Lightning eMotors reports Q1 EPS (14c), consensus (24c)

Reports Q1 revenue $5.4M, consensus $5.53M. "Our sales growth reflected outstanding execution in the face of continued supply chain headwinds," said Tim Reeser, CEO of Lightning eMotors. "We recently won new and repeat orders with major fleets in the U.S. and Canada across a broad range of vehicle applications. Also, earlier this week we announced a partnership to provide Blue Bird with Electric powertrains for their new Truck Chassis, which moves both companies into new markets and platforms and leverages their brand and deep nationwide sales and service channels. Lastly, we also announced a partnership with Perrone Robotics to offer a Level 2-4 autonomous vehicle option on all our Class 3-7 commercial vehicles, enhancing safety and providing campuses and logistical terminals with autonomous options they can put on the road today. Our expanding list of top tier OEM partners confirms our strategy and product leadership position, while repeat orders from major fleets following initial evaluations reflects the positive customer experience we are providing. Chassis supply chain challenges remain. Our multiple mitigation strategies, including recently-announced partnerships with GM and Blue Bird, plus our own Lightning eChassis, should begin to alleviate the shortage later this year. Customer reaction to our repower initiative has also been very encouraging. As we look forward with confidence, we continue to improve our productivity, efficiency, and quality with new equipment, tools, and fixtures, plus new outsourcing arrangements for complex wire harness assemblies."