Vicinity Motor sees its 1Q revenue soar 588% to C$27.3M as bus deliveries ramp up

Vicinity Motor Corp (CVE:VMC) (OTCQX:BUSXF) (FRA:6LG) reported a 588% year-over-year increase in its first-quarter 2021 revenue to C$27.3 million as the company delivered 67 buses during the period, about 10 times more than a year ago.

Vicinity also swung to a quarterly profit of $2 million, or $0.07 per share, from a net loss of $1.7 million, or $0.07 per share, in the same quarter a year earlier.  

“The first quarter of 2021 was a blockbuster quarter by any measure, having delivered 20% more buses in the first three months of 2021 than we did in all of 2020 combined,” Vicinity Motor CEO William Trainer said in a statement.  

READ: Vicinity Motor intends to become top provider of EV buses for public and commercial enterprises in North America

“We continue to see incredible traction in the marketplace, having most notably signed ABC Companies as a distributor of our products in the large US market. The sales from that partnership, paired with the ongoing execution of our core business, positions us well for a strong 2021 – a true testament to the unrivaled value we bring to our customers.”

The company noted it expects “to see robust year-over-year growth throughout the remainder of 2021,” as it continues its drive towards creating a more sustainable public transportation system. 

It added that it anticipates leveraging its current momentum to accelerate the launch of next-generation electric vehicle (EV) products, including the company’s Vicinity Lightning EV, as well as other to-be-announced EV opportunities it said it is currently pursuing.

Vicinity Motor ended the quarter with $20.8 million in working capital as of March 31, up from $16.7 million at the end of December.

Vicinity Motor is currently developing an assembly facility in Washington State that will be capable of producing 1,000 electric, CNG, gas, and clean-diesel units annually across all sizes and powertrains. 

The company has three bus models - heavy-duty (diesel and compressed natural gas), medium-duty (electric vehicle EV), and light-duty (gasoline, diesel, and CNG). A fourth heavy-duty EV bus is currently under development.

Contact Sean at [email protected]

Story by ProactiveInvestors