Vicinity Motor Corp has reported a triple-digit year-over-year increase in its 2021 revenue.
For its full-year ended December 31, 2021, the maker of electric buses and vehicles said revenue grew to $41.7 million -- a 113% increase as compared to revenue of $19.6 million in 2020.
The company closed out 2021 with cash and cash equivalents of $4.4 million, versus $1 million at the end of 2020.
Vicinity said it fortified its balance sheet through a $12 million financing to fully fund its Ferndale, Washington facility, in addition to being awarded a C$2.6 million non-repayable grant from a Canadian government foundation.
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"While revenues from our transit bus business are at times irregular and see some periods of lower deliveries, our foundation building in 2021 has positioned us with the capability to deliver our backlog of over C$100 million in 2022,” said CEO William Trainer in a statement.
"This is a significant accomplishment made possible through our tier-1 strategic partnerships and the continued expansion of our all-electric product line, which has positioned Vicinity as an emerging leader in the EV transit vehicle sector. The highly successful rollout of our VMC 1200 EV truck, for which we already have over 250 orders from several dealers across Canada, will help to smooth the inherently fluctuating revenues from our transit bus business. This is supplemented by partnership with EAVX for EV chassis sales and sales of the Optimal-EV vehicles that we maintain exclusive license to - providing additional revenue streams that are less correlated to our core bus business.”
Meanwhile, construction of its Ferndale facility is on-track and the company expects to begin initial shipments in the second half of 2022 -- allowing it to further penetrate the US market with an American-built offering.
"Looking ahead, continued sales of our expanded EV product line will strengthen our offering within the next-generation electric vehicle space, and the addition of our partnerships with EAVX and Optimal-EV will serve to further solidify our emerging leadership position. Taken in tandem, we are well positioned to create sustainable, long-term value for our shareholders," Trainer said.
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