Lion Electric Q2 Revenue Nearly Triples as Vehicle Deliveries Soar
Market News

Lion Electric Q2 Revenue Nearly Triples as Vehicle Deliveries Soar

The Lion Electric Company (LEV) delivered its financial results for the second quarter ended June 30, 2021, showing a year-over-year revenue increase. However, the net loss widened in the quarter.

The manufacturer of all-electric medium and heavy-duty urban vehicles posted revenue of $16.7 million, up from $6.1 million in the same quarter last year. The increase was driven by a rise in the number of vehicles sold, which came in at 61 in the quarter compared to 22 in Q2 2020.

On the negative side, adjusted EBITDA came in at negative $5.5 million compared to negative $0.1 million in the same quarter last year. (See Lion Electric stock charts on TipRanks)

At the end of the quarter, Lion Electric had more than 400 vehicles on the roads, with about 8 million miles having been driven.

Markedly, the company’s vehicle order-book of 965 all-electric cars consists of 262 trucks and 703 buses. Amazon (AMZN) has also placed an order for 15 Lion8 Tractor trucks.

According to Lion Electric CEO Marc Bedard, the company is seeing a significant increase in demand from public and private clients. Buoyed by the strong demand, the company is advancing the development and commercialization of new platforms. Additionally, there are plans to launch eight new vehicles by the end of 2022.

Bedard stated, “In parallel, we have made significant progress on our two plant projects and are on-track for the first vehicles to be produced from our Joliet, Illinois manufacturing plant in the second half of 2022, and for the initial battery production at our battery plant in the same timeframe.”

Last month, Vertical Group analyst Jon Lopez downgraded the stock to Sell from Hold with a $7.85 price target, implying 44.13% downside potential to current levels.

Consensus among analysts is a Hold based on 2 Buys, 1 Hold, and 1 Sell. The average Lion Electric price target of $21.33 implies 51.81% upside potential to current levels.

LEV scores a 5 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to perform in line with market averages.

Related News:
Badger Meter Bumps up Quarterly Dividend by 11%
Diversey Shares Jump on Mixed Q2 Results
Willis Towers Sells Reinsurance Broking Business to Arthur J. Gallagher


Price Change
S&P 500
Dow Jones
Nasdaq 100

Popular Articles