The company recorded a loss of $15.6 million, compared with net income of $2.1 million in the year-earlier quarter, due to the company’s increased investment in manufacturing facilities and costs related to inventory management. Those burdens should lessen over time and could set the stage for more deliveries.
Lion said its order book consisted of 2,565 vehicles as of May 8, worth some $625 million. The company said its factory in Joliet, Ill., produced its first LionC zero-emission school buses in the quarter. At the same time, cost of sales jumped to $57 million from $23.6 million in the year-earlier period, suggesting Lion’s path to profitability won’t be easy. The company attributed the rise to increased production, expansion of existing capacity, higher input costs and ongoing “challenges” related to global supply chains and inflation.
This was “fake news,” Bédard said in an interview on April 18. “Is it normal that the truck is sent back? Yes,” he said. “It’s completely normal. Someone misconstrued it, but it’s normal.” Investors shouldn’t be worried about the company’s bottom line, he said. “To grow and be profitable at the same time is extremely difficult,” mainly because of the price, Bédard told a conference of Montreal business leaders on April 18., taking control of some aspects of its supply chain in order to ensure it has the parts and components it needs to grow while reducing its dependency on third-party suppliers.
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