The following is a summary of the Vicinity Motor Corp. (VEV) Q4 2023 Earnings Call Transcript:
Financial Performance:
Vicinity Motor Corp. reported Q4 revenue of $5.1 million, a significant increase from $2 million for the same period in 2022, primarily due to the sale of 11 buses.
Q4 gross loss improved to $0.4 million or negative 9% of revenue compared to a gross loss of $0.6 million, or negative 28% of revenue, in Q4 2022.
Net loss in Q4 2023 was $9.1 million, or negative $0.20 per share, compared to a net loss of $3.8 million, or negative $0.08 per share, in Q4 2022.
Cash and cash equivalents as of December 31, 2023 totaled $2 million.
Business Progress:
In Q4 2023, Vicinity focused on expanding their VMC 1200 dealership network in Canada, delivering electric trucks and transit buses.
11 transit buses were sold and 71 additional VMC 1200 electric trucks were invoiced to dealership customers, expected to be recognized in H1 2024.
Several new VMC 1200 dealership partners were announced in Canada.
Vicinity, in partnership with ADASTEC, created an automated version of the Vicinity Lightning EV transit bus, with initial deployments planned for mid-2024.
The company reported a robust order backlog exceeding US$125 million as of December 31, 2023, with increasing production to meet demand.
More details: Vicinity Motor IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.