Vicinity Motor reports 2Q revenue jump by triple digits on higher bus sales

Vicinity Motor Corp is reporting that its second-quarter revenue jumped by triple digits on higher bus sales.  For the quarter ended June 30, 2021, the company said revenue increased 119% year-over-year to $19.1 million. The higher revenue was primarily driven by the delivery of 46 buses in the quarter, versus 23 buses in 2Q 2020.  READ: Vicinity Motor says selected for statewide bus contract in California For the six months ended June 30, the company said revenue grew 266% year-over-year to $46.4 million. Vicinity delivered 113 buses in the first half of 2021, as compared to 29 buses in the year-ago period. Vicinity said its 2Q net loss decreased to $0.4 million, or ($0.01) per share, as compared to a net loss of $0.8 million, or ($0.03) per share, in the same year-ago quarter. Net income for the six months was $1.7 million, as compared to a net loss of $2.5 million for the six months ended June 30, 2020. Also, the company ended the quarter with working capital of $24.4 million, as compared to $16.7 million as of December 31, 2020.  The company said additional highlights of the quarter include: Commenced trading on the Nasdaq. Banked $7.5 million in proceeds from accelerated warrant exercises, further fortifying its balance sheet to $10.2 million in cash, with no remaining warrants outstanding. Received significant governmental support with statewide purchasing contracts, rebate eligibility, and grant awards. Awarded authorization from MBTA on behalf of the largest state transit association in the US, the California Association for Coordinated Transportation, for consortium members to select Vicinity buses in a statewide purchasing contract. Vicinity buses selected for Washington statewide purchasing contract that gives state transit agencies the right to purchase from the company's diverse bus portfolio. Received approval for a grant of US$300,000 from Washington State Department of Commerce Economic Development Strategic Reserve Fund (SRF) to assist Vicinity in building its new Vicinity Lightning EV and Buy America compliant bus assembly facility in Whatcom County, Washington. Vicinity Lightning EV bus and EV trucks received eligibility for customer rebates of up to 33% of the purchase price through the Canadian Province of British Columbia's CleanBC Go Electric Program. Entered into the medium-duty truck market with the development of a fully electric Class 3 vehicle, with initial deliveries expected to begin in 1Q 2022. "The second quarter of 2021 was highlighted by ongoing sales momentum, and validation of our strategy from enterprise customers, state and government agencies, and the broader capital markets," said CEO William Trainer in a statement. "We delivered twice as many buses in the second quarter as compared to the same year-ago quarter. This traction in the marketplace is a testament to the incredible support we are receiving from state transit authorities, such as our recent approval from the California Association for Coordinated Transportation - creating a significant opportunity in the largest addressable market within the United States.” Trainer added: "Looking ahead to the remainder of 2021, we will be anything but complacent with our recent successes - continuing to enhance our product offering with the goal of further strengthening our position in the next-generation electric vehicle space. We expect our relationships with North American transit agencies to further expand, propelled by government support and the consumer desire for a transition to a more sustainable public transportation system." Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham