WeTheMarket
1 year ago
Form 8-K
December 18, 2023
https://ih.advfn.com/stock-market/USOTC/lightning-emotors-pk-ZEVY/stock-news/92840088/form-8-k-current-report
Item 1.03 Bankruptcy or Receivership.
On December 15, 2023, the District Court, Larimer County, State of Colorado (the “Court”), appointed Cordes & Company as receiver (the “Receiver”) over Lightning eMotors, Inc. and its wholly owned subsidiary, Lightning Systems, Inc. (together, the “Company”).
The Receiver has broad powers and authority to take possession of, and protect and preserve, all of the assets of the Company, and administer the estate in accordance with Rule 66 of the Colorado Rules of Civil Procedure. Accordingly, the Receiver is empowered to sell all of the assets of the Company (together or separately) and distribute the proceeds of such sale to the Company’s creditors in a manner approved by the Court. The appointment of a receiver is considered an event of default under the Company’s senior notes and other financing arrangements. The Company’s shareholders will not receive distributions in the receivership.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective on December 15, 2023, in connection with the appointment of the Receiver, all members of the Company’s Board of Directors resigned from their respective positions on the Company’s Board and Committees, namely:
•Robert Fenwick-Smith, Chairman of the Board, Chair of the Finance and Investment Committee,
•Thaddeus Senko, Lead Independent Director, Chair of the Audit Committee and member of the Finance and Investment Committee,
•Diana Tremblay, Chair of the Compensation Committee, member of the Audit Committee and Finance and Investment Committee
•Bruce Coventry, Chair of the Nominating and Corporate Governance Committee, member of the Compensation Committee
•Kenneth Jack, member of the Audit Committee and Nominating and Corporate Governance Committee,
•Wanda Jackson-Davis, member of the Compensation Committee, and Nominating and Corporate Governance Committee, and
•Timothy Reeser.
Their resignations were solely the result of the appointment of the Receiver and not as a result of any disagreement between any of the directors and the Company, its management, the Board or any committee of the Board.
WeTheMarket
1 year ago
LIGHTNING EMOTORS REPORTS RECORD REVENUE FOR THE THIRD QUARTER OF 2023
NOVEMBER 20, 2023
https://ir.lightningemotors.com/news-events/press-releases/detail/126/lightning-emotors-reports-record-revenue-for-the-third
Highlights
- GAAP revenue of $12.4 million, the highest quarterly revenue in company history
- Adjusted revenue of $12.7 million from sales of 110 units, excluding the final $0.3 million adjustment for legacy recall-related costs from earlier in the year
- Produced 55 units during the quarter, all of which were complete vehicles
- Net loss of $50.7 million during the quarter, largely due to non-cash impairments of $22.9 million
LOVELAND, Colo.--(BUSINESS WIRE)-- Lightning eMotors, a leading provider of zero-emission powertrains and medium-duty and specialty commercial electric vehicles for fleets, today announced consolidated results for the third quarter ended September 30, 2023.
Third Quarter Highlights
- We generated record quarterly revenue, selling 110 vehicles across a range of classes and vehicle applications. We sold a total of 69 ZEV3 vehicles, including both cargo and passenger applications. We also sold 41 ZEV4 vehicles, including school buses, shuttles, and cargo trucks.
- Through our partnership with Collins Bus, Lightning has sold 70 of our new ZEV4 school buses since we launched the product this Spring. School buses remain a key vehicle application for us, as the combination of incentives, mandates, and public sentiment support the demand for zero-emission school buses.
- We received an order for five ZEV4 electric shuttle buses to St. Louis Lambert International Airport, leveraging the FAA’s Voluntary Airport Low Emissions Program grant, which applies only to Buy American-compliant vehicles like the ZEV4. This is our second airport project; the first, involving parking shuttles, has exceeded 1 million driven miles.
- We continue to build the pipeline for our Lightning Mobile DC Fast Charger, and we have successful deployments of both customer and demonstration units in the field. The Lightning Mobile charger overcomes the permitting delays and lead times that are slowing the installation of permanent DC fast charging infrastructure.
- We are making progress toward positive gross margin as we replace sales of our legacy finished goods inventory with higher margin ZEV4 and Lightning Mobile DC Fast Charger products
- In August we announced that we had received ISO 9001:2015 certification. This recognition demonstrates our company-wide commitment to quality and continuous improvement, and it validates the investments we have made in ERP, MRP, MES and eQMS systems.
- Progress continues on our proprietary ZEV3 and ZEV4 Lightning eChassis, which we expect to include industry-leading features and performance
- Our fleet surpassed 5.8 million driven miles, with over 750 vehicles deployed
- We added CATL as an alternative to Proterra batteries in our current ZEV4 platform, and we are accepting orders today
“We are pleased with our performance with record revenue in the third quarter, and we still have vehicles in inventory to sell to satisfy customer demand and generate cash,“ stated Tim Reeser, Lightning Co-founder and CEO.
Continued Reeser, “We continue to discover new potential customers and applications for our Lightning Mobile DC Fast Charger, from rental car agencies and autonomous vehicle companies, to event and construction site equipment charging. And customer feedback regarding our new ZEV4 vehicles has been excellent, with special praise for the smooth ride, responsive handling, regenerative braking, and overall reliability.
“We remain supportive of the significant incentive programs that the U.S. and Canadian governmental agencies have allocated to accelerate adoption of Commercial EVs; however, one of the unintended consequences is that the programs can add significant delays in delivery of vehicles and collection of the payment from customers. This can create challenges for both the customer and OEM. We are committed to providing the support and input that the agencies need to evolve these programs to better support the industry,” concluded Reeser.
GAAP revenue was impacted by $0.3 million from the booking of the apportioned cost of an accommodation we made in Q1 to support our customers, as we bought back vehicles with defective Romeo batteries. This is the final booking of that accommodation on our financial statements.
Financial Condition
At September 30, 2023, cash was $6.0 million compared to $12.6 million at June 30, 2023. The Company reduced the cost of certain inventory to net realizable value by $18.0 million during the three months ended September 30, 2023, and $20.7 million for the nine months ended September 30, 2023, which was recorded in “Cost of revenues.” In addition, for the three and nine months ended September 30, 2023, the Company recorded a loss on the impairment of property and equipment of $4.9 million.
The continuation of the Company as a going concern is dependent upon the Company attaining and maintaining profitable operations and/or raising additional capital from equity offerings, debt financings or other capital markets transactions, collaborations, strategic partnerships or licensing arrangements, all of which may be impacted by our ability to fund operations in the short term. Furthermore, if we are unable to obtain the necessary funding and/or complete a strategic transaction, we could be required to liquidate inventory, cease or curtail operations, or seek protection under applicable bankruptcy laws or similar state proceedings. For further disclosures, please refer to the Form 10-Q for the quarter ended September 30, 2023.
Third Quarter 2023 Financial Results
Third quarter production was 55 units, down from 104 units in the third quarter of 2022. Unit sales were 110, compared to 93 in the year-ago quarter. Third quarter revenue was $12.4 million, compared to $11.1 million for the prior year quarter. Excluding customer refunds related to the Romeo battery recall, adjusted revenue was $12.7 million.
Third quarter net loss was $50.7 million, or $7.84 per share, compared to net loss of $1.2 million, or $0.33 per diluted share, during the third quarter of last year.
Third quarter adjusted EBITDA loss was $39.3 million, compared to a loss of $17.0 million during the same period in the prior year. Adjusted revenue and adjusted EBITDA are non-GAAP measures. See explanatory language and reconciliation to the GAAP measures below.
About Lightning eMotors
Lightning eMotors (OTC: ZEVY) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle solutions for commercial fleets since 2018. In that time, we have deployed a variety of vehicle classes and applications, including but not limited to cargo and passenger vans, ambulances, transit and shuttle buses, school buses, specialty work trucks, and electric powertrains for school buses, transit buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support a wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at lightningemotors.com.
WeTheMarket
1 year ago
Lightning eMotors to Report Third Quarter 2023 Financial Results on November 20
November 14, 2023
https://www.businesswire.com/news/home/20231114755192/en/
LOVELAND, Colo.--(BUSINESS WIRE)--Lightning eMotors, Inc. (OTC: ZEVY), a leading provider of zero emission medium-duty commercial vehicles and electric vehicle technology for fleets, today announced that the Company will release its third quarter 2023 results after the market closes on Monday, November 20. The change from our previously announced date is due to additional time required to finalize the Company’s financial statements and related disclosures required to be included in the Quarterly Report.
About Lightning eMotors
Lightning eMotors (OTC: ZEVY) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle solutions for commercial fleets since 2018. In that time, we have deployed a variety of vehicle classes and applications, including but not limited to cargo and passenger vans, ambulances, transit and shuttle buses, school buses, specialty work trucks, and electric powertrains for school buses, transit buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support a wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
Contacts
Brian Smith
investorrelations@lightningemotors.com
WeTheMarket
1 year ago
Lightning eMotors Obtains ISO 9001:2015 Certification
September 07 2023
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/91988218/lightning-emotors-obtains-iso-9001-2015-certificat
Highlights
- A significant milestone for Lightning’s Quality Management System, ISO certification demonstrates Lightning’s commitment to quality throughout the company
- Certification strengthens Lightning’s ability to comply with commercial and regulatory requirements
Lightning eMotors (NYSE: ZEV), a leading provider of zero-emission, medium-duty commercial vehicles and electric vehicle (EV) technology for fleets, announced today it has achieved International Organization for Standardization (ISO) 9001:2015 certification for its companywide quality management system. ISO is the leading international standard that specifies the requirements for a quality management system (QMS).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230907714988/en/
“This certification further demonstrates our unwavering commitment to quality across our systems and processes and is a clear milestone for Lightning as we continue to mature and scale the organization to meet increasing demand for commercial electric vehicles,” said Lightning eMotors’ vice president of quality Troy Mai. “But this is just the beginning. We must now be diligent to maintain our processes as we nurture our culture of continuous improvement.”
The ISO 9001 audit evaluated Lightning’s processes against seven key parameters: engagement of people, customer focus, leadership, process approach, improvement, evidence-based decision making and relationship management. The resulting certification demonstrates Lightning’s commitment to its customers’ quality expectations and to its overall quality culture.
“I have always believed a segment-leading product is not possible without rigorous quality processes and highly skilled and dedicated people behind it, so I’m proud to see our investments have been recognized with ISO 9001 certification,” commented Tim Reeser, CEO and cofounder of Lightning eMotors. “Over the past decade, Lightning vehicles have amassed over 5 million zero-emission, real world miles, and our current-generation vehicles demonstrate our relentless investment in quality by delivering customer uptime that competes with mature gasoline and diesel fleets.”
All ISO 9001 accredited certifications are issued by independent, third-party registrars that are recognized by an independent accreditation body. Lightning’s audit was carried out by DNV, a respected registrar in the automotive, environmental and energy sectors.
"Lightning eMotors had a very successful initial audit, with only minor findings that were quickly addressed. The ISO 9001:2015 certificate was issued, and we look forward to our continued partnership," said Ismael Belmarez, technical manager, Business Assurance North America for DNV."
ISO 9001 certification recognizes Lightning’s prioritization of quality control and furthers its reputation as a leader in the commercial fleet vehicle sector. To learn how to electrify your fleet with Lightning eMotors, please visit lightningemotors.com.
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018. In that time, we have deployed a variety of vehicle classes and applications including but not limited to cargo and passenger vans, ambulances, transit and shuttle buses, school buses, specialty work trucks, and electric powertrains for school buses, transit buses and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
WeTheMarket
1 year ago
Lightning eMotors to Present at the H.C. Wainwright 25th Annual Global Investment Conference on September 12
September 06 2023
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/91976739/lightning-emotors-to-present-at-the-h-c-wainwrigh
Lightning eMotors, Inc. (NYSE: ZEV), a leading provider of zero emission medium-duty commercial vehicles and electric vehicle technology for fleets, today announced that the Company’s CEO, Tim Reeser, will present at the H.C. Wainwright 25th Annual Global Investment Conference on September 12.
What: H.C. Wainwright 25th Annual Global Investment Conference
Where: Lotte New York Palace Hotel, New York, NY
When: Tuesday, September 12, at 2:30 p.m. ET
A webcast of the presentation will be made available on the company’s investors page at ir.lightningemotors.com/.
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle solutions for commercial fleets since 2018 – including cargo and passenger vans, ambulances, shuttle buses, Type A school buses, work trucks, city buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230906120431/en/
Brian Smith
investorrelations@lightningemotors.com
WeTheMarket
1 year ago
LIGHTNING EMOTORS REPORTS FINANCIAL RESULTS FOR SECOND QUARTER 2023
AUGUST 14, 2023
Link to Press Release https://ir.lightningemotors.com/news-events/press-releases/detail/115/lightning-emotors-reports-financial-results-for-second
Link to Presentation https://d1io3yog0oux5.cloudfront.net/_af835d8b13690450c4cdaee37e8a9b46/lightningemotors/db/1111/9848/earnings_presentation/Q2+2023+Earnings+Presentation+vFinal.pdf
Link to Webcast https://event.choruscall.com/mediaframe/webcast.html?webcastid=QKMFpnc5
Highlights
- GAAP revenue of $7.9 million, the second highest quarterly revenue in company history
- Adjusted revenue of $8.2 million from sales of 70 units, excluding $0.3 million of recall-related costs
- Produced 46 units during the quarter, consisting of vehicles, powertrains, and mobile DC fast chargers
- Nearly 5 million driven miles, compared to 2.2 million a year ago
- Full year revenue guidance of $35-45 million
LOVELAND, Colo.--(BUSINESS WIRE)-- Lightning eMotors, a leading provider of zero-emission powertrains and medium-duty and specialty commercial electric vehicles for fleets, today announced consolidated results for the second quarter ended June 30, 2023.
“The second quarter represented the second highest quarterly revenue in our history,” stated Tim Reeser, Lightning Co-founder and CEO. “With the supply issues and associated disruption from the Romeo battery issue now behind us, we are ramping production of our new ZEV4 trucks and buses to meet the growing demand and charting a path towards positive gross margin. We also delivered the first customer units of our Mobile DC Fast Charger and are seeing strong interest in this product.”
Continued Reeser, “During the end of Q2 and into the second half of 2023, we have seen our cash needs reduce materially as we sell through the finished goods inventory built over the last several quarters and use the existing raw materials inventory to build to meet new orders. In addition, we continue to see the benefits of previous cost reduction actions and are well positioned from an inventory perspective to meet our full-year guidance with minimal incremental purchases. While we convert our inventory to cash, we will also continue to seek additional sources of capital in order to strengthen our overall liquidity outlook.”
GAAP revenue was impacted by $0.3 million from the booking of apportioned cost of an accommodation we made to support our customers, as we bought back vehicles with defective Romeo batteries.
Second Quarter 2023 Financial Results
Second quarter production was 46 units, down from 74 units in the first quarter of 2022. Unit sales were 70, compared to 36 in the year-ago quarter. Second quarter revenue was $7.9 million, compared to $3.5 million for the prior year quarter. Excluding customer refunds related to the Romeo battery recall, adjusted revenue was $8.2 million.
Second quarter net loss was $21.4 million, or $3.70 per share, compared to net income of $35.7 million, or $6.94 per diluted share, during the second quarter of last year.
Second quarter adjusted EBITDA loss was $17.1 million, compared to a loss of $13.9 million during the same period in the prior year. Adjusted revenue and adjusted EBITDA are non-GAAP measures. See explanatory language and reconciliation to the GAAP measures below.
Guidance
Based on current demand and supply conditions, the Company expects:
- 2023 revenue to be in the range of $35 million to $45 million
- 2023 unit sales to be in the range of 300 to 350 units
- 2023 unit production to be in the range of 200 to 230 units
We have reduced the top end of our annual revenue guidance from $50 million to $45 million and also lowered the top end of the unit sales accordingly. We reduced the top end of the revenue and unit sales to reflect a change made to conserve cash. We are now only ordering inventory for firm orders, and while we may receive additional orders during the second half of this year we may not be able to obtain the inventory needed to complete the builds in the fourth quarter. We also lowered the unit production range to reflect both the change to a build-to-order model and because we still have a material amount of finished goods inventory to sell.
Webcast and Conference Call Information
Company management will host a conference call on Monday, August 14, 2023, at 4:30 p.m. Eastern Time, to discuss the Company's financial results.
Interested investors and other parties can listen to a webcast of the live conference call and access the Company’s second quarter update presentation by logging onto the Investor Relations section of the Company's website at ir.lightningemotors.com.
The conference call can be accessed live over the phone by dialing (877) 407-6910 (domestic) or +1 (201) 689-8731 (international).
Monksdream
1 year ago
Lightning eMotors Inc NYSE: ZEV
GoSymbol lookup
Industrials : Machinery | Small Cap GrowthCompany profile
Lightning eMotors, Inc. designs and manufactures zero-emission vehicles (ZEV) and charging infrastructure solutions for commercial fleets, large enterprises, original equipment manufacturers, and governments. Its products range from cargo vans, transit and shuttle buses, school buses, specialty work trucks, ambulances and electric power trains for school buses, transit buses and motorcoaches. It offers a range of vehicles, including passenger vehicles, cargo vehicles, ambulances, and others. Its Lightning ZEV3 Transit van platform is equipped with an electric drivetrain and, depending on the selected battery configuration, offers a 140-mile to 200-mile range. Its Lightning ZEV4 platform can be outfitted as a shuttle bus with a capacity of up to 18 passengers in many applications, such as airport parking, college and corporate campuses, and senior communities, or as a work truck, as a cargo van or box truck for middle- and last-mile deliveries, or as a Type 3 ambulance.
WeTheMarket
1 year ago
Form 8k
7/27/2023
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/91664164/form-8-k-current-report
Item 1.01 Entry into a Material Definitive Agreement
On July 24, 2023, Lighting eMotors, Inc. (the “Company”) entered into a Confidential Settlement Agreement and Mutual Release (the “Settlement Agreement”) with eMatrix Energy Systems, Inc. (“eMatrix”) and Linamar Corporation (“Linamar”) in the matter of eMatrix Energy Systems, Inc. v. Lightning eMotors, Inc. v. eMatrix Energy Systems, Inc. and Linamar Corporation, Case No. 2021-191769 (Oakland County Circuit Court, Michigan) (the “Action”).
The Settlement Agreement settles all claims asserted or that could have been asserted in the Action by eMatrix against the Company, and those asserted or that could have been asserted by the Company against eMatrix and Linamar, related to eMatrix’s sales of electric vehicle battery packs to the Company.
Pursuant to the Settlement Agreement, Linamar, on behalf of itself and eMatrix, has agreed to pay the Company $3.0 million in cash, and the Company, eMatrix and Linamar executed mutual releases and agreed to dismiss the Action with prejudice without any party admitting fault, liability or wrongdoing.
WeTheMarket
1 year ago
Lightning eMotors to Report Second Quarter 2023 Earnings on August 14
July 26 2023
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/91651025/lightning-emotors-to-report-second-quarter-2023-ea
Lightning eMotors, Inc. (NYSE: ZEV), a leading provider of zero emission medium-duty commercial vehicles and electric vehicle technology for fleets, today announced that the Company will release its second quarter 2023 results after the market closes Monday, August 14, 2023, followed by a conference call to be held at 4:30 p.m. Eastern Time the same day.
Interested investors and other parties can listen to a webcast of the live conference call by visiting the Investor Relations section of the Company's website at ir.lightningemotors.com.
The conference call can be accessed live over the phone by dialing 877-407-6910 (domestic) or +1-201-689-8731 (international).
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle solutions for commercial fleets since 2018 – including cargo and passenger vans, ambulances, shuttle buses, Type A school buses, work trucks, city buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230726198452/en/
Brian Smith
investorrelations@lightningemotors.com
WeTheMarket
2 years ago
Lightning eMotors Announces Production Launch of Next-Gen Lightning ZEV4™ Work Trucks
June 15, 2023
https://lightningemotors.com/lightning-emotors-announces-production-launch-of-next-gen-lightning-zev4-work-trucks/
- Lightning’s GM-based platform allows the production of highly customized all-electric work trucks
- Production launch of next-gen Lightning ZEV4 offers multiple vehicle types built on a proven platform
LOVELAND, Colo., June 15, 2023 – Lightning eMotors (NYSE: ZEV), a leading provider of zero-emission, medium-duty commercial vehicles and electric vehicle (EV) technology for fleets, announced today a production launch of its next generation General Motors (GM)-based Lightning ZEV4™ work trucks. This announcement follows the company’s recent announcements of accelerated ZEV4 production to meet customer demands for Class 4 school buses and shuttle buses built on the same popular platform.
Lightning is offering the ZEV4 for several vehicle applications, including, but not limited to box trucks, stake bed trucks, utility trucks, dump bed trucks, and daily work/landscaping trucks, in addition to cargo delivery vehicles, shuttle buses, school buses and more.
“Success in the commercial vehicle electrification market frequently revolves around providing customized products to meet the specific use cases of customers. This is where we have carved our niche,” said Lightning eMotors CEO Tim Reeser. “The fact that our trusted ZEV4 platforms can be built to accommodate such a broad set of applications is a huge benefit to our customers and positions Lightning well to be the vehicle manufacturer of choice for the growing medium-duty commercial vehicle market.”
The versatile Lightning ZEV4 model comes equipped with 120 kWh batteries located safely within the frame rails, delivering 241 horsepower, 790 lb-ft of torque and up to 130 miles of range as well as improved weight distribution for better handling and improved safety. The Lightning ZEV4 is capable of Level 2 AC and 80kW DC fast charging.
To help accelerate fleet vehicle electrification efforts, a number of state and federal level funding programs are available across North America to help offset the cost significantly.
- In the United States, state-level programs, including California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), New York’s Truck Voucher Incentive Program (NYTVIP), New Jersey’s Zero-Emission Incentive Program (NJZIP), and Colorado’s Clean Fleet Vehicle & Technology Grant Program, among others, can provide up to $100,000 in incentives per Class 4 vehicle.
- Federally, the United States’ passing of the $1.2 trillion Infrastructure and Jobs Act, and incentives that are part of the 2022 Inflation Reduction Act – including the Commercial Clean Vehicle Credit – have provided billions in new funding for both commercial EV acquisition and EV infrastructure.
- Canadian incentive programs, including Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles Program (iMHZEV), the Zero-Emission Transit Fund and the Zero Emission Vehicle Infrastructure Program, can not only help offset the cost of fleet vehicle electrification to nearly zero as many of these programs can be stacked, they also provide funding to accelerate the provision of EV charging solutions, both mobile (such as Lightning Mobile) and as installed infrastructure.
“There has never been a better time for Class 4 work truck operators to upgrade their fleets to zero-emission vehicle technology,” said Lightning eMotors CRO Kash Sethi. “Aggressive funding programs – many of which can be stacked to optimize both purchase subsidies and tax incentives – combined with advanced data tracking and insights capabilities and the reliability and proven performance of our GM-based Lightning ZEV4 create a near-perfect environment for operators to act.”
Lightning’s ZEV4 platform is compatible with a variety of bodies from manufacturers including, but not limited to, Knapheide, Rockport Trucks, Brown Industries, and Morgan Corporation. At current production volumes, ZEV4 work trucks are typically available for delivery four-to-six months from the order date.
To learn how to electrify your work truck fleet with Lightning eMotors, please visit lightningemotors.com.
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018. In that time, we have deployed a variety of vehicle classes and applications including but not limited to cargo and passenger vans, ambulances, transit and shuttle buses, school buses, specialty work trucks, and electric powertrains for school buses, transit buses and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
WeTheMarket
2 years ago
Vanderbilt University to Deploy Lightning eMotors ZEV4™ Electric Shuttle Buses for Intercampus Transit
May 18 2023
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/91103723/vanderbilt-university-to-deploy-lightning-emotors
Highlights
- Lightning eMotors supplying Vanderbilt’s first electric shuttles as part of the university’s carbon neutrality goals
- Vehicles expected to be delivered and deployed in Q2 2023
Lightning eMotors (NYSE: ZEV), a leading provider of zero-emission, medium-duty commercial vehicles and electric vehicle technology for fleets, announced today that it is supplying to Vanderbilt University six Lightning ZEV4™ electric shuttle buses. The shuttles are expected to be delivered and deployed in Q2 2023 for the intercampus transportation service, VandyRide.
The zero emission shuttle buses are built on the GM-based Lightning ZEV4 platform and feature 120 kWh of thermally-managed Proterra battery packs that deliver up to 130 miles of range and support both Level 2 AC and DC fast charge capability. Vanderbilt’s vehicles ride on a 159-inch wheelbase and have been upfitted with shuttle bus bodies from Forest River to carry 14 passengers each.
“A top 20 university nationally, Vanderbilt is renowned for its transformative approach to education and research. It is an honor for us to be a chosen fleet electrification provider as they transform their intercampus student transportation to zero-emission, all-electric platforms,” said Jeremy Hiler, sales director, Eastern US at Lightning eMotors. “We are confident drivers, passengers and fleet managers will appreciate the electric performance, quiet ride and reduced maintenance, and of course, the environmental benefits of the Lightning ZEV4.”
Vanderbilt is leasing the initial pilot run of six vehicles from Forest River dealer Carpenter Bus Sales, with charging infrastructure supported by Vanderbilt partner Electrada. The vehicles will also be equipped with Lightning’s leading EV fleet telematics software, Lightning Insights. This real-time telematics and charge management suite features an API for seamless integration with Electrada’s charging infrastructure.
“Vanderbilt is committed to lowering its carbon footprint, so switching to electric vehicles in our shuttle fleet is a top priority,” said Lindsey Ganson, assistant director of mobility at Vanderbilt University. “We’re so excited to have our Lightning ZEV4 shuttles in action before the fall semester begins, and we are looking forward to working with Lightning.”
This EV deployment further establishes Vanderbilt University as a sustainability leader among U.S. colleges. The university recently “flipped the switch” on the 35-megawatt Vanderbilt I Solar Farm in Bedford County, Tennessee, which was first announced in 2020. The location will reduce the majority of the university’s greenhouse gas emissions produced indirectly from electricity purchased from Nashville Electric Service and TVA. A planned second solar farm in Moore County, Tennessee, will supply enough renewable energy to mitigate the remaining emissions.
In 2021, Vanderbilt became the first member of the Association of American Universities to achieve carbon neutrality through its own renewable energy initiatives and a carbon pollution permit collaboration with Climate Vault. Recently, the university announced a new collaboration with Clearloop to further reduce its carbon footprint by investing in additional solar energy projects, the first of which will be located in Batesville, Mississippi. The transition to these new EV shuttles will help Vanderbilt further reduce its direct emissions.
To learn how to electrify your fleet with Lightning eMotors, please visit lightningemotors.com.
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018. In that time, we have deployed a variety of vehicle classes and applications including but not limited to cargo and passenger vans, ambulances, transit and shuttle buses, school buses, specialty work trucks, and electric powertrains for school buses, transit buses and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
WeTheMarket
2 years ago
Lightning eMotors Reports Financial Results for First Quarter 2023
May 17 2023
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/91091556/lightning-emotors-reports-financial-results-for-fi
Link to Q1 2023 Earnings Presentation https://d1io3yog0oux5.cloudfront.net/_b8d4a46c48d8e19113966364bcf68884/lightningemotors/db/1111/9843/earnings_presentation/Q1+2023+Earnings+Presentation+v1.pdf
Link to Q1 2023 Earnings Webcast https://event.choruscall.com/mediaframe/webcast.html?webcastid=NUyz5bfF
Highlights
- GAAP revenue of $1.3 million, after $2.3 million of recall-related costs
- Adjusted revenue of $3.6 million from sales of 29 units; produced 53 units during the quarter
- Today announced funding commitment with Yorkville Advisors to provide up to $50 million of capital
- Recent contract to sell 126 Lightning ZEV3 and ZEV4 cargo vans, passenger vans and shuttle buses to new Canadian customer expected to contribute to Q2 and Q3 revenue
- Strong order momentum in Type A zero-emission school buses through partnership with Collins Bus
Lightning eMotors, Inc., a leading provider of zero-emission powertrains and medium-duty and specialty commercial electric vehicles for fleets, today announced consolidated results for the first quarter ended March 31, 2023.
“I’m very excited about the progress we made in Q1 on our portfolio transition. Customer feedback on our new Class 4 vehicles built on the GM platform has been very positive,” stated Tim Reeser, Lightning Co-founder and CEO. “The large Macnab order announced Friday, plus sizeable orders for Type A school buses from Collins Bus Corporation are driving growth in our business in the near term. We are also seeing strong demand momentum for shuttle buses and other Class 4 zero-emission vehicles. Further, initial customer response to our Lightning Mobile DC Fast Charger has been tremendous. We believe we are on track to achieve our stated annual revenue guidance of $35-50 million. As government incentive programs take hold, we are helping customers navigate the application process and are seeing orders. While focusing on the revenue growth opportunities before us, we also have taken actions to reduce our expense structure and secure new growth capital.”
“The lower GAAP revenue resulted from booking the apportioned cost of an accommodation we made to support our customers, as we bought back vehicles with defective Romeo batteries. Many of those customers have placed new orders with us, and some have already received their new vehicles in Q2.”
“Today we announced an agreement with Yorkville Advisors that will provide us with up to $50 million of capital that we plan to use to fund our growth strategy,” said David Agatston, CFO of Lightning. “We believe this funding commitment from Yorkville is a strong endorsement of Lightning’s ability to attract new capital and provide returns for investors.”
First Quarter 2023 Financial Results
First quarter production was 53 units (vehicles and powertrains), down from 74 units in Q1 2022. Unit sales were 29, compared to 68 in the year-ago quarter. First quarter revenue was $1.3 million, compared to $5.4 million for the prior-year quarter. Excluding customer refunds, adjusted revenue was $3.6 million.
First quarter net loss was $23.4 million, or $4.89 per diluted share, compared to net loss of $10.8 million, or $2.86 per diluted share, during the first quarter of last year.
First quarter adjusted EBITDA loss was $19.7 million, compared to a loss of $14.8 million during the same period in the prior year. Adjusted revenue and adjusted EBITDA are non-GAAP measures. See explanatory language and reconciliation to the GAAP measures below.
Guidance
Based on current demand and supply conditions, the Company reiterates its prior 2023 guidance:
- 2023 revenue to be in the range of $35 million to $50 million
- 2023 unit sales to be in the range of 300 to 400 units
- 2023 unit production to be in the range of 400 to 450 units
Webcast and Conference Call Information
Company management will host a conference call on Wednesday, May 17, 2023, at 8:30 a.m. Eastern Time, to discuss the Company's financial results.
Interested investors and other parties can listen to a webcast of the live conference call and access the Company’s first quarter update presentation by logging onto the Investor Relations section of the Company's website at ir.lightningemotors.com.
The conference call can be accessed live over the phone by dialing (877) 407-6910 (domestic) or +1 (201) 689-8731 (international).
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle solutions for commercial fleets since 2018 – including cargo and passenger vans, ambulances, shuttle buses, Type A school buses, work trucks, city buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at lightningemotors.com.
WeTheMarket
2 years ago
Lightning eMotors to Report First Quarter 2023 Earnings on May 15
April 26 2023 - 08:30AM
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/90862055/lightning-emotors-to-report-first-quarter-2023-ear
Lightning eMotors, Inc. (NYSE: ZEV), a leading provider of zero emission medium-duty commercial vehicles and electric vehicle technology for fleets, today announced that the Company will release its first quarter 2023 results before the market opens on Monday, May 15, 2023, followed by a conference call to be held at 8:30 a.m. Eastern Time the same day.
Interested investors and other parties can listen to a webcast of the live conference call by visiting the Investor Relations section of the Company's website at ir.lightningemotors.com.
The conference call can be accessed live over the phone by dialing 877-407-6910 (domestic) or +1-201-689-8731 (international).
Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle solutions for commercial fleets since 2018 – including cargo and passenger vans, ambulances, shuttle buses, Type A school buses, work trucks, city buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
WeTheMarket
2 years ago
Lightning eMotors Announces Production for the First Quarter of 2023
April 06 2023
https://ih.advfn.com/stock-market/NYSE/lightning-emotors-ZEV/stock-news/90719857/lightning-emotors-announces-production-for-the-fir
Lightning eMotors, Inc. (NYSE: ZEV), a leading provider of zero emission medium-duty commercial vehicles and electric vehicle technology for fleets, today announced that it produced 53 units, consisting of vehicles and powertrains, in the first quarter of 2023.
“We entered the first quarter with significant finished goods inventory, reducing our production requirements for the quarter. We expect our production to increase as we respond to demand for our new ZEV4 platform and see the anticipated impact of the new incentives on customer demand for our products,” said Tim Reeser, CEO and Co-Founder.
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle solutions for commercial fleets since 2018 – including cargo and passenger vans, ambulances, shuttle buses, Type A school buses, work trucks, city buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.
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