- Lightning Emotors Inc ZEV reported fourth quarter FY22 revenue growth of 2.6% year over year to $4.33 million, miss the consensus of $10.21 million.
- The company produced 128 units in the quarter, compared to 104 in the previous quarter.
- Gross loss increased to $(4.7) million from $(2.7) million in the prior year. Operating loss increased to (21.7) million US dollars.
- Adjusted EBITDA loss for the fourth quarter was $(19.9) million compared to a loss of $(15.9) million in the prior year.
- Adjusted net loss was $(24.0) million compared to a loss of $(20.0) million in the year-ago quarter. Adjusted loss per share of $(0.31) missed consensus of $(0.27).
- EPS loss was $(0.11) versus gain of $0.28 in the year-ago quarter.
- The Company had $56 million in cash and cash equivalents as of December 31, 2022. Inventories as of December 31, 2022 have more than tripled to $47 million.
- outlook: Lightning Emotors posts FY23 sales of $35-$50 million. The company expects vehicle and powertrain sales of 300 to 400 units in FY23.
- Exchange agreement: The Company entered into privately negotiated exchange agreements with certain holders of its 7.5% unsecured senior convertible notes due 2024 to exchange $10.5 million of the convertible notes for approximately 18.75 million newly issued common shares.
- Price promotion: ZEV shares are trading down 10.71% at $0.50 on the last review Monday premarket.
- Photo via company
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