The Lion Electric Company - LEV STOCK NEWS

Lion Electric (NYSE: LEV) has secured amendments to its senior credit instruments, including the Revolving Credit Agreement and Finalta CDPQ Loan Agreement. The changes extend the financial covenant suspension period to November 30, 2024, and remove minimum liquidity requirements. The company warns it may not comply with credit terms after the relief period or repay the Finalta CDPQ Loan at maturity. Lion Electric is in discussions with lenders about restructuring and exploring alternatives, including potential business sale, strategic investments, or asset sales.

Lion Electric (NYSE: LEV) reported challenging Q3 2024 results with significant declines across key metrics. Revenue dropped to $30.6 million from $80.3 million in Q3 2023, with vehicle deliveries decreasing to 89 units from 245. The company posted a gross loss of $16.0 million compared to a $5.4 million profit last year, while net loss widened to $33.9 million from $19.9 million. The vehicle order book stands at 1,590 units worth approximately $420 million. The decline in performance was attributed to EPA timing issues, subsidy delays, and production challenges with new vehicle platforms.

The Lion Electric Company (NYSE: LEV) (TSX: LEV), which manufactures all-electric medium and heavy-duty urban vehicles, has scheduled its third quarter 2024 earnings release for November 6, 2024, after market close. The company will host a conference call and webcast at 5:30 p.m. Eastern Time on the same day to discuss the results. Interested parties can join via phone using the numbers (404) 975-4839 or toll-free (833) 470-1428 with Access Code 946933, or watch the live webcast on the company's website.

The Lion Electric Company (NYSE: LEV) (TSX: LEV) has announced additional amendments to its senior credit instruments. The key changes include:

1. Extension of the covenant relief period from September 30, 2024, to November 15, 2024, for the revolving credit agreement.

2. Agreement to use excess cash for repayment of the revolving credit agreement.

3. Maintenance of a minimum available liquidity of C$15,000,000, with exceptions.

4. Extension of the Finalta CDPQ Loan Agreement maturity date from November 6, 2024, to November 30, 2024.

The company continues to evaluate opportunities to improve its liquidity and strengthen its financial position, including potential refinancing initiatives and asset sales.

The Lion Electric Company (NYSE: LEV) announces that its all-electric school buses are now eligible for Dominion Energy's Electric School Bus Infrastructure program in Virginia. This program supports public school districts by providing fast-charging solutions to those receiving EPA Clean School Bus funding. Dominion Energy facilitates the coordination of utilities, network upgrades, and installation of charging infrastructure.

The initiative also enables electric school buses to serve as a grid resource through vehicle-to-grid (V2G) technology. This allows buses to be used as additional energy storage and discharge energy to the grid during high-demand periods. The program complements the EPA's Clean School Bus Program, which is expected to deploy $5 billion in funding over five years to accelerate electric school bus adoption across the United States.

Lion Electric Company (NYSE: LEV, TSX: LEV) announced Q2 2024 financial results. Revenue fell by $27.7M to $30.3M as 101 vehicles were delivered, down from 199 in Q2 2023. Gross loss was $15.2M, up from a gross profit of $0.4M in Q2 2023, due to higher manufacturing costs and lower sales volume. Net loss increased to $19.3M from $11.8M. Adjusted EBITDA was negative $20.6M, down from negative $9.7M in Q2 2023. The workforce will be reduced by 30% to save $25M annually. Lion’s vehicle order book stands at 1,994 vehicles worth $475M, and its LionEnergy order book includes 394 charging stations worth $9M. Despite financial challenges, the company launched the Lion8 Tractor truck and completed battery pack certifications. Lion received a NYSE non-compliance notice due to its stock price being below $1 for 30 days. The company aims to regain compliance within six months.

The Lion Electric Company (NYSE: LEV) (TSX: LEV), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, has announced the release date for its second quarter 2024 results. The company will disclose its financial performance on July 31, 2024, before markets open. Following the release, Lion Electric will host a conference call and webcast at 8:30 a.m. (Eastern Time) to discuss the results in detail.

Interested parties can participate in the conference call by dialing (404) 975-4839 or (833) 470-1428 (toll-free) using the Access Code 940640. Additionally, a live webcast of the conference call will be available on the company's website under the 'Events and Presentation' page in the 'Investors' section. An archive of the event will be made available shortly after the conference call concludes.

The Lion Electric Company (NYSE: LEV, TSX: LEV), a leader in electric medium and heavy-duty urban vehicles, announced amendments to its senior credit instruments and a new financing agreement.

The amendments include suspending financial covenants on its senior revolving credit agreement until September 30, 2024, while requiring the company to maintain a minimum liquidity of C$15M during this period. The amendments also remove previous liquidity requirements and introduce enhanced reporting obligations.

Additionally, Lion Electric secured a new C$5M loan under the ESSOR program, which can be drawn up to C$7.5M under certain conditions. This loan bears an interest rate of 13% with a 12-month moratorium on principal and interest payments.

The company also adjusted its loan agreement with Finalta Capital and Caisse de dépôt et placement du Quebec, aligning the minimum liquidity requirement with its revolving credit agreement and raising the interest rate to 13%.

Finally, the non-convertible debentures issued in July 2023 were amended to capitalize 50% of the interest payable.

The Lion Electric Company (NYSE: LEV) announced the final certification of its LionBattery HD battery pack on June 13, 2024. This lithium-ion battery, designed for heavy-duty vehicles, meets stringent automotive industry standards and will power the Lion8 Tractor, an all-electric Class 8 truck unveiled on May 21, 2024, at the ACT Expo in Las Vegas. Lion had previously certified its medium-duty battery pack, the LionBattery MD, in December 2023. CEO Marc Bedard highlighted the company's commitment to innovation and production efficiency. Lion's manufacturing facility can produce 1.7 gigawatt hours of batteries annually, powering 5,000 commercial vehicles each year.