LION ELECTRIC ANNOUNCES SECOND QUARTER 2023 RESULTS

MONTREAL, Aug. 3, 2023 /PRNewswire/ - The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, today announced its financial and operating results for the second quarter of fiscal year 2023, which ended on June 30, 2023. Lion reports its results in US dollars and in accordance with International Financial Reporting Standards ("IFRS").

Q2 2023 FINANCIAL HIGHLIGHTS

• Record revenue for a quarter of $58.0 million, up $28.5 million, as compared to $29.5 million in Q2 2022.
• Achieved positive gross profit of $0.4 million as compared to a gross loss of $3.5 million in Q2 2022.
• Delivery of 199 vehicles, an increase of 94 vehicles, as compared to the 105 delivered in the same period last year. Deliveries were negatively impacted by delays in the final approval of a subsidy program which resulted in the deferral to subsequent quarters of the delivery of 50 school buses to one customer despite that such vehicles were ready for delivery and the client being ready to receive them.
• Net loss of $11.8 million in Q2 2023, as compared to net earnings of $37.5 million in Q2 2022. Net loss for Q2 2023 includes a $6.0 million gain related to non-cash decrease in the fair value of share warrant obligations and a $2.1 million charge related to non-cash share-based compensation, whereas net earnings for Q2 2022 included a $56.9 million gain related to non-cash decrease in the fair value of share warrant obligations and a $3.4 million charge related to non-cash share-based compensation.
• Adjusted EBITDA1 of negative $9.7 million, as compared to negative $14.4 million in Q2 2022, after mainly adjusting for certain non-cash items such as change in fair value of share warrant obligations and share-based compensation.
• Capital expenditures, which included expenditures related to the Joliet Facility and the Lion Campus, amounted to $19.1 million, down $25.2 million, as compared to $44.3 million in Q2 2022. See section 8.0 of this MD&A entitled "Operational Highlights" for more information related to the Joliet Facility and the Lion Campus.
• Additions to intangible assets, which mainly consist of R&D activities, amounted to $17.9 million, down $6.7 million, as compared to $24.6 million in Q2 2022.

BUSINESS UPDATES

• More than 1,400 vehicles on the road, with over 14 million miles driven.
• Vehicle order book2 of 2,559 all-electric medium- and heavy-duty urban vehicles as of August 2, 2023, consisting of 304 trucks and 2,255 buses, representing a combined total order value of approximately $625 million based on management's estimates.
• LionEnergy order book2 of 275 charging stations and related services as of August 2, 2023, representing a combined total order value of approximately $5 million.
• 12 Experience Centers in operation in the United States and Canada.
• Officially inaugurated the vehicle manufacturing facility in Joliet, Illinois.
• Progressing on final certification of the first Lion battery packs.
• On July 19, 2023, the Company closed concurrent financing transactions for aggregate gross proceeds to the Company of approximately $142 million, extended the maturity of its senior credit facilities by one year to August 11, 2025, and terminated its at-the-market equity program which was set to expire in July 2024 and will therefore no longer make any sales thereunder.
• As of August 2, 2023, Lion had approximately 1,450 employees.

"We are pleased with our performance in the second quarter of 2023, as we continued to see gradual growth in revenue and in truck deliveries," commented Marc Bedard, CEO - Founder of Lion. "As we recently closed a $142 million financing that provides us with the flexibility to execute our growth plans, we will continue to focus our efforts on achieving profitability, which is moving in the right direction, as demonstrated by the positive gross margin we posted this quarter," concluded Marc Bedard.

SELECT EXPLANATIONS ON RESULTS OF OPERATIONS FOR THE SECOND QUARTER OF FISCAL YEAR 2023

Revenue

For the three months ended June 30, 2023, revenue amounted to $58.0 million, an increase of $28.5 million compared to the corresponding period in the prior year. The increase in revenue was primarily due to an increase in vehicle sales volume of 94 units, from 105 units (90 school buses and 15 trucks; 91 vehicles in Canada and 14 vehicles in the U.S.) for the three months ended June 30, 2022 to 199 units (166 school buses and 33 trucks; 171 vehicles in Canada and 28 vehicles in the U.S.) for the three months ended June 30, 2023.

For the six months ended June 30, 2023, revenue amounted to $112.7 million, an increase of $60.6 million compared to the corresponding period in the prior year. The increase in revenue was primarily due to an increase in vehicle sales volume of 230 units, from 189 units (162 school buses and 27 trucks; 171 vehicles in Canada and 18 vehicles in the U.S.) for the six months ended June 30, 2022 to 419 units (373 school buses and 46 trucks; 386 vehicles in Canada and 33 vehicles in the U.S.) for the six months ended June 30, 2023.

Revenues for the three and six months ended June 30, 2023 were negatively impacted by delays in the final approval of a subsidy program which resulted in the deferral to subsequent quarters of the delivery of 50 school buses to one customer despite that such vehicles were ready for delivery and the client being ready to receive them. In addition, revenues were impacted by continuing global supply chain challenges, which required the Company to delay the final assembly of certain vehicles and resulted in increased inventory levels, as well as challenges associated with the production ramp-up and the development of certain models.

Cost of Sales

For the three months ended June 30, 2023, cost of sales amounted to $57.6 million, representing an increase of $24.6 million compared to $33.0 million in the corresponding period in the prior year. For the six months ended June 30, 2023, cost of sales amounted to $114.6 million, representing an increase of $58.0 million compared to $56.5 million in the corresponding period in the prior year. The increase for both periods was primarily due to increased sales volumes and higher production levels, increased fixed manufacturing and inventory management system costs related to the ramp-up of future production capacity, higher raw material and commodity costs, and the impact of continuing global supply chain challenges and inflationary environment.

Gross Profit (Loss)

For the three months ended June 30, 2023, gross profit was $0.4 million compared to a gross loss of $3.5 million for the corresponding period in the prior year. The improvement in gross profit was primarily due to the positive impact of increased sales volumes, favourable product mix, and higher manufacturing throughput, partially offset by higher raw material and commodity costs, higher inventory management system costs related to the ramp-up of future production capacity, and the impact of continuing global supply chain challenges and inflationary environment.

For the six months ended June 30, 2023, gross loss was $1.8 million compared to a gross loss of $4.4 million for the corresponding period in the prior year. The decrease in the gross loss was primarily due to the positive impact of increased sales volumes, favourable product mix, and higher manufacturing throughput, partially offset by higher raw material and commodity costs, higher inventory management system costs related to the ramp-up of future production capacity, and the impact of continuing global supply chain challenges and inflationary environment.

Administrative Expenses

For the three months ended June 30, 2023, administrative expenses increased by $0.8 million, from $11.7 million for the three months ended June 30, 2022, to $12.5 million for the three months ended June 30, 2023. Administrative expenses for the three months ended June 30, 2023 included $1.6 million of non-cash share-based compensation, compared to $2.5 million for the three months ended June 30, 2022. Excluding the impact of non-cash share-based compensation, administrative expenses increased from $9.2 million for the three months ended June 30, 2022 to $10.9 million for the three months ended June 30, 2023. The increase was mainly due to an increase in expenses, including higher headcount, resulting from the expansion of Lion's head office and general corporate capabilities in anticipation of an expected increase in business activities.

For the six months ended June 30, 2023, administrative expenses increased by $2.8 million, from $22.7 million for the six months ended June 30, 2022, to $25.5 million for the six months ended June 30, 2023. Administrative expenses for the six months ended June 30, 2023 included $2.7 million of non-cash share-based compensation, compared to $5.3 million for the six months ended June 30, 2022. Excluding the impact of non-cash share-based compensation, administrative expenses increased from $17.3 million for the six months ended June 30, 2022 to $22.8 million for six months ended June 30, 2023. The increase was mainly due to an increase in expenses, including higher headcount, resulting from the expansion of Lion's head office and general corporate capabilities in anticipation of an expected increase in business activities.

Selling Expenses

For the three months ended June 30, 2023, selling expenses decreased by $1.3 million, from $6.7 million for the three months ended June 30, 2022, to $5.5 million for the three months ended June 30, 2023. Selling expenses for the three months ended June 30, 2023 included $0.4 million of non-cash share-based compensation, compared to $0.8 million for the three months ended June 30, 2022. Excluding the impact of non-cash share-based compensation, selling expenses decreased from $5.9 million for the three months ended June 30, 2022 to $5.0 million for three months ended June 30, 2023. The decrease was primarily due to streamlined selling related expenses and lower marketing costs.

For the six months ended June 30, 2023, selling expenses decreased by $0.8 million, from $12.1 million for the six months ended June 30, 2022, to $11.3 million for the six months ended June 30, 2023. Selling expenses for six months ended June 30, 2023 included $0.8 million of non-cash share-based compensation, compared to $1.8 million for six months ended June 30, 2022. Excluding the impact of non-cash share-based compensation, selling expenses slightly increased from $10.3 million for the six months ended June 30, 2022 to $10.5 million for six months ended June 30, 2023.

Finance Costs (Income)

For the three months ended June 30, 2023, finance costs (income) increased by $2.8 million, from an income of $0.8 million for the corresponding period in the prior year, to a cost $2.0 million for the three months ended June 30, 2023. Finance costs for the three months ended June 30, 2023 were net of $1.4 million of capitalized borrowing costs. Excluding the impact of capitalized borrowing costs, finance costs increased by $4.3 million compared to the three months ended June 30, 2022. The increase was driven primarily by higher interest expense on long-term debt, due to higher debt outstanding during the quarter relating to borrowings made under the Revolving Credit Agreement, the IQ Loan, the SIF Loan, and the Finalta-CDPQ Loan Agreement, an increase in interest costs related to lease liabilities, including for the Mirabel battery manufacturing facility. In addition, finance costs (income) for the three months ended June 30, 2022 included the gain on derecognition of the financial liability occurred as a result of the agreement with a private company relating to the previous acquisition of dealership rights in certain territories in the United States maturing on May 7, 2022.

For the six months ended June 30, 2023, finance costs increased by $3.1 million, from $0.3 million for the corresponding period in the prior year, to $3.4 million for the six months ended June 30, 2023. Finance costs for the six months ended June 30, 2023 were net of $3.1 million of capitalized borrowing costs. Excluding the impact of capitalized borrowing costs, finance costs increased by $6.2 million compared to the six months ended June 30, 2022. The increase was driven primarily by higher interest expense on long-term debt, due to higher debt outstanding during the first half of the year relating to borrowings made under the Revolving Credit Agreement, the IQ Loan, the SIF Loan, and the Finalta-CDPQ Loan Agreement, as well as an increase in financing costs related to the over-allotment option exercise of the 2022 Warrants, and an increase in interest costs related to lease liabilities, including for the Mirabel battery manufacturing facility. In addition, finance costs (income) for the six months ended June 30, 2022 included the gain on derecognition of the financial liability occurred as a result of the agreement with a private company relating to the previous acquisition of dealership rights in certain territories in the United States maturing on May 7, 2022.

Foreign Exchange Gain

Foreign exchange gains relate primarily to the revaluation of net monetary assets denominated in foreign currencies to the functional currencies of the related Lion entities. For the three months ended June 30, 2023, foreign exchange gain was $1.8 million, compared a gain of $1.6 million in the corresponding period in the prior year, related primarily to the impact of changes in foreign currency rates.

For six months ended June 30, 2023, foreign exchange gain was $3.0 million, compared a gain of $0.7 million in the corresponding period in the prior year, related primarily to the impact of changes in foreign currency rates.

Change in Fair Value of Share Warrant Obligations

Change in fair value of share warrant obligations moved from a gain of $56.9 million for the three months ended June 30, 2022, to a gain of $6.0 million, for the three months ended June 30, 2023. The gain for the three months ended June 30, 2023, was related to the warrants issued to a customer in July 2020, the public and private warrants issued as part of the closing of the Business Combination on May 6, 2021, and the 2022 Warrants issued under the December 2022 Offering, and resulted mainly from the decrease in the market price of Lion equity as compared to the previous valuations.

Change in fair value of share warrant obligations moved from a gain of $78.4 million for the six months ended June 30, 2022, to a gain of $11.7 million, for the six months ended June 30, 2023. The gain for the six months ended June 30, 2023, was related to the warrants issued to a customer in July 2020, the public and private warrants issued as part of the closing of the Business Combination on May 6, 2021, and the 2022 Warrants issued under the December 2022 Offering, and resulted mainly from the decrease in the market price of Lion equity as compared to the previous valuations.

Net Earnings (Loss)

The net loss for the three months ended June 30, 2023 as compared to the net earnings for the corresponding prior period were largely due to the lower decrease in the fair value of share warrant obligations (resulting in a lower gain) discussed in "Change in fair value of share warrant obligations" above, higher administrative expenses (excluding share-based compensation), partially offset by higher gross profit and lower non-cash share-based compensation.

The net loss for the six months ended June 30, 2023 as compared to the net earnings for the corresponding prior period were largely due to the lower decrease in the fair value of share warrant obligations (resulting in a lower gain) discussed in "Change in fair value of share warrant obligations" above, higher administrative expenses (excluding share-based compensation), partially offset by lower gross loss, lower non-cash share-based compensation, and the impact of a higher foreign exchange gain compared to the corresponding prior period.

CONFERENCE CALL

A conference call and webcast will be held on August 3, 2023, at 8:30 a.m. (Eastern Time) to discuss the results. To participate in the conference call, please dial (226) 828-7575 or (833) 950-0062 (toll free) using the Access Code 242263. An investor presentation and a live webcast of the conference call will also be available at www.thelionelectric.com under the "Events and Presentations" page of the "Investors" section. An archive of the event will be available for a period of time shortly after the conference call.

FINANCIAL REPORT

This release should be read together with our 2023 second quarter financial report, including the unaudited condensed interim consolidated financial statements of the Company as at and for the quarter ended June 30, 2023, and the related management discussion and analysis ("MD&A"), which will be filed by the Company with applicable Canadian securities regulatory authorities and with the U.S. Securities and Exchange Commission, and which will be available on SEDAR+ as well as on our website at www.thelionelectric.com.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As at June 30, 2023 and December 31, 2022
(Unaudited, in US dollars)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) AND COMPREHENSIVE EARNINGS (LOSS)
For the three and six months ended June 30, 2023 and 2022
(in US dollars)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three and six months ended June 30, 2023 and 2022
(in US Dollars)

NON-IFRS MEASURES AND OTHER PERFORMANCE METRICS

This press release makes reference to Adjusted EBITDA, which is a non-IFRS financial measure, as well as other performance metrics, including the Company's order book, which are defined below. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. Lion compensates for these limitations by relying primarily on Lion's IFRS results and using Adjusted EBITDA and order book on a supplemental basis. Readers should not rely on any single financial measure to evaluate Lion's business.

Adjusted EBITDA

"Adjusted EBITDA" is defined as net earnings (loss) before finance costs, income tax expense or benefit, and depreciation and amortization, adjusted for share-based compensation, changes in fair value of share warrant obligations, foreign exchange (gain) loss and transaction and other non-recurring expenses. Adjusted EBITDA is intended as a supplemental measure of performance that is neither required by, nor presented in accordance with, IFRS. Lion believes that the use of Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing Lion's financial measures with those of comparable companies, which may present similar non-IFRS financial measures to investors. However, readers should be aware that when evaluating Adjusted EBITDA, Lion may incur future expenses similar to those excluded when calculating Adjusted EBITDA. In addition, Lion's presentation of these measures should not be construed as an inference that Lion's future results will be unaffected by unusual or non-recurring items. Lion's computation of Adjusted EBITDA may not be comparable to other similarly entitled measures computed by other companies, because all companies may not calculate Adjusted EBITDA in the same fashion. Readers should review the reconciliation of net earnings (loss), the most directly comparable IFRS financial measure, to Adjusted EBITDA presented by the Company under section 13.0 of the Company's MD&A for the three and six months ended June 30, 2023 entitled "Results of Operations - Reconciliation of Adjusted EBITDA."

Order Book

This press release also makes reference to the Company's "order book" with respect to vehicles (trucks and buses) as well as charging stations. The Company's vehicle and charging stations order book is determined by management based on purchase orders that have been signed, orders that have been formally confirmed by clients, or products in respect of which formal joint applications for governmental subsidies or economic incentives have been made by the applicable clients and the Company. The order book is expressed as a number of units or a total dollar value, which dollar value is determined based on the pricing of each unit included in the order book as further explained under "Pricing" in section 10.0 of the Company's MD&A for the three and six months ended June 30, 2023 entitled "Order Book". The vehicles included in the vehicle order book as of August 2, 2023 provided for a delivery period ranging from a few months to the end of the year ending December 31, 2026, with substantially all of such vehicles currently providing for deliveries before the end of the year ending December 31, 2025. In addition, substantially all deliveries are subject to the granting of subsidies and incentives with processing times that are subject to important variations. There has been in the past and the Company expects there will continue to be variances between the expected delivery periods of orders and the actual delivery times, and certain delays could be significant. Such variances or delays could result in the loss of a subsidy or incentive and/or in the cancellation of certain orders, in whole or in part.

The Company's presentation of the order book should not be construed as a representation by the Company that the vehicles and charging stations included in its order book will translate into actual sales. See the section below for a full description of the methodology used by the Company in connection with the order book and certain important risks and uncertainties relating to such methodology and the presentation of the order book.

RECONCILIATION OF ADJUSTED EBITDA

The following table reconciles net earnings (loss) to Adjusted EBITDA for the three months ended June 30, 2023 and 2022:

ABOUT LION ELECTRIC

Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles' components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws and within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements"). Any statements contained in this press release that are not statements of historical fact, including statements about Lion's beliefs and expectations, are forward-looking statements and should be evaluated as such.

Forward-looking statements may be identified by the use of words such as "believe," "may," "will," "continue," "anticipate," "intend," "expect," "should," "would," "could," "plan," "project," "potential," "seem," "seek," "future," "target" or other similar expressions and any other statements that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements may contain such identifying words. These forward-looking statements include statements regarding the Company's order book and the Company's ability to convert it into actual sales, the expected production capacity of the Company's manufacturing facilities, the capital expenditures expected to be incurred in connection with the Company's U.S. manufacturing facility project and the Company's battery plant and innovation center project in Quebec, the sourcing of lithium-ion battery cells, the Company's U.S. manufacturing facility project and the Company's battery plant and innovation center project in Quebec, the Company's future growth and long-term strategy, ongoing litigation proceedings with one of the Company's suppliers and its parent company, the Company's expected product pipeline and the launch and commercial production of certain platforms and models. Such forward-looking statements are based on a number of estimates and assumptions that Lion believes are reasonable when made, including that Lion will be able to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners, that Lion will continue to operate its business in the normal course, that Lion will be able to implement its growth strategy, that Lion will be able to successfully and timely complete the construction of, and successfully and timely ramp-up manufacturing capacity at, its U.S. manufacturing facility and its Quebec battery plant and innovation center, that Lion will not suffer any supply chain challenges or any material disruption in the supply of raw materials on competitive terms, that Lion will be able to maintain its competitive position, that Lion will continue to improve its operational, financial and other internal controls and systems to manage its growth and size, that Lion will be able to benefit, either directly or indirectly (including through applications made by the Company and/or its clients), from governmental subsidies and incentives, and that Lion will be able to secure additional funding through equity or debt financing on terms acceptable to Lion and in the amounts needed if and when required in the future. Such estimates and assumptions are made by Lion in light of the experience of management and their perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Lion believes that these risks and uncertainties include the following:

• any adverse changes in U.S. or Canadian general economic, business, market, financial, political or legal conditions, including as a consequence of the ongoing uncertainties relating to inflation and interest rates;
• any inability to ramp-up the production of Lion's products and meet project construction and other project milestones and timelines;
• any inability to meet its customers' business needs;
• any inability to successfully and economically manufacture and distribute its vehicles at scale;
• any unavailability, reduction, discriminatory application, delay in processing or elimination of governmental programs, subsidies or economic incentives due to policy changes, government regulation or otherwise;
• any inability to execute the Company's growth strategy;
• any adverse effects of the current military conflict between Russia and Ukraine, which continues to affect economic and global financial markets and exacerbate ongoing economic challenges;
• any unfavorable fluctuations and volatility in the availability or price of raw materials included in components used to manufacture the Company's products, including battery cells, modules and packs;
• the reliance on key suppliers and any inability to maintain an uninterrupted supply of raw materials;
• the outcome of any legal proceedings that may be instituted by or against the Company from time to time, including the ongoing litigation proceedings with Romeo Systems, Inc. and its parent company;
• any inability to reduce total cost of ownership of electric vehicles sold by the Company over time;
• the reliance on key management and any inability to attract and/or retain key personnel;
• labor shortages (including as a result of employee departures, turnover, and demands for higher wages) which may force the Company to operate at reduced capacity, to lower its production and delivery rates or lower its growth plans, and could pose additional challenges related to employee compensation;
• any inability to meet the expectations of the Company's customers in terms of products, specifications, and services;
• any inability to maintain the Company's competitive position;
• any inability to reduce the Company's costs of supply over time;
• any inability to maintain and enhance the Company's reputation and brand;
• any significant product repair and/or replacement due to product warranty claims or product recalls;
• any failure of information technology systems or any cybersecurity and data privacy breaches or incidents;
• any event or circumstance resulting in the Company's inability to convert its order book into actual sales, including the unavailability, reduction, discriminatory application, delay in processing or elimination of government programs, subsidies and economic incentives;
• any inability to raise additional funds to meet its capital requirements and pursue its growth strategy when and in the amounts needed;
• any inability to secure adequate insurance coverage or a potential increase in insurance costs; and
• natural disasters, epidemic or pandemic outbreaks, boycotts and geo-political events such as civil unrest and acts of terrorism, the current military conflict between Russia and Ukraine or similar disruptions

These and other risks and uncertainties related to the business of Lion are described in greater detail in section 23.0 entitled "Risk Factors" of the Company's MD&A for the years ended December 31, 2022 and 2021. Many of these risks are beyond Lion's management's ability to control or predict. All forward-looking statements attributable to Lion or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained and risk factors identified in the Company's MD&A for the years ended December 31, 2022 and 2021 and in other documents filed with the applicable Canadian regulatory securities authorities and the Securities and Exchange Commission (the "SEC'').

Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. Except as required under applicable securities laws, Lion undertakes no obligation, and expressly disclaims any duty, to update, revise or review any forward-looking information, whether as a result of new information, future events or otherwise.

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SOURCE Lion Electric