(Montreal) The Lion Electric Company slightly widened its net loss in the third quarter of the current financial year compared to the corresponding period of 2022: it went from 17.2 million US to 19.9 million US.
The Quebec manufacturer of urban electric vehicles, better known as Lion Électrique, however, reports that in the quarter ending September 30, revenues from its ordinary activities reached a record of US80.3 million, up of 39.4 million US in one year. During the same period, gross profit increased from US3.8 million to US5.4 million.
In the third quarter of the current year, Lion Electric delivered 245 vehicles, 89 more vehicles than during the same period last year.
As for the order book, as of November 6, it stood at 2,232 medium- and heavy-duty all-electric urban vehicles, or 268 trucks and 1,964 buses, for a combined total value of approximately US$525 million, according to estimates from The direction.
The CEO of Lion Électrique, Marc Bédard, reports that the company’s turnover has more than doubled since the start of the year compared to last year.
Lion Electric largely attributes its third quarter net loss to the smaller decrease in the fair value of the bonds linked to the stock warrants.
Company cited in this report: Lion Electric Company (TSX: LEV)