MONTREAL – The Lion Electric Co. says its second quarter brought US$37.5 million in net earnings as the company boosted the number of vehicles it delivered during the period.

The Montreal-based manufacturer of all-electric medium and heavy-duty urban vehicles says that compares with a net loss of US$178.5 million in the second quarter of 2021.

Its earnings for the period ended June 30 amounted to 19 cents per diluted share compared with a loss of $1.13 per diluted share at the same time last year.

Lion Electic recorded a US$56.9 million gain related to a non-cash decrease in the fair value of share warrant obligations and a US$3.4 million charge related to non-cash share-based compensation in the quarter.

On an adjusted basis, Lion Electric posted a loss of US$14.4 million in the quarter compared with a US$5.5 million loss during the same period in 2021.

Revenue for the period reached US$29.5 million, up from US$16.7 million during the same quarter last year.

The company says it delivered 105 vehicles in the quarter, an increase from 61 delivered in the second quarter of 2021.

This report by The Canadian Press was first published Aug. 5, 2022.

Companies in this story: (TSX: LEV)