RE:RE:Exro issuesExcerpts from the quarterly report issued August 14, 2023 just to bring you up-to-date on quarterlies:
Production is Now Underway at the Company's U.S. Manufacturing Campus in Ferndale, Washington
Deliveries of 34 VMC 1200 All-Electric Trucks Generate $4.8M in Revenue at Attractive 23% Gross Margin Profile
VANCOUVER, BC / ACCESSWIRE / August 14, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today reported its financial and operational results for the second quarter ended June 30, 2023.
Second Quarter 2023 and Subsequent Operational Highlights
- Order backlog as of June 30, 2023 exceeded $150 million, the vast majority of which are for electric vehicles.
- Revenue totaled $4.8 million in the second quarter of 2023 with a gross margin of 23%, after removing the impact of positive warranty adjustments, primarily driven by the delivery of thirty-four (34) VMC 1200 all-electric trucks, which carry a higher margin profile than transit buses. Gross margin was 33% including all warranty adjustments for the three months ended June 30, 2023.
- Secured strategic collaboration with Lafarge Canada, Canada's largest provider of sustainable and innovative building materials, to electrify Lafarge's truck fleet with the VMC 1200 all-electric truck to help reduce their carbon footprint.
- Received purchase order from Transdev, a global mobility leader, for forty-two (42) Vicinity™ Classic buses, illustrating Vicinity's continued Canadian market leadership in the mid-size heavy duty bus segment.
- Created additional financial flexibility during the three months ended June 30, 2023 with a new $9.0 million credit facility with Export Development Canada, complementing the previously announced $30 million credit facility with RBC and EDC, providing additional financial resources for working capital and expenditures related to the commencement of production at the Ferndale, Washington Facility.
- Exhibited VMC 1200 all-electric truck at Advanced Clean Transportation Expo, showcasing an upfitted truck by partner EAVX with a Reading truck utility body.
"Turning to the transit bus business, our strong legacy of North American market leadership in the mid-sized heavy-duty segment continued to shine. In the last 90 days, global mobility leader Transdev added forty-two (42) Vicinity™ Classic buses to its fleet. As supply chains have improved, we restarted delivery of transit buses to our customers in July of 2023. We believe our ability to offer both legacy and next-generation electric vehicles in a variety of classes and configurations positions us to address an incredibly wide variety of customer needs.
"To support demand, our new U.S. manufacturing campus in Ferndale, Washington began production earlier this month. Although finishing the facility took longer than expected, doing it right and not rushing will allow us to more successfully tackle the fulfillment of our growing order backlog which, as of June 30th, exceeded US$150 million. The facility is designed to meet our current and future production needs for both buses and Class 3 VMC 1200 electric trucks. With a new $9.0 million credit facility for Ferndale with EDC, complementing a previous $30 million credit facility, we now have greater financial flexibility to invest in Vicinity's next phase of growth.