Lion Electric sees Q2 net earnings of $37.5M as vehicle delivery picks up
By The Canadian Press
The Lion Electric Co. says its second quarter brought US$37.5 million in net earnings as the company boosted the number of vehicles it delivered during the period.
The Montreal-based manufacturer of all-electric medium and heavy-duty urban vehicles says that compares with a net loss of US$178.5 million in the second quarter of 2021.
Its earnings for the period ended June 30 amounted to 19 cents per diluted share compared with a loss of $1.13 per diluted share at the same time last year.
Lion Electic recorded a US$56.9 million gain related to a non-cash decrease in the fair value of share warrant obligations and a US$3.4 million charge related to non-cash share-based compensation in the quarter.
On an adjusted basis, Lion Electric posted a loss of US$14.4 million in the quarter compared with a US$5.5 million loss during the same period in 2021.
Revenue for the period reached US$29.5 million, up from US$16.7 million during the same quarter last year.
The company says it delivered 105 vehicles in the quarter, an increase from 61 delivered in the second quarter of 2021.