Shares of the innovative manufacturer of zero-emission vehicles Lion Electric Company (LEV) are up about 6% in the pre-market trading session after it revealed an order received for 260 all-electric LionC school buses from First Student.
First Student is the biggest student transport provider in North America.
Notably, this is the largest order for school buses that Lion Electric has ever received from a single customer. Deliveries are expected to begin in H2 2021 and continue until H1 2023.
This order also makes First Student the biggest operator of zero-emission school buses in North America.
Lion Electric CEO and Founder Marc Bedard said, “Today marks a new step in the adoption of zero-emission school buses. First Student’s leadership demonstrates that zero-emission technology is here to meet the needs of the market at scale, as is our production capacity- we are not talking about pilot programs, but rather entire bus fleets going electric, with vehicles that meet the daily requirements of the industry’s largest operators.” (See Lion Electric stock analysis on TipRanks)
Additionally, Lion Electric declared its Q1 results. On the back of higher vehicle deliveries, revenue increased by $5 million year-over-year to $6.2 million and came in ahead of consensus estimates of $1.2 million.
In the quarter, its order book which comprised of 209 trucks and 608 buses represents a total value of over $225 million. The company also has orders for 76 charging stations worth $800 thousand.
Net loss per share was $0.15 in Q1 versus a net loss per share of $0.05 a year ago.
Recently, National Bank analyst Rupert Merer initiated coverage of the stock with a Buy rating and a price target of $20 (32.5% upside potential).
Merer highlights Lion Electric’s first-mover advantage in the commercial electric vehicle market and believes its “unique” business model should propel margins upward.
Based on 3 unanimous Buys, consensus on the Street is that Lion Electric is a Strong Buy. The average analyst price target of $23 implies 52.4% upside potential.
Sierra Wireless Tops Expectations in Q1; Shares Rise 10%
Coinbase Reports Strong Q1 Earnings After IPO; Shares Open 6% Higher
Fisker to Manufacture Vehicles with Foxconn; Shares Jump Over 15% in Pre-Market