Lightning eMotors, Inc. (ZEV), a company designing, manufacturing, and selling Electric Vehicles (EVs), has gained 6.59% in the regular trading session. As a result of that, ZEV stock changing hands at $9.22.
Partnership with Collin’s Bus
ZEV stock has surged in current market session due to the fact that hours ago, the company announced that it is entering in a strategic partnership with Collins bus to manufacture and deploy zero-emission, all electric Type A school buses. Collins bus is considered to be the market leader in the Type A school bus manufacture. During last 50 years, the company has deployed more than 70,000 buses in US and Canada. The buses would be all electric, and besides, would feature NMC batteries within them. These vehicles would have a gross vehicle weight of 14,500 pounds and would be able to support both Level 2 AC charging and Level 3 DC Fast Charging. The vehicles would also have V2G capabilities. Numerous other features would also be a part of these. Tim Reeser, CEO of Lightning eMotors said on the occasion that Collins’ leadership could be a strong catalyst for the market to move to all electric and together, both the companies could bring zero-emission school buses to each and every neighbourhood.
Investigations against ZEV Stock
In recent days, numerous law firms have been investigating the allegations of securities fraud against ZEV. They include Pomerantz, Bronstein, Gewirtz and Grossman LLC, Glancy Prongay & Murray LLP etc. The investigations revolve around the alleged violation of federal securities law by the company and its officers/directors. On 16th of August, the company announced the quarterly financial, which depicted a net loss of $0.79 per share. The Company also pulled its full year financial guidance for the remainder of 2021 and that came just days after the announcement that company was entering in a multi-year agreement with Forest River. Once that news came out, ZEV stock price fell 16.93%, stimulating law firms to begin investigations.
Financial results for Q2 and 1st Half of 2021
On 16th of August, ZEV released the quarterly results for second quarter of fiscal year 2021, as well as the results for six month period of 2021, ended 30th June. According to the details, the company posted revenue of $5.9 million, an increase of 580% when compared with the equivalent period of 2020. The gross loss was $1.1 million during the quarter, as compared to the $0.6 million during the equivalent quarter of 2020. The operating expenses were $16.8 million, as compared to $2.2 million during equivalent period of 2020. The net loss was $46.1 million, as compared to the net loss of $2.8 million during the equivalent period of 2020. The revenues for six month period stood at $10.5 million. The gross loss was $1.9 million. The operating expenses stood at $21.3 million, while the net loss was $73.5 million.
What lies ahead for ZEV stock?
Estimates have put the revenue target for ZEV for next fiscal year at $205.03 million. The company is expected to grow by some 83% during 2022. Besides, the company’s EPS is expected to increase by a prodigious 92.20% during current fiscal. All of these statistics point toward a positive future outlook for ZEV stock.
