Lion Electric nearly doubled revenues in the third quarter, up $39.4 million to $80.3 million (all figures U.S.) on deliveries of 245 vehicles.
However, the company posted a net loss of $19.9 million on the quarter despite record quarterly revenue. The company’s net loss over the same period last year was $17.2 million. Vehicle deliveries were up by 89 over the same period last year, the Canadian electric truck and bus maker reported.
Lion reported it now has more than 1,600 vehicles on the road with more than 19 million miles (30 million kilometers) accrued. Its order book consists of 2,232 electric vehicles, including 268 trucks, with a combined order value of $525 million.
That’s in addition to LionEnergy’s order book of 129 charging stations.
“We are pleased with our performance in the third quarter of 2023, as we posted record revenue and gross margins, and our revenue year-to-date has more than doubled compared to last year,” said Marc Bedard, CEO and founder of Lion. “As we approach the end of the year, we continue to relentlessly focus on all the elements that will enable us to reach our profitability objectives.”
