- Record first quarter revenue of $5.4 million, increased 18%
year-over-year
- Record number of quarterly units sold at 68
- Revealed new electrified Class 5-6 step van chassis and
partnership with Blue Bird Corporation at the Advanced Clean
Transportation Expo on May 10
Lightning eMotors, Inc. (“Lightning eMotors”, “Lightning”, or
the “Company”), a leading provider of zero-emission powertrains and
medium-duty and specialty commercial electric vehicles for fleets,
today announced consolidated results for the first quarter ending
March 31, 2022.
“Our sales growth reflected outstanding execution in the face of
continued supply chain headwinds,” said Tim Reeser, CEO of
Lightning eMotors. “We recently won new and repeat orders with
major fleets in the U.S. and Canada across a broad range of vehicle
applications. Also, earlier this week we announced a partnership to
provide Blue Bird with Electric powertrains for their new Truck
Chassis, which moves both companies into new markets and platforms
and leverages their brand and deep nationwide sales and service
channels. Lastly, we also announced a partnership with Perrone
Robotics to offer a Level 2-4 autonomous vehicle option on all our
Class 3-7 commercial vehicles, enhancing safety and providing
campuses and logistical terminals with autonomous options they can
put on the road today. Our expanding list of top tier OEM partners
confirms our strategy and product leadership position, while repeat
orders from major fleets following initial evaluations reflects the
positive customer experience we are providing.”
Reeser continued, “Chassis supply chain challenges remain. Our
multiple mitigation strategies, including recently-announced
partnerships with GM and Blue Bird, plus our own Lightning
eChassis, should begin to alleviate the shortage later this year.
Customer reaction to our repower initiative has also been very
encouraging. As we look forward with confidence, we continue to
improve our productivity, efficiency, and quality with new
equipment, tools, and fixtures, plus new outsourcing arrangements
for complex wire harness assemblies.”
First Quarter 2022 Financial Results
First quarter revenue was $5.4 million, compared to $4.6 million
for the prior-year quarter, an increase of 18% year-over-year.
Net loss was $10.8 million, or $0.14 per share, compared to net
loss of $27.4 million, or $0.83 per share during the first quarter
of last year.
Adjusted EBITDA was -$14.5 million, compared to -$5.1 million
during the same period in the prior year. Adjusted net loss was
$18.7 million, compared to $6.8 million during the prior year
quarter. Adjusted EBITDA and adjusted net loss are non-GAAP
measures. See explanatory language and reconciliation to the GAAP
measures below.
Order Backlog and Awarded Orders
As of April 29, 2022, the Company had an order backlog—including
full vehicles, powertrain systems to be sold directly to customers,
and charging systems—of over 1,500 units valued at $167.8
million.
The Company’s sales pipeline remains strong at $1.5 billion. We
expect the 2021 Federal Infrastructure Bill that provides over $10
billion in new funding for medium and heavy duty commercial
electric vehicles to begin to be disbursed in Q4 of this year,
driving customer demand for Lightning products and services in both
the near and long term.
Guidance
We continue to experience supply chain challenges involving
chassis and other key components. Delays associated with any of
these components may impact the timing of revenue. Our customers
remain supportive, and we have not seen any order cancellations due
to delivery timing. Based on current business conditions, the
Company expects:
- Second quarter revenue to be in the range of $6.0 million to
$8.0 million.
- Second quarter vehicle and powertrain sales to be in the range
of 55 units to 75 units
- Second quarter adjusted EBITDA to be in the range of -$18
million to -$20 million
Webcast and Conference Call Information
Company management will host a webcast and conference call on
May 13, 2022, at 8:30 a.m. Eastern Time, to discuss the Company's
financial results.
Interested investors and other parties can listen to a webcast
of the live conference call and access the Company’s fourth quarter
update presentation by logging onto the Investor Relations section
of the Company's website at https://ir.lightningemotors.com/.
The conference call can be accessed live over the phone by
dialing 877-407-6910 (domestic) or +1-201-689-8731
(international).
About Lightning eMotors
Lightning eMotors has been providing specialized and sustainable
fleet solutions since 2009, deploying complete zero-emission
vehicle solutions for commercial fleets since 2018 – including
Class 3 cargo and passenger vans and ambulances, Class 4 and 5
cargo vans and shuttle buses, Class 6 work trucks and school buses,
Class 7 city buses, and Class A motorcoaches. The Lightning
eMotors’ team designs, engineers, customizes, and manufactures ZEVs
to support the wide array of fleet customer needs, with a full
suite of control software, telematics, analytics, and charging
solutions to simplify the buying and ownership experience and
maximize uptime and energy efficiency. To learn more, visit
https://lightningemotors.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. Such forward-looking
statements include, but are not limited to, statements regarding
the financial statements of Lightning eMotors (including guidance),
its product and customer developments, its expectations, hopes,
beliefs, intentions, plans, prospects or strategies regarding the
future revenues and expenses, its expectations regarding the
availability and timing of components and supplies and the business
plans of Lightning eMotors’ management team. Any statements
contained herein that are not statements of historical fact may be
deemed to be forward-looking statements. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intends,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. The
forward-looking statements contained in this press release are
based on certain assumptions and analyses made by the management of
Lightning eMotors considering their respective experience and
perception of historical trends, current conditions and expected
future developments and their potential effects on Lightning
eMotors as well as other factors they believe are appropriate in
the circumstances. There can be no assurance that future
developments affecting Lightning eMotors will be those anticipated.
These forward-looking statements contained in this press release
are subject to known and unknown risks, uncertainties, assumptions
and other factors that may cause actual results or outcomes to be
materially different from any future results or outcomes expressed
or implied by the forward-looking statements. These risks,
uncertainties, assumptions and other factors include, but are not
limited to: (i) those related to our operations and business and
financial performance; (ii) our ability to have access to an
adequate supply of motors, chassis and other critical components
for our vehicles on the timeline we expect (iii) our ability to
attract and retain customers; (iv) backlog amounts and sales
pipeline that may not result in actual revenue or be indicative of
future revenues or sales; (v) our ability to up-sell and cross-sell
to customers; (vi) the success of our customers' development
programs which will drive future revenues; (vii) our ability to
execute on our business strategy; (viii) our ability to compete
effectively; (ix) our ability to manage growth, scale up
infrastructure and manage increased headcount; (x) the ability of
the Company to maintain the New York Stock Exchange’s listing
standards, (xi) potential business and supply chain disruptions,
including those related to physical security threats, information
technology or cyber-attacks, epidemics, pandemics, sanctions,
political unrest, war, terrorism or natural disasters; (xii)
macroeconomic factors, including current global and regional market
conditions, commodity prices, inflation and deflation; (xiii)
federal, state, and local laws, regulations and government
incentives, particularly those related to the commercial electric
vehicle market; (xiv) the volatility in the price of our securities
due to a variety of factors, including changes in the competitive
industries in which the Company operates, variations in operating
performance across competitors, changes in laws and regulations
affecting the Company’s business and changes in the capital
structure; (xv) planned and potential business or asset
acquisitions or combinations; (xvi) the size and growth of the
markets in which we operate; (xvii) the mix of products utilized by
the Company’s customers and such customers’ needs for these
products; (xviii) market acceptance of new product offerings; and
(xix) our funding and liquidity plans. Moreover, we operate in a
competitive and rapidly changing environment, and new risks may
emerge from time to time. You should not put undue reliance on any
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and will
not necessarily be accurate indications of the times at, or by,
which such performance or results will be achieved, if at all.
Should one or more of these risks or uncertainties materialize or
should any of the assumptions being made prove incorrect, actual
results may vary in material respects from those projected in these
forward-looking statements. We undertake no obligation to update or
revise any forward-looking statements, whether because of new
information, future events or otherwise, except as may be required
under applicable securities laws.
Lightning eMotors,
Inc.
Consolidated Statements of
Operations
(in thousands, except share and
per share data)
(Unaudited)
Three Months Ended March
31,
2022
2021
Revenues
$
5,412
$
4,591
Cost of revenues
7,722
5,318
Gross loss
(2,310
)
(727
)
Operating expenses
Research and development
1,942
648
Selling, general and administrative
11,599
3,920
Total operating expenses
13,541
4,568
Loss from operations
(15,851
)
(5,295
)
Other (income) expense, net
Interest expense, net
3,861
1,611
(Gain) loss from change in fair value of
warrant liabilities
(188
)
20,539
Gain from change in fair value of
derivative liability
(2,555
)
—
Gain from change in fair value of earnout
liability
(6,172
)
—
Other income, net
(41
)
(9
)
Total other (income) expense, net
(5,095
)
22,141
Net loss
$
(10,756
)
$
(27,436
)
Net loss per share, basic and diluted
$
(0.14
)
$
(0.83
)
Weighted-average shares outstanding, basic
and diluted
75,128,044
33,147,475
Lightning eMotors,
Inc.
Consolidated Balance
Sheets
(in thousands, except shares)
March 31,
December 31,
2022
2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
150,363
$
168,538
Accounts receivable, net of allowance of
$3,397 and $3,349 as of March 31, 2022 and December 31, 2021,
respectively
8,911
9,172
Inventories
17,216
14,621
Prepaid expenses and other current
assets
6,071
7,067
Total current assets
182,561
199,398
Property and equipment, net
7,439
4,891
Operating lease right-of-use asset,
net
8,475
8,742
Other assets
1,070
379
Total assets
$
199,545
$
213,410
Liabilities and stockholders’
equity
Current liabilities
Accounts payable
$
5,246
$
6,021
Accrued expenses and other current
liabilities
8,645
5,045
Warrant liability
1,997
2,185
Current portion of operating lease
obligation
1,280
1,166
Total current liabilities
17,168
14,417
Long-term debt, net of debt discount
65,887
63,768
Operating lease obligation, net of current
portion
8,883
9,260
Derivative liability
14,863
17,418
Earnout liability
76,972
83,144
Other long-term liabilities
338
191
Total liabilities
184,111
188,198
Commitments and contingencies (Note
14)
Stockholders’ equity
Preferred stock, par value $.0001,
1,000,000 shares authorized no shares issued and outstanding as of
March 31, 2022 and December 31, 2021
—
—
Common stock, par value $.0001,
250,000,000 shares authorized as of March 31, 2022 and December 31,
2021; 75,153,493 and 75,062,642 shares issued and outstanding as of
March 31, 2022 and December 31, 2021, respectively
8
8
Additional paid-in capital
207,746
206,768
Accumulated deficit
(192,320
)
(181,564
)
Total stockholders’ equity
15,434
25,212
Total liabilities and stockholders’
equity
$
199,545
$
213,410
Lightning eMotors,
Inc.
Consolidated Statements of
Cash Flows
(in thousands, except shares)
(Unaudited)
Three Months Ended
March 31,
2022
2021
Cash flows from operating
activities
Net loss
$
(10,756
)
$
(27,436
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
361
126
Provision for doubtful accounts
48
142
Provision for inventory obsolescence and
write-downs
95
—
Gain on disposal of fixed asset
—
(9
)
Change in fair value of warrant
liability
(188
)
20,539
Change in fair value of earnout
liability
(6,172
)
—
Change in fair value of derivative
liability
(2,555
)
—
Stock-based compensation
972
68
Amortization of debt discount
2,119
985
Non-cash impact of operating lease
right-of-use asset
267
553
Issuance of common stock warrants for
services performed
—
433
Changes in operating assets and
liabilities:
Accounts receivable
213
(557
)
Inventories
(2,785
)
(1,386
)
Prepaid expenses and other assets
80
(2,481
)
Accounts payable
(898
)
1,304
Accrued expenses and other liabilities
3,057
1,089
Net cash used in operating activities
(16,142
)
(6,630
)
Cash flows from investing
activities
Purchase of property and equipment
(2,024
)
(569
)
Proceeds from disposal of property and
equipment
—
9
Net cash used in investing activities
(2,024
)
(560
)
Cash flows from financing
activities
Proceeds from facility borrowings
—
7,000
Proceeds from the exercise of Series C
redeemable convertible preferred warrants
—
1,500
Payments on finance lease obligations
(15
)
(6
)
Proceeds from exercise of stock
options
6
10
Net cash (used in) provided by financing
activities
(9
)
8,504
Net (decrease) increase in cash
(18,175
)
1,314
Cash - Beginning of period
168,538
460
Cash - End of period
$
150,363
$
1,774
Supplemental cash flow information
- Cash paid for interest
$
113
$
350
Significant noncash
transactions
Reduction of warrant liability for
conversion of warrants into Series C redeemable convertible
preferred stock
$
—
$
5,310
Property and equipment included in
accounts payable and accruals
387
—
Finance lease right-of-use asset in
exchange for a lease liability
183
—
Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP,
we believe the following non-GAAP measures are useful in evaluating
our operational performance. We use the following non-GAAP
financial information among other operational metrics to evaluate
our ongoing operations and for internal planning and forecasting
purposes. We believe that non-GAAP financial information, when
taken collectively, may be helpful to investors in assessing our
operating performance.
EBITDA, Adjusted EBITDA and Adjusted Net Loss
EBITDA is defined as net income (loss) before depreciation and
amortization and interest expense. Adjusted EBITDA is defined as
net income (loss) before depreciation and amortization, interest
expense, stock-based compensation, gains or losses related to the
change in fair value of warrant, derivative and earnout share
liabilities and other non-recurring costs determined by management,
such as Business Combination related expenses. Adjusted net loss is
defined as net income (loss) adjusted for stock-based compensation
expense, gains or losses related to the change in fair value of
warrant, derivative and earnout share liabilities and certain other
non-recurring costs determined by management, such as Business
Combination related expenses. EBITDA, adjusted EBITDA and adjusted
net loss are intended as supplemental measures of our performance
that are neither required by, nor presented in accordance with,
GAAP. We believe that using EBITDA, adjusted EBITDA and adjusted
net loss provide an additional tool for investors to use in
evaluating ongoing operating results and trends while comparing our
financial measures with those of comparable companies, which may
present similar non-GAAP financial measures to investors. However,
you should be aware that when evaluating EBITDA, adjusted EBITDA
and adjusted net loss we may incur future expenses similar to those
excluded when calculating these measures. In addition, our
presentation of these measures should not be construed as an
inference that our future results will be unaffected by unusual or
non-recurring items. Our computation of EBITDA, adjusted EBITDA and
adjusted net loss may not be comparable to other similarly titled
measures computed by other companies, because all companies may not
calculate EBITDA, adjusted EBITDA and adjusted net loss in the same
fashion.
Because of these limitations, EBITDA, adjusted EBITDA and
adjusted net loss should not be considered in isolation or as a
substitute for performance measures calculated in accordance with
GAAP. We compensate for these limitations by relying primarily on
our GAAP results and using EBITDA, adjusted EBITDA and adjusted net
loss on a supplemental basis. You should review the reconciliations
of net income (loss) to EBITDA and adjusted EBITDA and net income
(loss) to adjusted net loss below and not rely on any single
financial measure to evaluate our business.
The following table reconciles net loss to EBITDA and adjusted
EBITDA for the three months ended March 31, 2022 and 2021:
Three Months Ended March
31,
2022
2021
Net loss
$
(10,756
)
$
(27,436
)
Adjustments:
Depreciation and Amortization
361
126
Interest expense, net
3,861
1,611
EBITDA
$
(6,534
)
$
(25,699
)
Stock-based compensation
972
68
(Gain) loss from change in fair value of
warrant liabilities
(188
)
20,539
Gain from change in fair value of
derivative liability
(2,555
)
—
Gain from change in fair value of earnout
liability
(6,172
)
—
Adjusted EBITDA
$
(14,477
)
$
(5,092
)
The following table reconciles net loss to adjusted net loss for
the three months ended March 31, 2022 and 2021:
Three Months Ended March
31,
2022
2021
Net loss
$
(10,756
)
$
(27,436
)
Adjustments:
Stock-based compensation
972
68
(Gain) loss from change in fair value of
warrant liabilities
(188
)
20,539
Gain from change in fair value of
derivative liability
(2,555
)
—
Gain from change in fair value of earnout
liability
(6,172
)
—
Adjusted net loss
$
(18,699
)
$
(6,829
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220513005053/en/
Investor Relations Contact: Brian Smith (800) 223-0740
ir@lightningemotors.com
Media Relations Contact: Nick Bettis (800) 223-0740
pressrelations@lightningemotors.com
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