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
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.