GM and other OEMs for over 400 chassis that are either onsite or are expected to arrive by the end of the year."
Shares of ZEV fell 1.75% in late trading on Wednesday and are down more than 37% for the year.
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Lightning eMotors falls after order delays hit results and guidance