By Sam Boughedda
Investing.com -- Shares of electric vehicle company Lightning eMotors Inc (NYSE:ZEV), dropped 14% after hours following its earnings report.
The company beat analyst earnings forecasts but failed to top revenue estimates, announcing a loss per share of 17 cents on revenue of $4.2 million. Analysts polled by Investing.com anticipated a loss per share of 20 cents on revenue of $5.25 million.
Lightning eMotors reported a record full-year revenue of $21 million, up 131% year-over-year, with record full-year sales of 146 zero-emission vehicles, a 103% rise year-over-year.
“The fourth quarter capped a transformational year for Lightning, as we strengthened the company by announcing new strategic OEM partnerships, increasing our sales pipeline, expanding our factory capacity, shipping new products, and adding strong executives to the leadership team,” said Tim Reeser, CEO of Lightning eMotors.
Looking ahead, the company sees first-quarter revenue in the range of $5 million to $6 million, with approximately $7 million in potential Q1 revenue being pushed into future quarters due to supply constraints.
Earlier in Monday's session, the company announced a partnership with Forest River for factory-certified Lightning repower powertrains to support more than 50,000 Forest River Shuttle buses and vans.