Third Quarter 2021 Financial Results New Strategic Partnerships with Optimal-EV and EAVX Build Foundation for Breakthrough FY2022, with Projected Revenues of at Least $140 Million
VANCOUVER, BC / ACCESSWIRE / November 12, 2021 / Vicinity Motor Corp. (TSXV:VMC) (NASDAQ:VEV) (FRA:6LG)("Vicinity Motor" or the "Company"), a North American supplier of commercial electric vehicles, today reported its financial and operational results for the third quarter of 2021.
Third Quarter 2021 and Subsequent Operational Highlights
- Provided FY2022 financial guidance of revenues of at least $140 million and adjusted EBITDA of at least $10 million, with significant potential upside driven by strong North American sales momentum.
- Announced strategic collaboration agreement with EAVX, a business unit of North American commercial automotive leader JB Poindexter, to sell Vicinity's proprietary electric chassis for upfitting into next-generation municipal and delivery vehicles.
- Signed a 10-year licensing agreement to serve as the exclusive North American and European distributor of the S1 and E1 product lines from Optimal-EV, a developer and manufacturer in the low-floor electric shuttle bus and electric delivery truck segments, enabling access to USD$30 million in firm orders for delivery in 2022 and LOIs with existing dealers for potential sales of USD$194 million through 2023.
- Secured $15.5 million in new purchase orders for 38 Vicinity™ Classic Buses from leading Quebec transit operators.
- Received LOI for 100 VMC 1200 EV Trucks from Pioneer Auto Group, a leading retail automotive dealer in British Columbia, representing $14.0 million in anticipated revenue.
- Appointed respected commercial transportation veteran Brent Phillips as Senior Director of Sales, North America to spearhead near-term sales growth.
- Fortified the balance sheet through a $10.3 million debt financing and a US$17.0 million underwritten public offering of common shares, supplementing Vicinity's undrawn $20.0 million revolving credit facility and existing cash position.
- Presented at multiple industry and investor conferences nationally including the SNN Network Summer Virtual Event, the H.C. Wainwright 23rd Annual Global Investment Conference, the LD Micro Main Event, the CALACT 2021 Autumn Conference & Expo and the APTA TRANSform Conference & Expo.
https://www.accesswire.com/672655/Vicinity-Motor-Corp-Reports-Third-Quarter-2021-Financial-Results