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Vicinity Motor Corp. (V:VMC)

Business Focus: Heavy Buses & Coaches

Sector:  Industrials Industry:  Heavy Machinery & Vehicles
 
See Regulatory Filings on SEDAR
Company Contact
Address: 3168 262nd Street
ALDERGROVE BC V4W 2Z6
Tel: 1-949-2594987
Website: https://vicinitymotorcorp.com
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., formerly Grande West Transportation Group Inc., is a Canada-based supplier of electric vehicles for both public and commercial enterprise use in United States and Canada. The Company's operation focuses on manufacturing, engineering, designing, servicing, and selling of the Vicinity branded electric, compressed natural gas (CNG), and clean diesel transit buses and electric trucks. It leverages a dealer network with manufacturing partners to supply its flagship electric, 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, the Company's partner, for upfitting into delivery vehicles. Its various buses and truck models include Vicinity Lightning EV, Vicinity Classic, VMC 1200, VMC Optimal S1LF and VMC Optimal E1. Its subsidiaries include Grande West Transportation International Ltd. (GWTI) and Vicinity Motor (Bus) USA Corp.
Financial Overview
For the three months ended 31 March 2022, Vicinity Motor Corp revenues decreased 85% to $3.2M. Net loss totaled $2.9M vs. income of $1.6M. Revenues reflect Bus sales decrease of 92% to $1.7M. Net loss reflects Sales and administration increase of 69% to $2.4M (expense), Amortization increase from $134K to $620K (expense), Interest and finance costs - Balancing v increase from $85K to $540K (expense).
Employees: 53 as of Dec 31, 2020
Reporting Currency: U.S. Dollars
Enterprise value: $71.38M as of Mar 31, 2022
Annual revenue (TTM): $19.26M as of Mar 31, 2022
EBITDA (TTM): -$10.31M as of Mar 31, 2022
Net annual income (TTM): -$13.37M as of Mar 31, 2022
Free cash flow (TTM): -$33.56M as of Mar 31, 2022
Net Debt Last Fiscal Year: N/A
Shares outstanding: 39,760,040 as of Apr 13, 2022
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization