Lightning eMotors narrows FY23 revenue view to $35M-$45M, consensus $40.3M

Based on current demand and supply conditions, the Company expects: 2023 revenue to be in the range of $35 million to $45 million. 2023 unit sales to be in the range of 300 to 350 units. 2023 unit production to be in the range of 200 to 230 units. The company states: “We have reduced the top end of our annual revenue guidance from $50 million to $45 million and also lowered the top end of the unit sales accordingly. We reduced the top end of the revenue and unit sales to reflect a change made to conserve cash. We are now only ordering inventory for firm orders, and while we may receive additional orders during the second half of this year we may not be able to obtain the inventory needed to complete the builds in the fourth quarter. We also lowered the unit production range to reflect both the change to a build-to-order model and because we still have a material amount of finished goods inventory to sell.”