Galeanu Mihai
Bank of America warned on a tricky street forward for Lightning eMotors (NYSE:ZEV) after the corporate set manufacturing steerage under expectations.
The electrical car maker expects to supply 400 to 450 models in 2023, in addition to generated gross sales of 300 to 400 models to churn up income of $35M to $50M vs. $124M consensus. The new outlook implies a mean promoting value of $121.4k on the midpoint vs. $107.5K final 12 months. While ZEV didn’t present anticipated losses for 2023, BofA forecasts barely worsening losses for the 12 months as a result of headwinds.
BofA expects extreme fairness dilution forward for Underperform-rated Lightning eMotors (ZEV) with a capital increase probably after just a few quarters.
Shares of ZEV gained 4.42% in premarket buying and selling on Tuesday after Monday’s crushing 38.93% drop.
Read the Lightning eMotors (ZEV) earnings name transcript.
