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Lightning eMotors Clocks 18% Revenue Growth In Q1

By Akanksha Bakshi
  • Lightning eMotors Inc (NYSE:ZEV) reported first-quarter revenue growth of 18% year-over-year to $5.4 million, missing the consensus of $5.53 million.
  • The gross loss expanded to $(2.31) million, compared to $(0.727) million a year ago.
  • EPS loss narrowed to $(0.14) from $(0.83) in 1Q21.
  • Adjusted net loss was $(18.7) million, compared to $(6.8) million in 1Q21.
  • Adjusted EBITDA loss was $(14.5) million, compared to $(5.1) million during the same period in the prior year.
  • As of April 29, 2022, ZEV had an order backlog of over 1,500 units valued at $167.8 million.
  • Net cash used in operating activities for Q1 totaled $(16.14) million versus $(6.63) million a year ago.
  • The company’s sales pipeline remains strong at $1.5 billion. ZEV stated that it expects the 2021 Federal Infrastructure Bill that provides over $10 billion in new funding to drive customer demand for Lightning products and services in both the near and long term.
  • "Chassis supply chain challenges remain. Our multiple mitigation strategies, including recently-announced partnerships with GM and Blue Bird, plus our own Lightning eChassis, should begin to alleviate the shortage later this year,” commented Tim Reeser, CEO.
  • 2Q22 Outlook: ZEV expects revenue of $6 million - $8 million vs. a consensus of $10.2 million, vehicle and powertrain sales of 55 units - 75 units.
  • It expects adjusted EBITDA loss of $(18) million - $(20) million.
  • Price Action: ZEV shares are trading higher by 3.70% at $3.64 during the market session on Friday.
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Dive Deeper:
PGT Innovations Clocks 32% Revenue Growth In Q1, Beats Estimates
PGT Innovations Inc (NYSE:PGTI) reported first-quarter sales growth of 32% year-over-year to $358.66 million, +17% organic growth, beating the consensus of $338.24…
Coupang Shares Soar Afterhours On Q1 Results, Clocks 22% Revenue Growth
Coupang Inc (NYSE:CPNG) reported first-quarter revenue growth of 22% year-over-year to $5.12 billion, +32% on a constant currency basis, missing the consensus…
Better Choice Clocks 57% Revenue Growth In Q1; Plans Buyback
Better Choice Company Inc (NYSE:BTTR) reported first-quarter FY22 sales growth of 57% year-on-year, to $17 million, beating the consensus of $15.24 million. The…
CyberArk Software Clocks 13% Revenue Growth In Q1, Misses Street View
CyberArk Software Ltd (NASDAQ:CYBR) reported first-quarter FY22 revenue growth of 13% year-on-year to $127.6 million, missing the consensus of $130.3 million. Non-GAAP EPS…
One subscription that gives you access to news from hundreds of sites
Innoviz Shares Drop On Q1 Miss; Clocks 144% Revenue Growth
Innoviz Technologies Ltd (NASDAQ:INVZ) reported first-quarter FY22 revenue growth of 144% year-on-year to $1.77 million, missing the consensus of $2.17 million. EPS loss…
Olaplex Clocks 58% Top-Line Growth In Q1; Affirms FY22 Forecast
Olaplex Holdings Inc (NASDAQ:OLPX) reported first-quarter FY22 sales growth of 57.6% year-on-year to $186.2 million, beating the consensus of $172.46 million. The gross…
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