Lion Electric Q2 Revenue Climbs On Rising Vehicle Delivery

Lion Electric Co (NYSE:LEV) reported second-quarter revenue growth of 174% year-over-year to $16.69 million and delivered 61 vehicles compared to 22 same quarter last year.
EPS was $(1.13) versus $(0.01) in 2Q20.
The gross margin contracted by 1,187 bps to 5.4%, reflecting the impact of increased fixed manufacturing costs related to the ramp-up of production capacity for future quarters and the effect of the increase in the price of raw materials.
The operating loss widened to $(76.09) million from $(0.96) million a year ago.
Selling expenses increased to $13.3 million, compared to $0.86 million in Q2 2020, reflecting a significant increase in non-cash share-based compensation.
Lion Electric’s cash flows used in operating activities year-to-date was $50.72 million, compared to $8.4 million a year ago.
Adjusted EBITDA loss was $(5.52) million, compared to $(0.118) million in 2Q20.
Lion Electric had $364.3 million in cash as of June 30, 2021, with an additional borrowing capacity of up to $100 million added on August 11, 2021.
Vehicle order book of 965 all-electric medium- and heavy-duty urban vehicles as of August 12, 2021, consisted of 262 trucks and 703 buses, the combined order value of over $280 million.
Price Action: LEV shares are trading lower by 0.49% at $14.3 on the last check Friday.