Vicinity Motor Corp. Reports Second Quarter 2021 Financial Results | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VANCOUVER, BC / ACCESSWIRE / August 11, 2021 / Vicinity Motor Corp. (TSXV:VMC)(NASDAQ:VEV)(FRA:6LG)('Vicinity Motor' or the 'Company'), a leading supplier of electric, CNG, gas and clean diesel buses, today reported its financial and operational results for the second quarter of 2021. Second Quarter 2021 and Subsequent Operational Highlights
Management Commentary 'The second quarter of 2021 was highlighted by ongoing sales momentum, and validation of our strategy from enterprise customers, state and government agencies, and the broader capital markets,' said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. 'We delivered twice as many buses in the second quarter as compared to the same year ago quarter. This traction in the marketplace is a testament to the incredible support we are receiving from state transit authorities, such as our recent approval from the California Association for Coordinated Transportation - creating a significant opportunity in the largest addressable market within the United States. 'Second quarter sales were strong, with 46 orders fulfilled across our VicinityTM Classic line with further orders being received for our breakthrough Vicinity Lightning™ EV lines of buses. Additionally, we secured an initial order for our newest product, the fully electric VMC 1200 Class 3 Truck, designed to compete in the medium duty truck category. Our sales team is building interest through our robust network of existing dealerships throughout North America and we look forward to announcing additional orders and customers for all our products in the coming months. 'During the quarter we also achieved several key capital markets milestones for the benefit of our valued shareholders. Most notably, we recently completed our uplisting to the Nasdaq to introduce our company to a broader base of U.S. institutional investors. We fortified our balance sheet in the quarter as well, as all outstanding warrants were exercised, bringing our cash balance to $10.2 million in addition to our undrawn $20 million credit facility. 'Looking ahead to the remainder of 2021, we will be anything but complacent with our recent successes- continuing to enhance our product offering with the goal of further strengthening our position in the next-generation electric vehicle space. We expect our relationships with North American transit agencies to further expand, propelled by government support and the consumer desire for a transition to a more sustainable public transportation system. Taken together, we are incredibly well positioned to create long-term value for our shareholders, and I look forward to announcing new sales, product and strategic milestone achievements in the months to come,' concluded Trainer. Second Quarter 2021 Financial Results Revenue grew 119% to $19.1 million in the second quarter of 2021, as compared to $8.7 million in the same year-ago quarter. The increased revenue was primarily driven by the delivery of 46 buses in the quarter, as compared to 23 buses in the second quarter of 2020. Revenue grew 266% to $46.4 million for the six months ended June 30, 2021, as compared to $12.7 million in the six months ended June 30, 2020. The Company delivered 113 buses in the first half of 2021, as compared to 29 buses for the first half of 2020. Gross profit increased to $2.1 million, or 11.2% of revenue, in the second quarter of 2021, as compared to a gross profit of $0.5 million, or 5.7% of revenue, in the same year-ago quarter. Gross profit increased to $6.5 million, or 13.9% of revenue for the six months ended June 30, 2021, as compared to gross profit of $0.6 million, or 4.7% of revenue for the six months ended June 30, 2020. The margins in the second quarter of 2021 were positively affected by sales mix and higher volumes, with 2021 deliveries generally having higher expected margins than those realized in 2020. Net loss for the second quarter of 2021 decreased to $0.4 million, or ($0.01) per share, as compared to a net loss of $0.8 million, or ($0.03) per share, in the same year-ago quarter. Net income for the six months ended June 30, 2021 was $1.7 million, as compared to a net loss of $2.5 million for the six months ended June 30, 2020. Adjusted EBITDA for the second quarter of 2021 increased to $0.3 million, as compared to an adjusted EBITDA loss of $0.5 million in the same year-ago quarter. Adjusted EBITDA for the six months ended June 30, 2021 was $2.9 million, as compared to an adjusted EBITDA loss of $1.8 million for the six months ended June 30, 2020. Working capital as of June 30, 2021 totaled $24.4 million, as compared to $16.7 million as of December 31, 2020. Working capital increased due to strong demand for the Company's buses, with ongoing liquidity provided primarily by robust revenues and the exercise of all outstanding warrants. Second Quarter 2021 Results Conference Call
Date: Wednesday, August 11, 2021 Please dial in at least 10 minutes before the start of the call to ensure timely participation. A playback of the call will be available through Saturday, September 11, 2021. To listen, call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally. Please use the replay pin number 10159285. A webcast will also be available by clicking here: Vicinity Q2 2021 Webcast. About Vicinity Motor Corp. Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LG) is a leading supplier of electric, CNG and clean-diesel vehicles for both public and commercial enterprise use in the U.S and Canada. The Company's flagship line of Vicinity™ buses, which maintain a market segment leadership position in Canada, are produced by the Company's world-class manufacturing partners or at the soon to be completed Buy America Act compliant assembly facility being built in Washington state. Vicinity's innovative Vicinity Lightning™ EV bus, enabled through a strategic supply agreement with BMW for batteries and components, seeks to lead the global transition to more sustainable transit vehicles in the private and public markets. For more information, please visit www.vicinitymotorcorp.com for product details. Company Contact:
Investor Relations Contact: Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements This press release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding anticipated vehicle deliveries, future sales, completion of its assembly facility in the State of Washington, vehicle market acceptance and strategic partnerships, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible', and similar expressions, or statements that events, conditions, or results 'will', 'may', 'could', or 'should' occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Vicinity's expectations include uncertainties relating to the economic conditions in the markets in which Vicinity operates, vehicle sales volume, anticipated future sales growth, the success of Vicinity's operational strategies, the timing of the completion of the vehicle assembly facility in the State of Washington, the effect of the COVID-19 pandemic, related government-imposed restrictions on operations, the success of Vicinity's strategic partnerships; and other risk and uncertainties disclosed in Vicinity's reports and documents filed with applicable securities regulatory authorities from time to time. Vicinity's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Vicinity assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law. Non-GAAP Financial Measures The non-GAAP financial measures presented do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be directly comparable to similar measures presented by other issuers. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-GAAP measures should be read in conjunction with our consolidated financial statements. Non-GAAP financial measure - Adjusted EBITDA Adjusted EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines adjusted EBITDA as earnings before interest, income taxes, depreciation and amortization, foreign exchange gains or losses, certain non-recurring and/or non-operating income and expenses, and share based compensation. Adjusted EBITDA should not be construed as an alternative for revenue or net loss determined in accordance with IFRS. The Company believes that adjusted EBITDA is a meaningful metric in assessing the Company's financial performance and operational efficiency. The following table reconciles net earnings or losses to Adjusted EBITDA based on the consolidated financial statements of the Company for the periods indicated.
Non-GAAP financial measure - working capital Working capital is a non-GAAP measure calculated as current assets less current liabilities. Working capital does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Non-GAAP financial measure - gross profit Gross profit is a non-GAAP measure calculated as the difference between revenue and cost of sales. Gross profit expressed as a percentage is calculated as the difference between revenue and cost of sales, divided by revenue. Vicinity Motor Corp. (Formerly Grande West Transportation Group Inc.)
Interim Condensed Consolidated Statements of Income (Loss)
Interim Condensed Consolidated Statements of Cash Flows
SOURCE: Vicinity Motor Corp. https://www.accesswire.com/659246/Vicinity-Motor-Corp-Reports-Second-Quarter-2021-Financial-Results | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Vicinity Motor Corporation published this content on 11 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2021 20:15:34 UTC.