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Lightning eMotors Slips 11.8% on Revenues Miss & Dim Outlook

Lightning eMotors (NYSE: ZEV) shares were down 11.8% during extended trading on March 28, after the company reported mixed Q4 results due to chassis supply chain challenges.

Lightning eMotors designs, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs, with a full suite of control software, telematics, analytics, and charging solutions.

Q4 Numbers

Q4 earnings of $0.28 per share were significantly higher than analysts’ expectations of a loss of $0.19 per share. However, the numbers may not be comparable as the Q4 net income included a one-time gain of $40 million from the non-cash change in fair value of the earnout liability. The company reported a loss of $0.42 per share for the prior-year period.

However, revenues jumped 13% year-over-year to $4.22 million, but lagged consensus estimates of $5.25 million.

Q1 FY2022 Guidance

Based on continued supply chain challenges involving chassis and other key components, Lightning eMotors provided an outlook for the first quarter of FY2022.

For the fiscal second quarter, revenues are projected to be in the range of $5 million to $6 million, much lower than the consensus estimate of $10.4 million.

The company stated that due to supply constraints, especially chassis, potential Q1 revenue of $7 million has been pushed into future quarters.

CEO Comments

Looking ahead, Lightning eMotors CEO, Tim Reeser, commented, “We believe we are well positioned to capture many of the commercial vehicle EV repower opportunities that have sprung up with the lack of available new commercial vehicle chassis.”

He further added, “Lightning is the only OEM today to offer powertrains to replace ICE and EV powertrains in school buses, shuttle buses, transit buses, and motorcoaches.”

Analysts Recommendation

Turning to Wall Street, the analyst consensus is optimistic about Lightning eMotors, with a Strong Buy rating based on 3 unanimous Buys. The average Lightning eMotors price target of $11.67 indicates an upside potential of 106.18%.

Bloggers Weigh In

TipRanks data shows that financial blogger opinions are 100% Bullish on ZEV stock, compared to a sector average of 69%.

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