- Lightning eMotors ( NYSE: ZEV ) on Tuesday said Q4 revenue was expected to be about $4M on sales of 31 vehicles and powertrain units, significantly lower than expectations.
- The company own's expectations for Q4 revenue ranged from $13M to $18M on sales of 100 to 130 units.
- The consensus revenue estimate for Q4 is $15.03M.
- ZEV blamed the preliminary revenue expectation on battery supply issues and rising interest rates.
- The company also said that it lost significant sales volume during Q4 due to Romeo Power Systems, a Nikola ( NKLA ) unit, unexpectedly ending its commitments under its long-term supply agreement with ZEV.
- ZEV added that it produced 128 vehicles and powertrain units in Q4, its highest output ever, up from 104 in Q3.
- Lightning eMotors ( ZEV ) stock earlier closed -2.2% at $0.53.
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Lightning eMotors sees Q4 revenue below estimates, says Nikola unit ended agreement