Loveland, Colo.-based Lightning eMotors reported record second quarter revenue of $5.9 million, compared to $0.9 million for Q2 last year. That’s an increase of 580 percent year-over-year.
The company said it sold 37 zero-emission vehicles and powertrain systems, an increase of 300 percent year-over-year.
“Lightning’s record second quarter performance continued on our strong Q1 momentum with robust vehicle sales and revenue growth,” said Tim Reeser, CEO of Lightning eMotors. “Customer demand is growing, as demonstrated by our strategic partnership with Forest River for up to 7,500 vehicles and associated charging infrastructure products and services with up to $850 million of revenue. We are excited about the significant opportunity ahead.”
Reeser continued, “In Q2, we were able to mitigate several supply chain constraints and sell 37 vehicles and powertrain systems. Our Q2 revenue was constrained by supply chain challenges, which we are now working to remedy through the addition of new suppliers. Notably, we are in the final stages of negotiations and technical integration and validation with one of the largest worldwide battery suppliers, which we believe will mitigate our supply constraints in 2022. Further, with the design of our first purpose-built chassis, we have a path for addressing the industry chassis shortage with our own Lightning-branded stripped chassis and cab-chassis products. While 2021 has been a challenging year, we are thrilled with the demand outlook. Importantly, while we are seeing orders being pushed to 2022 due to unexpected chassis production disruptions and COVID related delays, none of those orders have been cancelled. Further we are taking decisive action to help address the supply chain issues which we believe will allow us to fulfill customer demand and drive substantial vehicle sales and revenue growth in the years ahead.”
