Lightning eMotors Reports Financial Results for Fourth Quarter and Full Year 2021
Lightning eMotors reported a record revenue of $21.0 million for 2021, marking a 131% increase year-over-year, and $4.2 million for Q4, representing a 13% rise YOY. The company delivered 146 zero-emission vehicles in 2021, up 103%. Key partnerships with GM and Forest River were announced, aiding supply chain challenges. However, the net loss for 2021 was $100.8 million, worsening from $37.7 million the previous year. The company anticipates Q1 2022 revenue of $5.0-$6.0 million but faces chassis supply constraints.
- Record full year revenue of $21.0 million, up 131% YOY.
- Partnership with Forest River for certified Lightning powertrains.
- Record sales of 146 zero-emission vehicles, up 103% YOY.
- Full year net loss increased to $100.8 million from $37.7 million.
- Adjusted EBITDA of -$38.8 million compared to -$13.2 million in the previous year.
- Chassis supply challenges expected to impact future revenue.
– Record full year revenue of
– Record full year sales of 146 zero-emission vehicles, increased
– Record fourth quarter revenue of
– Announced GM partnership to strengthen our chassis supply
– Announced today a partnership with
“The fourth quarter capped a transformational year for Lightning, as we strengthened the company by announcing new strategic OEM partnerships, increasing our sales pipeline, expanding our factory capacity, shipping new products, and adding strong executives to the leadership team,” said
Reeser continued, “Actions we took last year to address supply chain challenges around battery supply have mitigated much of the risk we faced in 2021. Chassis supply chain uncertainties that started in the summer of 2021 remain and are a key challenge now in 2022. Our engineering and supply chain teams have again taken strategic actions to help mitigate this risk. We announced the development of our own Lightning eChassis, and we entered into a partnership with General Motors. These actions and partnerships should begin to alleviate chassis-related supply constraints later in 2022 and into 2023. Moreover, our team has directed additional resources toward repower opportunities, leading to the partnership we announced today with
Key Company Highlights
We continue to develop relationships and partnerships with leading vocational vehicle OEMs and suppliers:
- Lightning eMotors Joins with General Motors to Electrify Medium Duty Trucks
-
Forest River and Lightning eMotorsExpand Partnership toOffer Factory-Certified All-Electric Repower Program for Shuttle Buses and Passenger Vans -
Lightning eMotors
Announces Strategic EV Battery Partnership for Supply of CATL Battery Systems - Lightning eMotors Reveals All-New Lightning eChassis for Electric Commercial Vehicles
- Lightning eMotors Provides Electric Powertrain for Winnebago Industries’ First All-Electric Concept Motorhome
- Lightning eMotors Expands Manufacturing Facility to Meet Increasing Customer Demand
-
Lightning eMotors to Supply RideCo with Zero-Emission Passenger Vans for Los Angeles County
Fourth Quarter 2021 Financial Results
Fourth quarter revenue was
Net income was
Adjusted EBITDA was -
2021 Annual Financial Results
Revenue was
Net loss was
Adjusted EBITDA was -
We ended the quarter with
The Q4 and full year information reflects our preliminary unaudited results and is based on the information available as of the date of this announcement. The audit may require adjustments which could result in changes to the Company’s unaudited financial results included in this press release.
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. Fortunately, our customers remain supportive, and we have not seen any order cancellations due to delivery timing. Based on current business conditions, the Company expects:
-
First quarter revenue to be in the range of
to$5.0 million . Approximately$6.0 million of potential Q1 revenue has been pushed into future quarters due to supply constraints, principally chassis.$7 million - First quarter vehicle and powertrain sales to be in the range of 65 units to 75 units
-
First quarter adjusted EBITDA to be in the range of -
to$15 million - $17 million - Quarterly revenue to grow sequentially throughout 2022 as supply chain issues are managed and incremental revenue is realized from non-chassis-dependent products such as repowers and Lightning Energy
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 1-877-407-6910 (domestic) or +1-201-689-8731 (international).
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) |
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Three Months Ended |
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Year Ended |
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2021 |
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2020 |
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2021 |
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2020 |
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Revenues |
|
$ |
4,221 |
|
|
$ |
3,720 |
|
|
$ |
20,992 |
|
|
$ |
9,088 |
|
Cost of revenues |
|
|
6,901 |
|
|
|
4,874 |
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|
|
26,293 |
|
|
|
11,087 |
|
Gross loss |
|
|
(2,680 |
) |
|
|
(1,154 |
) |
|
|
(5,301 |
) |
|
|
(1,999 |
) |
Operating expenses |
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Research and development |
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875 |
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|
567 |
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3,089 |
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|
|
1,309 |
|
Selling, general and administrative |
|
|
13,606 |
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|
|
3,478 |
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|
|
42,851 |
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|
|
10,451 |
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Total operating expenses |
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|
14,481 |
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|
|
4,045 |
|
|
|
45,940 |
|
|
|
11,760 |
|
Loss from operations |
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|
(17,161 |
) |
|
|
(5,199 |
) |
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|
(51,241 |
) |
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|
(13,759 |
) |
Other (income) expense, net |
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Interest expense |
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|
3,833 |
|
|
|
1,741 |
|
|
|
13,367 |
|
|
|
2,983 |
|
Inducement expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss from change in fair value of warrant liabilities |
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|
704 |
|
|
|
6,472 |
|
|
|
28,812 |
|
|
|
20,835 |
|
(Gain) loss from change in fair value of derivative liability |
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|
(3,949 |
) |
|
|
— |
|
|
|
5,341 |
|
|
|
— |
|
(Gain) loss from change in fair value of earnout liability |
|
|
(39,981 |
) |
|
|
— |
|
|
|
4,183 |
|
|
|
— |
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(2,194 |
) |
|
|
— |
|
Other expense (income), net |
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|
46 |
|
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(31 |
) |
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19 |
|
|
|
76 |
|
Total other (income) expense, net |
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|
(39,347 |
) |
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|
8,182 |
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49,528 |
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|
23,894 |
|
Net Income (Loss) |
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$ |
22,186 |
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|
$ |
(13,381 |
) |
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$ |
(100,769 |
) |
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$ |
(37,653 |
) |
Net income (loss) per share basic |
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$ |
0.30 |
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$ |
(0.42 |
) |
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$ |
(1.67 |
) |
|
$ |
(1.25 |
) |
Net income (loss) per share diluted |
|
$ |
0.28 |
|
|
$ |
(0.42 |
) |
|
$ |
(1.67 |
) |
|
$ |
(1.25 |
) |
Weighted-average shares outstanding, basic |
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|
74,984,051 |
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|
|
31,585,159 |
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|
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60,260,156 |
|
|
|
30,095,634 |
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Weighted-average shares outstanding, diluted |
|
|
78,311,597 |
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|
|
31,585,159 |
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|
60,260,156 |
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30,095,634 |
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Consolidated Balance Sheets (in thousands, except shares) |
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2021 |
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2020 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
168,538 |
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$ |
460 |
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Accounts receivable, net of allowance of |
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9,172 |
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4,122 |
|
Inventories |
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14,621 |
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|
|
5,743 |
|
Prepaid expenses and other current assets |
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|
7,067 |
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|
3,999 |
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Total current assets |
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|
199,398 |
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|
14,324 |
|
Property and equipment, net |
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|
4,891 |
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|
|
2,615 |
|
Operating lease right-of-use asset, net |
|
|
8,742 |
|
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|
7,881 |
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Other assets |
|
|
379 |
|
|
|
45 |
|
Total assets |
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$ |
213,410 |
|
|
$ |
24,865 |
|
Liabilities and stockholders’ equity (deficit) |
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Current liabilities |
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Accounts payable |
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$ |
6,021 |
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|
$ |
2,599 |
|
Accrued expenses and other current liabilities |
|
|
5,045 |
|
|
|
2,944 |
|
Warrant liability |
|
|
2,185 |
|
|
|
21,155 |
|
Current portion of long-term debt |
|
|
— |
|
|
|
7,954 |
|
Current portion of long-term debt - related party |
|
|
— |
|
|
|
6,225 |
|
Current portion of operating lease obligation |
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|
1,166 |
|
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|
1,769 |
|
Total current liabilities |
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|
14,417 |
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|
42,646 |
|
Long-term debt, net of debt discount |
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|
63,768 |
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|
— |
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Long-term debt, net of current portion and debt discount - related party |
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— |
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|
|
1,649 |
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Operating lease obligation, net of current portion |
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|
9,260 |
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|
7,265 |
|
Derivative liability |
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|
17,418 |
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|
— |
|
Earnout liability |
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|
83,144 |
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|
— |
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Other long-term liabilities |
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|
191 |
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|
— |
|
Total liabilities |
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|
188,198 |
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|
51,560 |
|
Stockholders’ equity (deficit) |
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Preferred stock, par value |
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— |
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— |
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Common stock, par value |
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|
8 |
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|
3 |
|
Additional paid-in capital |
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|
206,768 |
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|
54,097 |
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Accumulated deficit |
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(181,564 |
) |
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|
(80,795 |
) |
Total stockholders’ equity (deficit) |
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|
25,212 |
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|
|
(26,695 |
) |
Total liabilities and stockholders’ equity (deficit) |
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$ |
213,410 |
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$ |
24,865 |
|
Consolidated Statements of Cash Flows (in thousands, except shares) |
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Three Months Ended |
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Year Ended |
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2021 |
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2020 |
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|
2021 |
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|
2020 |
|
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Cash flows from operating activities |
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|
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Net income (loss) |
|
$ |
22,186 |
|
|
$ |
(13,381 |
) |
|
$ |
(100,769 |
) |
|
$ |
(37,653 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
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Depreciation and amortization |
|
|
269 |
|
|
|
99 |
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|
874 |
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|
362 |
|
Provision for doubtful accounts |
|
|
3,207 |
|
|
|
— |
|
|
|
3,349 |
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|
|
— |
|
Provision for inventory obsolescence and write-downs |
|
|
917 |
|
|
|
261 |
|
|
|
917 |
|
|
|
261 |
|
Loss on disposal of fixed asset |
|
|
48 |
|
|
|
— |
|
|
|
39 |
|
|
|
— |
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(2,194 |
) |
|
|
— |
|
Change in fair value of warrant liability |
|
|
704 |
|
|
|
6,472 |
|
|
|
28,812 |
|
|
|
20,835 |
|
Change in fair value of earnout liability |
|
|
(39,981 |
) |
|
|
— |
|
|
|
4,183 |
|
|
|
— |
|
Change in fair value of derivative liability |
|
|
(3,949 |
) |
|
|
— |
|
|
|
5,341 |
|
|
|
— |
|
Stock-based compensation |
|
|
993 |
|
|
|
15 |
|
|
|
2,538 |
|
|
|
275 |
|
Amortization of debt discount |
|
|
2,072 |
|
|
|
1,319 |
|
|
|
6,670 |
|
|
|
1,789 |
|
Non-cash impact of operating lease right-of-use asset |
|
|
(462 |
) |
|
|
459 |
|
|
|
991 |
|
|
|
1,254 |
|
Issuance of common stock warrants for services performed |
|
|
— |
|
|
|
— |
|
|
|
433 |
|
|
|
— |
|
Other non-cash expenses |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
165 |
|
Changes in operating assets and liabilities: |
|
|
|
|
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|
|
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|
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|
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Accounts receivable |
|
|
(309 |
) |
|
|
(77 |
) |
|
|
(8,399 |
) |
|
|
(3,016 |
) |
Inventories |
|
|
(4,777 |
) |
|
|
(1,064 |
) |
|
|
(9,795 |
) |
|
|
(2,017 |
) |
Prepaid expenses and other assets |
|
|
131 |
|
|
|
(1,426 |
) |
|
|
(6,380 |
) |
|
|
(1,621 |
) |
Accounts payable |
|
|
2,285 |
|
|
|
1,209 |
|
|
|
3,578 |
|
|
|
1,442 |
|
Accrued expenses and other liabilities |
|
|
(1,179 |
) |
|
|
1,580 |
|
|
|
4,005 |
|
|
|
1,698 |
|
Net cash used in operating activities |
|
|
(17,845 |
) |
|
|
(4,533 |
) |
|
|
(65,807 |
) |
|
|
(16,226 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
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Purchase of property and equipment |
|
|
(924 |
) |
|
|
(712 |
) |
|
|
(3,244 |
) |
|
|
(2,013 |
) |
Proceeds from disposal of property and equipment |
|
|
46 |
|
|
|
— |
|
|
|
55 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(878 |
) |
|
|
(712 |
) |
|
|
(3,189 |
) |
|
|
(2,013 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
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Proceeds from convertible notes payable, net of issuance costs paid |
|
|
— |
|
|
|
300 |
|
|
|
95,000 |
|
|
|
9,679 |
|
Proceeds from Business combination and PIPE Financing, net of issuance costs paid |
|
|
— |
|
|
|
— |
|
|
|
142,796 |
|
|
|
— |
|
Proceeds from facility borrowings |
|
|
— |
|
|
|
— |
|
|
|
7,000 |
|
|
|
1,000 |
|
Repayments of facility borrowings |
|
|
— |
|
|
|
— |
|
|
|
(11,500 |
) |
|
|
— |
|
Proceeds as part of a redemption of convertible notes payable and Series C redeemable convertible preferred stock and warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,000 |
|
Proceeds from the exercise of Series C redeemable convertible preferred warrants |
|
|
— |
|
|
|
— |
|
|
|
3,100 |
|
|
|
— |
|
Proceeds from exercise of common warrants |
|
|
— |
|
|
|
— |
|
|
|
157 |
|
|
|
— |
|
Proceeds from issuance of Series C convertible preferred stock and preferred stock warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,225 |
|
Proceeds for the exercise of Series C redeemable convertible preferred warrants |
|
|
— |
|
|
|
500 |
|
|
|
— |
|
|
|
500 |
|
Payments on finance lease obligations |
|
|
— |
|
|
|
(38 |
) |
|
|
(54 |
) |
|
|
(88 |
) |
Proceeds from exercise of stock options |
|
|
23 |
|
|
|
42 |
|
|
|
575 |
|
|
|
86 |
|
Net cash provided by financing activities |
|
|
23 |
|
|
|
804 |
|
|
|
237,074 |
|
|
|
17,402 |
|
Net increase in cash |
|
|
(18,700 |
) |
|
|
(4,441 |
) |
|
|
168,078 |
|
|
|
(837 |
) |
Cash - Beginning of year |
|
|
187,238 |
|
|
|
— |
|
|
|
460 |
|
|
|
1,297 |
|
Cash - End of period |
|
$ |
168,538 |
|
|
$ |
(4,441 |
) |
|
$ |
168,538 |
|
|
$ |
460 |
|
Supplemental cash flow information - Cash paid for interest |
|
$ |
3,686 |
|
|
$ |
223 |
|
|
$ |
6,245 |
|
|
$ |
864 |
|
Significant noncash transactions |
|
|
|
|
|
|
|
|
|
|
|
|
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Earnout liability at inception |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
78,960 |
|
|
$ |
— |
|
Warrant liability at inception |
|
|
— |
|
|
|
— |
|
|
|
1,253 |
|
|
|
— |
|
Derivative liability at inception |
|
|
— |
|
|
|
— |
|
|
|
17,063 |
|
|
|
— |
|
Conversion of short-term convertible notes for common stock |
|
|
— |
|
|
|
— |
|
|
|
9,679 |
|
|
|
— |
|
Conversion of convertible notes for common stock |
|
|
— |
|
|
|
— |
|
|
|
10,089 |
|
|
|
— |
|
Conversion of warrant liabilities for common stock |
|
|
— |
|
|
|
— |
|
|
|
37,580 |
|
|
|
— |
|
Conversion of convertible notes payable into Series C redeemable convertible preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,000 |
|
Finance lease right-of-use asset in exchange for a lease liability |
|
|
208 |
|
|
|
— |
|
|
|
208 |
|
|
|
— |
|
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, gains or losses on extinguishment of debt 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, gains or losses on extinguishment of debt 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 income (loss) to EBITDA and adjusted EBITDA for the three and twelve months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
|
|
(dollar amounts in thousands) |
||||||||||||||
Net income (loss) |
|
$ |
22,186 |
|
|
$ |
(13,381 |
) |
|
$ |
(100,769 |
) |
|
$ |
(37,653 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and Amortization |
|
|
269 |
|
|
|
99 |
|
|
|
874 |
|
|
|
362 |
|
Interest expense |
|
|
3,833 |
|
|
|
1,741 |
|
|
|
13,367 |
|
|
|
2,983 |
|
EBITDA |
|
$ |
26,288 |
|
|
$ |
(11,541 |
) |
|
$ |
(86,528 |
) |
|
$ |
(34,308 |
) |
Stock-based compensation |
|
|
993 |
|
|
|
15 |
|
|
|
2,538 |
|
|
|
275 |
|
Loss from change in fair value of warrant liabilities |
|
|
704 |
|
|
|
6,472 |
|
|
|
28,812 |
|
|
|
20,835 |
|
(Gain) loss from change in fair value of derivative liability |
|
|
(3,949 |
) |
|
|
— |
|
|
|
5,341 |
|
|
|
— |
|
(Gain) loss from change in fair value of earnout liability |
|
|
(39,981 |
) |
|
|
— |
|
|
|
4,183 |
|
|
|
— |
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
(2,194 |
) |
|
|
— |
|
Business Combination expense |
|
|
— |
|
|
|
— |
|
|
|
9,098 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
(15,945 |
) |
|
$ |
(5,054 |
) |
|
$ |
(38,750 |
) |
|
$ |
(13,198 |
) |
The following table reconciles net income (loss) to adjusted net loss for the three and twelve months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
Net income (loss) |
|
$ |
22,186 |
|
|
$ |
(13,381 |
) |
|
$ |
(100,769 |
) |
|
$ |
(37,653 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation |
|
|
993 |
|
|
|
15 |
|
|
|
2,538 |
|
|
|
275 |
|
Business Combination expense |
|
|
- |
|
|
|
- |
|
|
|
9,098 |
|
|
|
— |
|
Loss from change in fair value of warrant liabilities |
|
|
704 |
|
|
|
6,472 |
|
|
|
28,812 |
|
|
|
20,835 |
|
(Gain) loss from change in fair value of derivative liability |
|
|
(3,949 |
) |
|
|
- |
|
|
|
5,341 |
|
|
|
— |
|
(Gain) loss from change in fair value of earnout liability |
|
|
(39,981 |
) |
|
|
- |
|
|
|
4,183 |
|
|
|
— |
|
Gain on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
(2,194 |
) |
|
|
— |
|
Adjusted net loss |
|
$ |
(20,047 |
) |
|
$ |
(6,894 |
) |
|
$ |
(52,991 |
) |
|
$ |
(16,543 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220328005758/en/
Investor Relations Contact:
(800) 223-0740
ir@lightningemotors.com
Media Relations Contact:
(800) 223-0740
pressrelations@lightningemotors.com
Source:
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