Vicinity Motor Corp. (V:VMC*CA)

Business Focus: Heavy Buses & Coaches

Sector:  Industrials Industry:  Heavy Machinery & Vehicles
See Regulatory Filings on SEDAR
Company Contact
Address: 3168 262nd Street
Tel: 1-949-2594987
IR: See website
Key People
William R. Trainer
President, Chief Executive Officer, Director
Danial Buckle
Chief Financial Officer
Manuel Achadinha
Chief Operating Officer
John Lagourgue
Vice President - Corporate Development, Director
Dennis Gore
Vice President - Engineering
Business Overview
Vicinity Motor Corp. is a Canada-based supplier of commercial electric vehicles for both public and commercial enterprise use. The Company is engaged in the production and sale of buses and spare parts in North America. It leverages a dealer network and close relationships with manufacturing partners to supply its flagship electric, compressed natural gas (CNG) and clean-diesel vicinity buses, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. In addition, the Company sells its electric chassis alongside J.B. Poindexter business unit EAVX, which is the Company's partner, for upfitting into delivery vehicles. The Company's various buses and truck models include Vicinity Lightning EV, Vicinity Classic, VMC 1200, VMC Optimal S1LF and VMC Optimal E1. Its geographic segments include United Stated and Canada. The Company's subsidiaries include Vicinity Motor (Bus) USA Corp. and Vicinity Motor (Bus) Corp.
Financial Overview
For the nine months ended 30 September 2022, Vicinity Motor Corp revenues decreased 58% to $16.4M. Net loss increased from $2.5M to $14.1M. Revenues reflect Bus sales decrease of 67% to $12.2M. Higher net loss reflects Foreign exchange loss increase from $70K to $3.9M (expense), Sales and administration increase of 36% to $7.3M (expense), Amortization increase from $413K to $2M (expense).
Employees: 53 as of Mar 30, 2021
Reporting Currency: U.S. Dollars
Enterprise value: $51.56M as of Sep 30, 2022
Annual revenue (TTM): $13.90M as of Sep 30, 2022
EBITDA (TTM): -$11.96M as of Sep 30, 2022
Net annual income (TTM): -$23.58M as of Sep 30, 2022
Free cash flow (TTM): -$48.07M as of Sep 30, 2022
Net Debt Last Fiscal Year: $10.45M as of Sep 30, 2022
Shares outstanding: 45,667,706 as of Feb 27, 2023
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization

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