Lion Electric Company (LEV.T), a Canadian-based manufacturer of zero-emission vehicles with a focus on all-electric school buses, midi/minibuses, announced results today from its Q4 and fiscal 2022.

The company which designs, manufactures and assembles most of the components for its vehicles noted that in Q4 2022, it had delivered 174 vehicles, an increase of 103 vehicles, as compared to the 71 delivered in the same quarter in fiscal 2021.

Revenue for the quarter came in at $46.8 million CAD, versus $22.9 million in Q4 2021. Net loss for the quarter totaled $4.6 million compared to net earnings of $28.3 million in the same quarter last year. The net loss for Q4 2022 included $15.4 million gain related to non-cash decrease in fair value of share warrant obligations and a $2.5 million charge related to non-cash share-based compensation.

Financial highlights for fiscal 2022 included the delivery of 519 vehicles, an increase of 323 vehicles from the 196 delivered in fiscal 2021.

Revenues for the year totaled $139.9 million, an 142.46% increase from $57.7 million generated in fiscal 2021.

Lion Electric reported net earnings of $17.8 million for the year compared to a net loss of $43.3 million in fiscal 2021.

Capital expenditures for fiscal 2022 totaled $148 million, up $119.4 million from $28.6 million spent in fiscal 2021.

The company now has more than 950 vehicles on the road with over 10 million miles driven. Its vehicle order book totaled 2,468 all-electric medium and heavy-duty urban vehicles as of March 9, 2023.

Lion operates out of 12 experience centres in the U.S. and Canada and its order book of 317 charging stations and related services as of March 9, 2023 totaled approximately $6.0 million.

The vehicle manufacturer delivered its first LionC zero-emission school bus built at the Joliet facility in December 2022, funded by the U.S. Environmental Protection Agency’s Clean School Bus Program.

Lion also completed the production of its first lithium-ion battery pack at the battery manufacturing plant in Mirabel, Quebec in December 2022, and transferred an addition portion of the battery production line from JR Automation’s facility in Troy, Michigan to the battery manufacturing facility in Mirabel in early 2023. Final certification of the first battery pack is expected in H1 2023, followed by a gradual ramp up in production.

As of March 9, 2023, the company had approximately 1,400 employees, of which approximately 300 were in its engineering and R&D departments.

Marc Bedard, founder and CEO of Lion, commented, “We are pleased with our 2022 performance, as once again, despite external challenges, we delivered a record number of electric vehicles. In parallel, we produced our first electric school bus at our Joliet, Ill., manufacturing plant and we produced our first battery pack at our Mirabel, Que., battery manufacturing facility, while efficiently managing our cash position throughout the year. As we head into a new year, I would like to thank all our employees for their hard work and dedication. In 2023, we will continue to carefully manage liquidities while maintaining focus on investing the capital and resources required to accelerate the efficient ramp-up of our production, with a view to optimize our manufacturing footprint and drive long-term growth and profitability.”

Lion currently trades at $2.92 per share for a market cap of $550.34 million.