2023-03-14 06:43:23 ET
Bank of America warned on a tough road ahead for Lightning eMotors ( NYSE: ZEV ) after the company set production guidance below expectations.
The electric vehicle maker expects to produce 400 to 450 units in 2023, as well as generated sales of 300 to 400 units to churn up revenue of $35M to $50M vs. $124M consensus. The new outlook implies an average selling price of $121.4k at the midpoint vs. $107.5K last year. While ZEV did not provide expected losses for 2023, BofA forecasts slightly worsening losses for the year due to headwinds.
BofA expects severe equity dilution ahead for Underperform-rated Lightning eMotors ( ZEV ) with a capital raise likely after a few quarters.
Shares of ZEV gained 4.42% in premarket trading on Tuesday after Monday's crushing 38.93% drop.
Read the Lightning eMotors ( ZEV ) earnings call transcript.
For further details see:
Lightning eMotors may need to raise capital - BofA