Lightning eMotors, Inc., a provider of commercial electric vehicles for fleets, reported Q1 2021 revenue of $4.6M and sales of 31 zero-emission commercial vehicles, across five specialty vehicle applications for its wholly-owned subsidiary Lightning Systems.

Twelve zero-emission Lightning Electric Transit Vans were deployed by Lightning eMotors during the first quarter of this year to serve the City of Porterville, California.

Subsequent to the end of the first quarter, Lightning Systems completed its business combination with GigCapital3, Inc., which resulted in $268 million of gross proceeds and $216.8 million of net proceeds to Lightning eMotors’ balance sheet, and GigCapital3, Inc. being renamed Lightning eMotors, Inc.

Q1 2021 Highlights:

• Despite supply chain headwinds, Lightning Systems reported Q1 sales of 31 purpose-built, commercial electric vehicles.

• First quarter 2021 revenue of $4.6 million, up from the first quarter 2020 revenue of $0.7 million. This is in line with the quarterly growth required to meet the 2021 revenue guidance below. The company incurred a loss from operations of $5.3 million during the quarter.

• Vehicle sales for the quarter included electric shuttles buses, delivery vehicles, refrigerated trucks, ambulances and RVs across Classes 3, 4 and 5, shipped to customers including DHL Express, Fluid Truck, ABC Companies, Meals on Wheels and others, all with 1 Hz telematics providing big-data information on commercial electric vehicles’ range, payload, efficiency and reliability.

• Backlog at quarter end of $169 million and sales pipeline of $807 million respectively.

Lightning eMotors is the only electric commercial vehicle manufacturer to sell and deliver zero-emission vehicles (ZEV) in Class 3, 4, 5, 6 and 7, including passenger vans, ambulances, shuttle buses, last-mile delivery vans, box trucks, and motor coaches for customers in parcel and delivery, microtransit, airport parking operations and electric utilities. Based on reported numbers from other manufacturers, Lightning eMotors has more electric medium-duty commercial vehicles on the road today than any other manufacturer in the Americas. The company now has more than 140 electric Class 3 through Class 7 vehicles in service with nearly 500,000 fleet miles.

The company’s backlog on 31 March 2021 was $169 million, an increase of +500% year-over-year. The company’s sales pipeline remains strong at $807 million and is expected to grow further in 2021 due to favorable news at the local, state and federal level that suggests broad support for commercial fleet electrification, as well as an expanding sales force. Sales pipeline may not be indicative of future sales and can vary from significantly from period to period.

Based on current business conditions, business trends and other factors, for the full year 2021 ending Dec. 31, 2021, the company expects:

• Revenues to be in the range of $50 million to $60 million.

• Vehicle and powertrain sales of 500 units.

• Extreme supply chain shortages will have a significant impact on short-term margin and operating costs, resulting in a small, negative gross margin for the full year. However, margins are expected to progressively improve over the next three quarters from the -16% in Q1 as the Company ramps production and benefits from operating leverage. Operating losses will also be impacted and are expected to be higher each quarter than the first quarter loss of $5.3 million with public company costs as well as higher investments in research and development and sales, general and administrative costs to scale the business.