Vicinity grows Q1 revenue 400% on higher deliveries
Canadian electric truck maker Vicinity Motor Corp. quadruped revenue in the first quarter to $13.3 million (all figures US), thanks largely to deliveries of 44 VMC 1200 electric trucks.
It achieved positive cash flow from operations and boasts an order backlog as of March 31 exceeding $125 million. It now has five VMC 12000 distribution agreements across Canada.
“The first quarter was marked by a robust cadence of deliveries against our significant backlog driving a positive adjusted EBITDA – reflecting not only continued VMC 1200 demand from our growing network of dealers across Canada – but continued momentum from our market leadership position with transit buses as well,” said founder and CEO William Trainer.
The company posted a net loss of $3.7 million in the quarter.
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