The Lion Electric Company - LEV STOCK NEWS

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.

The Lion Electric Company (NYSE: LEV) unveiled the Lion8 Tractor, an all-electric Class 8 commercial truck, at the ACT Expo on May 21, 2024. The truck boasts a GCWR of up to 127,000 lbs, the highest in the EV truck market, with a driving range of up to 275 miles and a battery capacity of up to 630 kWh. It features Level III charging, achieving 80% SOC in 1.5 hours. The truck is designed for performance, efficiency, and sustainability, featuring a 6x4 axle configuration and V2G compatibility. Expected to be commercially available mid-2024, the Lion8 Tractor is aimed at revolutionizing freight transportation.

The Lion Electric Company (NYSE: LEV, TSX: LEV) held its virtual annual shareholders meeting on May 15, 2024. A total of 124,783,928 common shares (55.16% of issued shares) were represented. Shareholders voted in favor of all proposed items, including the election of ten directors, the appointment of Raymond Chabot Grant Thornton LLP as auditors, and the renewal of the Company's Omnibus Plan. Notable director approvals included Latasha Akoma with 98.22% votes for and Michel Ringuet with 99.40% votes for. The auditors were approved with 98.98% votes for, and the Omnibus Plan renewal received 94.59% votes for.

Lion Electric announces its first quarter 2024 results, showcasing revenue of $55.5 million, a decrease in vehicle deliveries, and a net loss of $21.7 million. The company reported a gross loss of $11.1 million due to higher manufacturing costs. Lion's workforce reduction and cost-cutting measures aim to fortify liquidity amidst market volatility, with a focus on ramping up deliveries for profitability.