Pioneering Innovator in Electric Commercial Vehicles Reports 2024 Financial and Operational Results
A leading innovator Reports in electric commercial vehicles, known for its advanced, market-validated, and purpose-built vehicle and smart technology solutions, has announced its financial and operational results for the year ending December 31, 2024.
2024 Financial and Operational Highlights
- Revenue Growth: Net revenue reached $31.3 million, a 200.2% increase from $10.4 million in 2023.
- U.S. Market Expansion: Sales in the U.S. surged to $19.3 million from just $0.4 million in 2023.
- Improved Profitability: Adjusted EBITDA loss reduced to $28.2 million from $39.3 million in 2023.
- Vehicle Sales: Delivered 1,122 electric commercial vehicles, compared to 630 in 2023.
- Sold 145 Logistar™ 400 Class 4 vehicles in the U.S. (up from 1 in 2023).
- Sold 492 Avantier™ vehicles in Europe and South America (up from 97 in 2023).
- Sold 911 iChassis units, a significant increase from 303 in 2023.
CEO Commentary
Peter Wang, CEO, Reports highlighted the company’s strong international growth and new vehicle deliveries in 2024, emphasizing a strategic shift towards North American sales.
Key Developments:
- The Ontario, CA facility assembled and delivered over 192 vehicles to customers on the U.S. West Coast.
- Increased demand for the iChassis platform, with over 900 autonomous delivery vehicles integrated into third-party operations in China.
- Expansion into new markets with milestone orders:
- 200 Logistar® 450P electric passenger vans ordered by QEV Technologies (47 to be delivered in Q1 2025).
- 500 customized Metro MR vehicles ordered for the Japanese market, with Q1 2025 delivery scheduled.
- Launch of two new models tailored for the European market under Avantier Motors:
- Avantier Ex – a mini electric commercial vehicle.
- Avantier Commuter – an entry-level electric passenger car.
Looking ahead, the company plans to expand its production, distribution, and service infrastructure, particularly in the U.S. market, while continuing to develop innovative vehicle models aligned with evolving industry regulations and customer needs.
2024 Financial Performance
Net Revenue:
- $31.3 million, up from $10.4 million in 2023, driven by increased vehicle and parts sales.
Gross Profit:
- $7.6 million (24.3% margin), compared to $1.6 million (15.5% margin) in 2023.
- Higher gross margins due to increased vehicle sales offset by higher costs and inventory write-downs.
Operating Expenses:
- Total Operating Expenses: $39.5 million (down from $44.9 million in 2023).
- Selling & Marketing: $7.4 million (up 76.4% due to increased global market expansion efforts).
- General & Administrative: $26.3 million (down 20.2% due to cost reductions in legal, professional fees, and salaries).
- R&D: $5.2 million (down 33.2% due to reduced design and development expenditures).
- Impairment Loss: $0.2 million, compared to none in 2023.
Net Loss:
- $34.1 million, an improvement from $46.1 million in 2023.
Balance Sheet:
- Cash and cash equivalents stood at $12.5 million as of December 31, 2024 (down from $28.8 million in 2023).
Adjusted EBITDA:
- $(28.2) million in 2024, an improvement from $(39.3) million in 2023.
- Adjusted EBITDA is a key performance measure used by management and investors to assess financial health, factoring out non-recurring expenses.
Strategic Outlook
With a focus on geographic expansion, particularly in North America, and continuous innovation in vehicle models, the company aims to enhance efficiency, increase sales, and drive long-term shareholder value. The Ontario facility’s ramp-up will improve delivery timelines, and entry into new international markets will further strengthen its global presence.
Conclusion: The company remains committed to leveraging its innovative capabilities to expand its market share and solidify its position as a leader in electric commercial vehicle solutions.
