Lightning eMotors, Inc.

lightningemotors.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Nov 20, 2023. Its latest SEC filing is a SC 13G/A from Jul 3, 2024.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells zero-emission commercial vehicles and electric powertrains, plus charging systems, to commercial fleets, original equipment manufacturers, governments and dealers.

How Did They Make Money?

Customers generally pay a twenty percent deposit once a contract is executed and the remainder upon receipt. Vehicle and equipment sales are generally paid around shipment or delivery; engineering work is billed as it is completed, while telematics subscriptions are paid over the service period.

revenue

Segment	Share	Revenue	How money arrives
Zero-emission vehicles Sold outright	92%		Sold outright
Other Mix	8.3%		Mix

Who Were Their Customers?

Commercial fleet operators buy directly, and the company also sells to original equipment manufacturers, governments and dealers. It works with Collins Bus and its dealer network to sell electric school buses to government transit agencies and school districts.

Customers above 10% of revenue, FY2022

of revenue from four customers (19%, 16%, 12%, 11%)

Did Revenues Turn Into Profits?

Yes. It kept 62 cents of every revenue dollar as net income in FY2022, but spent more cash than it brought in: free cash flow was −$112.4M.

Operating income, FY2022

−299% of revenue

▲ +43% (Loss) vs FY2021 (−$51.2M, −244%)

Net income, FY2022

62% of revenue

▲ Now profitable vs FY2021 (−$100.8M, −480%)

Free cash flow, FY2022

−461% of revenue

▲ +63% (Loss) vs FY2021 (−$69.1M, −329%)

How Were They Changing?

Since the FY2022 annual report

Latest quarter: Q3 FY2023, the three months to Sep 30, 2023

Revenue: ▲ +14%; vs $11.1M in Q3 FY2022
Net income: ▲ +4016% (Loss); vs −$1.2M in Q3 FY2022

ZEVs share of revenue vs 95.0% in Q3 FY2022

Feb 28, 2024 Receiver completed sale of substantially all company assets The sale closed for $12.6 million in cash, subject to adjustment; the buyer does not intend to continue the vehicle business.
Jan 10, 2024 Auditor resigned after company entered receivership Grant Thornton resigned as independent auditor; its 2022 audit report had noted substantial doubt about the company’s ability to continue as a going concern.
Dec 18, 2023 Court appointed a receiver and the board resigned The receiver took control of the company’s assets and could sell them for creditors; all board members resigned in connection with the appointment.

Revenue over time

Zero-emission vehicles Other

$25M$12.5M$0

FY2021 FY2022

Who Did They Compete With?

Competes with GreenPower Motor, XOS Trucks, Sea Electric, Workhorse, Motiv, and Micro Bird

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