Lightning eMotors Reports Financial Results for First Quarter 2022
Lightning eMotors reported a record first quarter revenue of $5.4 million, an 18% increase year-over-year, selling 68 units. The company announced new partnerships with Blue Bird Corporation and Perrone Robotics to enhance its electric powertrains and autonomous vehicle options. Despite challenges in supply chain affecting chassis production, the order backlog stood at over 1,500 units valued at $167.8 million. For Q2 2022, revenue guidance is expected between $6 million to $8 million, with sales of 55 to 75 units.
- Record Q1 revenue of $5.4 million, up 18% year-over-year.
- Sold a record number of 68 units in the quarter.
- Strong order backlog of over 1,500 units valued at $167.8 million.
- Sales pipeline remains robust at $1.5 billion.
- Partnership with Blue Bird and Perrone Robotics diversifies market opportunities.
- Net loss of $10.8 million, compared to $27.4 million last year.
- Adjusted EBITDA of -$14.5 million, worse than -$5.1 million last year.
- Second quarter adjusted EBITDA expected to be between -$18 million and -$20 million.
- Continued supply chain challenges may impact revenue timing.
-
Record first quarter revenue of
, increased$5.4 million 18% year-over-year - Record number of quarterly units sold at 68
-
Revealed new electrified Class 5-6 step van chassis and partnership with Blue Bird Corporation at the Advanced Clean Transportation Expo on
May 10
“Our sales growth reflected outstanding execution in the face of continued supply chain headwinds,” said
Reeser continued, “Chassis supply chain challenges remain. Our multiple mitigation strategies, including recently-announced partnerships with
First Quarter 2022 Financial Results
First quarter revenue was
Net loss was
Adjusted EBITDA was -
Order Backlog and Awarded Orders
As of
The Company’s sales pipeline remains strong at
Guidance
We continue to experience supply chain challenges involving chassis and other key components. Delays associated with any of these components may impact the timing of revenue. Our customers remain supportive, and we have not seen any order cancellations due to delivery timing. Based on current business conditions, the Company expects:
-
Second quarter revenue to be in the range of
to$6.0 million .$8.0 million - Second quarter vehicle and powertrain sales to be in the range of 55 units to 75 units
-
Second quarter adjusted EBITDA to be in the range of -
to$18 million - $20 million
Webcast and Conference Call Information
Company management will host a webcast and conference call on
Interested investors and other parties can listen to a webcast of the live conference call and access the Company’s fourth quarter update presentation by logging onto the Investor Relations section of the Company's website at https://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
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
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Consolidated Statements of Operations |
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(in thousands, except share and per share data) |
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(Unaudited) |
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Three Months Ended |
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2022 |
|
2021 |
||||
Revenues |
|
$ |
5,412 |
|
|
$ |
4,591 |
|
Cost of revenues |
|
|
7,722 |
|
|
|
5,318 |
|
Gross loss |
|
|
(2,310 |
) |
|
|
(727 |
) |
Operating expenses |
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|
|
|
|
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Research and development |
|
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1,942 |
|
|
|
648 |
|
Selling, general and administrative |
|
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11,599 |
|
|
|
3,920 |
|
Total operating expenses |
|
|
13,541 |
|
|
|
4,568 |
|
Loss from operations |
|
|
(15,851 |
) |
|
|
(5,295 |
) |
Other (income) expense, net |
|
|
|
|
|
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||
Interest expense, net |
|
|
3,861 |
|
|
|
1,611 |
|
(Gain) loss from change in fair value of warrant liabilities |
|
|
(188 |
) |
|
|
20,539 |
|
Gain from change in fair value of derivative liability |
|
|
(2,555 |
) |
|
|
— |
|
Gain from change in fair value of earnout liability |
|
|
(6,172 |
) |
|
|
— |
|
Other income, net |
|
|
(41 |
) |
|
|
(9 |
) |
Total other (income) expense, net |
|
|
(5,095 |
) |
|
|
22,141 |
|
Net loss |
|
$ |
(10,756 |
) |
|
$ |
(27,436 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.83 |
) |
Weighted-average shares outstanding, basic and diluted |
|
|
75,128,044 |
|
|
|
33,147,475 |
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Consolidated Balance Sheets |
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(in thousands, except shares) |
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2022 |
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2021 |
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(Unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
150,363 |
|
|
$ |
168,538 |
|
Accounts receivable, net of allowance of |
|
|
8,911 |
|
|
|
9,172 |
|
Inventories |
|
|
17,216 |
|
|
|
14,621 |
|
Prepaid expenses and other current assets |
|
|
6,071 |
|
|
|
7,067 |
|
Total current assets |
|
|
182,561 |
|
|
|
199,398 |
|
Property and equipment, net |
|
|
7,439 |
|
|
|
4,891 |
|
Operating lease right-of-use asset, net |
|
|
8,475 |
|
|
|
8,742 |
|
Other assets |
|
|
1,070 |
|
|
|
379 |
|
Total assets |
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$ |
199,545 |
|
|
$ |
213,410 |
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Liabilities and stockholders’ equity |
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Current liabilities |
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Accounts payable |
|
$ |
5,246 |
|
|
$ |
6,021 |
|
Accrued expenses and other current liabilities |
|
|
8,645 |
|
|
|
5,045 |
|
Warrant liability |
|
|
1,997 |
|
|
|
2,185 |
|
Current portion of operating lease obligation |
|
|
1,280 |
|
|
|
1,166 |
|
Total current liabilities |
|
|
17,168 |
|
|
|
14,417 |
|
Long-term debt, net of debt discount |
|
|
65,887 |
|
|
|
63,768 |
|
Operating lease obligation, net of current portion |
|
|
8,883 |
|
|
|
9,260 |
|
Derivative liability |
|
|
14,863 |
|
|
|
17,418 |
|
Earnout liability |
|
|
76,972 |
|
|
|
83,144 |
|
Other long-term liabilities |
|
|
338 |
|
|
|
191 |
|
Total liabilities |
|
|
184,111 |
|
|
|
188,198 |
|
Commitments and contingencies (Note 14) |
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Stockholders’ equity |
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||
Preferred stock, par value |
|
|
— |
|
|
|
— |
|
Common stock, par value |
|
|
8 |
|
|
|
8 |
|
Additional paid-in capital |
|
|
207,746 |
|
|
|
206,768 |
|
Accumulated deficit |
|
|
(192,320 |
) |
|
|
(181,564 |
) |
Total stockholders’ equity |
|
|
15,434 |
|
|
|
25,212 |
|
Total liabilities and stockholders’ equity |
|
$ |
199,545 |
|
|
$ |
213,410 |
|
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Consolidated Statements of Cash Flows |
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(in thousands, except shares) |
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(Unaudited) |
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Three Months Ended |
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2022 |
|
2021 |
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Cash flows from operating activities |
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Net loss |
|
$ |
(10,756 |
) |
|
$ |
(27,436 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
361 |
|
|
|
126 |
|
Provision for doubtful accounts |
|
|
48 |
|
|
|
142 |
|
Provision for inventory obsolescence and write-downs |
|
|
95 |
|
|
|
— |
|
Gain on disposal of fixed asset |
|
|
— |
|
|
|
(9 |
) |
Change in fair value of warrant liability |
|
|
(188 |
) |
|
|
20,539 |
|
Change in fair value of earnout liability |
|
|
(6,172 |
) |
|
|
— |
|
Change in fair value of derivative liability |
|
|
(2,555 |
) |
|
|
— |
|
Stock-based compensation |
|
|
972 |
|
|
|
68 |
|
Amortization of debt discount |
|
|
2,119 |
|
|
|
985 |
|
Non-cash impact of operating lease right-of-use asset |
|
|
267 |
|
|
|
553 |
|
Issuance of common stock warrants for services performed |
|
|
— |
|
|
|
433 |
|
Changes in operating assets and liabilities: |
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Accounts receivable |
|
|
213 |
|
|
|
(557 |
) |
Inventories |
|
|
(2,785 |
) |
|
|
(1,386 |
) |
Prepaid expenses and other assets |
|
|
80 |
|
|
|
(2,481 |
) |
Accounts payable |
|
|
(898 |
) |
|
|
1,304 |
|
Accrued expenses and other liabilities |
|
|
3,057 |
|
|
|
1,089 |
|
Net cash used in operating activities |
|
|
(16,142 |
) |
|
|
(6,630 |
) |
Cash flows from investing activities |
|
|
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|
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||
Purchase of property and equipment |
|
|
(2,024 |
) |
|
|
(569 |
) |
Proceeds from disposal of property and equipment |
|
|
— |
|
|
|
9 |
|
Net cash used in investing activities |
|
|
(2,024 |
) |
|
|
(560 |
) |
Cash flows from financing activities |
|
|
|
|
|
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||
Proceeds from facility borrowings |
|
|
— |
|
|
|
7,000 |
|
Proceeds from the exercise of Series C redeemable convertible preferred warrants |
|
|
— |
|
|
|
1,500 |
|
Payments on finance lease obligations |
|
|
(15 |
) |
|
|
(6 |
) |
Proceeds from exercise of stock options |
|
|
6 |
|
|
|
10 |
|
Net cash (used in) provided by financing activities |
|
|
(9 |
) |
|
|
8,504 |
|
Net (decrease) increase in cash |
|
|
(18,175 |
) |
|
|
1,314 |
|
Cash - Beginning of period |
|
|
168,538 |
|
|
|
460 |
|
Cash - End of period |
|
$ |
150,363 |
|
|
$ |
1,774 |
|
Supplemental cash flow information - Cash paid for interest |
|
$ |
113 |
|
|
$ |
350 |
|
Significant noncash transactions |
|
|
|
|
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Reduction of warrant liability for conversion of warrants into Series C redeemable convertible preferred stock |
|
$ |
— |
|
|
$ |
5,310 |
|
Property and equipment included in accounts payable and accruals |
|
|
387 |
|
|
|
— |
|
Finance lease right-of-use asset in exchange for a lease liability |
|
|
183 |
|
|
|
— |
Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating our operational performance. We use the following non-GAAP financial information among other operational metrics to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing our operating performance.
EBITDA, Adjusted EBITDA and Adjusted Net Loss
EBITDA is defined as net income (loss) before depreciation and amortization and interest expense. Adjusted EBITDA is defined as net income (loss) before depreciation and amortization, interest expense, stock-based compensation, gains or losses related to the change in fair value of warrant, derivative and earnout share liabilities and other non-recurring costs determined by management, such as Business Combination related expenses. Adjusted net loss is defined as net income (loss) adjusted for stock-based compensation expense, gains or losses related to the change in fair value of warrant, derivative and earnout share liabilities and certain other non-recurring costs determined by management, such as Business Combination related expenses. EBITDA, adjusted EBITDA and adjusted net loss are intended as supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP. We believe that using EBITDA, adjusted EBITDA and adjusted net loss provide an additional tool for investors to use in evaluating ongoing operating results and trends while comparing our financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware that when evaluating EBITDA, adjusted EBITDA and adjusted net loss we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of EBITDA, adjusted EBITDA and adjusted net loss may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate EBITDA, adjusted EBITDA and adjusted net loss in the same fashion.
Because of these limitations, EBITDA, adjusted EBITDA and adjusted net loss should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA, adjusted EBITDA and adjusted net loss on a supplemental basis. You should review the reconciliations of net income (loss) to EBITDA and adjusted EBITDA and net income (loss) to adjusted net loss below and not rely on any single financial measure to evaluate our business.
The following table reconciles net loss to EBITDA and adjusted EBITDA for the three months ended
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Three Months Ended |
||||||
|
|
2022 |
|
2021 |
||||
|
|
|
|
|
|
|
||
Net loss |
|
$ |
(10,756 |
) |
|
$ |
(27,436 |
) |
Adjustments: |
|
|
|
|
|
|
||
Depreciation and Amortization |
|
|
361 |
|
|
|
126 |
|
Interest expense, net |
|
|
3,861 |
|
|
|
1,611 |
|
EBITDA |
|
$ |
(6,534 |
) |
|
$ |
(25,699 |
) |
Stock-based compensation |
|
|
972 |
|
|
|
68 |
|
(Gain) loss from change in fair value of warrant liabilities |
|
|
(188 |
) |
|
|
20,539 |
|
Gain from change in fair value of derivative liability |
|
|
(2,555 |
) |
|
|
— |
|
Gain from change in fair value of earnout liability |
|
|
(6,172 |
) |
|
|
— |
|
Adjusted EBITDA |
|
$ |
(14,477 |
) |
|
$ |
(5,092 |
) |
The following table reconciles net loss to adjusted net loss for the three months ended
|
|
|
|
|
|
|||
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Three Months Ended |
|||||||
|
2022 |
|
2021 |
|||||
Net loss |
$ |
(10,756 |
) |
|
$ |
(27,436 |
) |
|
Adjustments: |
|
|
|
|
|
|||
Stock-based compensation |
|
972 |
|
|
|
68 |
|
|
(Gain) loss from change in fair value of warrant liabilities |
|
(188 |
) |
|
|
20,539 |
|
|
Gain from change in fair value of derivative liability |
|
(2,555 |
) |
|
|
— |
|
|
Gain from change in fair value of earnout liability |
|
(6,172 |
) |
|
|
— |
|
|
Adjusted net loss |
$ |
(18,699 |
) |
|
$ |
(6,829 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220513005053/en/
Investor Relations Contact:
(800) 223-0740
ir@lightningemotors.com
Media Relations Contact:
(800) 223-0740
pressrelations@lightningemotors.com
Source:
FAQ
What was Lightning eMotors' revenue for Q1 2022?
How many units did Lightning eMotors sell in Q1 2022?
What is Lightning eMotors' guidance for Q2 2022?
What is the current order backlog for Lightning eMotors?