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10:10 AM EDT, 05/17/2021 (MT Newswires) -- Lion Electric Co. (LEV.TO, LEV), a manufacturer of electric medium- and heavy-duty vehicles, on Monday reported a net loss of US$16.1 million, or US$0.15 per share, widening from a loss of US$5.7 million, or US$0.05 per share, in the year-ago quarter. Comprehensive loss for the period amounted to US$17.4 million, compared with US$5.8 million a year ago. Revenue increased to US$6.2 million from US$1.2 million a year ago. However, cost of sales came in at US$8.0 million, up from US$2.3 million. Negative gross profit amounted US$1.8 million, compared with the prior-year period's negative gross profit of US$1.1 million. The results come after Lion Electric's debut as a publicly-traded company on both the NYSE and the TSX. The company at last look rose 5.3% on the NYSE and gained 5.2% on the TSX in early Monday trading. Lion Electric also appointed Ian Robertson and Chris Jarratt, both co-founders and directors of Northern Genesis Acquisition Corp., to its newly formed board of directors. The board is composed of eight directors, including six former board members. The company named Isabelle Adjahi vice president of investor relations and sustainable development and Francois Duquette as vice president, chief legal officer and corporate secretary. Other appointments include Brian Piern as chief commercial officer, effective June 7; Rocco Mezzatesta as senior vice president of product development and vehicle engineering; and Vince Spadafora as vice president of financial reporting, effective May 17. Separately, Lion Electric on the same day said student transportation provider First Student is ordering 260 all-electric LionC school buses, the largest order of school buses by a single customer in the company's history. Deliveries are expected to begin in the second half of the year and run through the first half of 2023. The buses will be used by First Student's Quebec subsidiary Transco. Price: 19.04, Change: +0.72, Percent Change: +3.93
Looks like the order was for Transco (Quebec). More to come for rest of Canada? |