Vicinity Motor Corp. (TSX-V:VMC) told investors it expects to report fiscal 2022 revenue of more than $140 million as it benefits from new partnerships and deals with backlogs.
Adjusted underlying earnings (EBITDA) are likely to be over $10 million with significant potential upside, it added in a corporate update.
The Vancouver, British Columbia-based company also said it expects to complete deliveries of over 95 Vicinity Classic buses, 75 Vicinity Lightning EV (electric vehicle) buses and chassis, 200 VMC 1200 EV trucks, and 300 Vicinity Optimal EVs in 2022. For 2021, it said the total number of Vicinity Classic buses delivered is likely to reach over 130.
READ: Vicinity Motor enters EV cutaway market in strategic partnership with Optimal-EV
Consistent with other manufacturing and transportation companies, Vicinity said it continues to experience temporary delays from some suppliers and shipping companies which has delayed over 20 buses now expected to be delivered in 2022 rather than 2021.
“Based on our existing backlog and large pipeline, we expect a strong cadence of sales growth into 2022 with additional near-term customer orders," Vicinity Motor CEO William Trainer said in the statement.
“To support this significant demand, our Washington State assembly facility is expected to begin operations by mid-2022 - beginning the ramp of US-made vehicles,” he added.
The company said a recent exclusive reseller agreement with Optimal EV, and collaboration agreement with the JB Poindexter business unit, EAVX, will also begin to drive revenue growth in the new year.
“We look forward to continuing to deliver record-breaking financial results and sales of both our classic and new lines of breakthrough electric buses and trucks,” Trainer concluded.
Vicinity Motor is a leading North American supplier of electric vehicles for both public and commercial enterprise use. It leverages a continent-wide dealer network and close relationships with world-class manufacturing partners to supply its market-leading flagship electric, CNG and clean-diesel Vicinity buses, the VMC 1200 electric truck and a Vicinity Optimal-EV shuttle bus.
In addition, it sells its proprietary electric chassis to JB Poindexter subsidiary EAVX, the Company's strategic partner, for upfitting into next-generation delivery vehicles.
Contact the author at stephen.gunnion@proactiveinvestors.com