Lion Electric reported a net loss of US $17.4 million in the third quarter, worse than the year-ago quarter, as it ramps up production capacity.
As we near the start of commercial production at both our U.S. manufacturing facility and our battery plant, we are excited by these important milestone, which represent a major step forward in our growth strategy.
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We delivered a record number of vehicles in the fourth quarter. The switch to electrification is happening today.
You need to know about their earnings for the last three months of the year.
Lion Electric's revenue rose to US$41 million in the second quarter, up from US$11.9 million in the same quarter a year ago.
The sales volume of 116 units was the reason for the increase in revenue. The global supply chain issues continued to have an impact on revenues. The company had excess inventory because they couldn't finish assembly of some vehicles.
The net loss per share was nine cents, compared with 60 cents a year ago.
The company lost more money in the third quarter than it did in the year-ago period.
Lion Electric has 2,408 electric vehicles on their order book.
There will be more to come.
The email address is Mcoulton@postmedia.
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