The following is a summary of the Vicinity Motor Corp. (VEV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Vicinity Motor Corp reported a significant increase in Q1 2024 revenue to $13.2 million, which is a 400% increase from Q1 2023.

• Gross profit for Q1 2024 was $1.9 million, equating to 14% of revenue, a decrease in percentage from Q1 2023 which had an 18% gross profit percentage.

• The company faced a net loss of $3.7 million in Q1 2024, an increase in loss compared to Q1 2023.

• Cash and cash equivalents showed positive growth, increasing to $4.3 million by the end of March 2024.

• There is approximately $28 million worth of inventory that needs to be converted into cash.

Business Progress:

• The company expanded its operations by incorporating four new dealership partners in Q1 2024 to meet the increasing demand for VMC 1200.

• The company delivered 44 VMC 1200 trucks and 22 Vicinity Classic transit buses during Q1 2024, positively impacting revenue generation from operations.

• Vicinity Motor Corp is focusing on increasing vehicle sales through production streamlining and focusing on their Vicinity Classic and Lighting bus lines as well as the VMC 1200 truck.

• They have plans to enter the US market with a formal launch of Vicinity Lightning bus and VMC 1200 truck.

• By the end of March 2024, Vicinity Motor had a sizable backlog exceeding US$125 million.

More details: Vicinity Motor IR

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