Lion Electric Slightly Lower in US Premarket as Reports Q4 Loss of US$0.25 Per Diluted Share
07:33 AM EST, 02/29/2024 (MT Newswires) -- Lion Electric (LEV.TO), down 1.2% in US premarket trade, reported its Q4 2023 results.
The company, which keeps its books in US$, reports that revenue rose $13.7 million YoY to $60.4 million. The increase was primarily due to an increase in vehicle sales volume. Lion Electric delivered 188 vehicles, compared to the 174 delivered in Q4 2022.
Net loss was $56.5 million, or $(0.25) per diluted share, compared with net loss of $4.6 million, or $(0.02) per diluted share, last year. The wider net loss includes the impacts of the inventory write-down and the impairment charge related to the delay of start of commercial production of the LionA and LionM minibuses.
In its statement, Lion reports that it has temporarily laid off 100 employees, due to "prolonged challenges," including delays linked to the processing and granting of various governmental subsidies and incentives, notably the ZETF program. These continue to negatively impact Lion's scheduled deliveries and sales efforts. Lion said it will reassess its production needs in the context of any future developments, including any developments relating to the foregoing challenges.