Third Quarter 2022 and Subsequent Highlights
Current order backlog exceeds
Secured a further US$100M+ purchase order for 1,000 VMC 1200 electric trucks from
Secured an order from strategic partner
Management Commentary
'The third quarter of 2022 was highlighted by strong momentum in our VMC 1200 Class 3 electric truck and Vicinity Lightning electric bus product lines - all propelled by intense customer demand for commercial EVs,' said
'Our VMC 1200 supply chain is fairly insulated from the global supply chain disruptions that have impacted our transit bus business - which pushed the delivery of many bus orders into 2023. Initial VMC 1200 deliveries began in November and we expect these sales to gradually ramp up to meet the immense demand we are seeing for this product line. Our first vehicles will be assembled in
'Looking ahead to 2023, we are incredibly well positioned for success - particularly as supply chains normalize and we can resume full-fledged transit bus production. Given the VMC 1200 doesn't face the same supply chain pressures that transit buses do - paired with the significant incentives and subsidies available to end-users seeking to electrify their fleets - we expect they will prove to be a significant contributor to our revenue growth and profitability. I look forward to continuing to update our investors as we build the foundation for what I believe will be a record 2023,' concluded Trainer.
About
Contact:
Tel: 604-288-8043
Email: IR@vicinitymotor.com
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible', and similar expressions, or statements that events, conditions, or results 'will', 'may', 'could', or 'should' occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from Vicinity's expectations include uncertainties relating to the economic conditions in the markets in which Vicinity operates, vehicle sales volume, anticipated future sales growth, the success of Vicinity's operational strategies, the timing of the completion of the vehicle assembly facility in the
Non-GAAP Financial Measures
The non-GAAP and other financial measures presented do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be directly comparable to similar measures presented by other issuers. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These non-GAAP and other financial measures should be read in conjunction with our consolidated financial statements.
Non-GAAP financial measure - Adjusted EBITDA
Adjusted EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines adjusted EBITDA as earnings before interest, income taxes, depreciation and amortization, foreign exchange gains or losses, certain non-recurring and/or non-operating income and expenses, and share based compensation. Adjusted EBITDA should not be construed as an alternative for revenue or net loss determined in accordance with IFRS. The Company believes that adjusted EBITDA is a meaningful metric in assessing the Company's financial performance and operational efficiency.
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