Shares of Lion Electric Co.
LEV,
+2.24%
rallied 3.6% in premarket trading Friday, after the electric vehicle maker reported second-quarter revenue that nearly tripled to beat expectations, while losses widened amid higher administrative and selling expenses and transaction costs. The net loss widened to $181.6 million, or $1.13 a share, from $1.4 million, or 1 cent a share, in the year-ago period. The loss in the latest quarter included $167.7 million related to share-based compensation, increase in fair value of share warrant obligations and transaction costs. The FactSet consensus was for a per-share loss of 5 cents. Revenue increased 175% to $16.7 million, above the FactSet consensus of $16.2 million, as vehicle sales volume grew 177% to 61 units. Cost of sales rose 214% to $15.8 million. "Various levels of governments across North America are sending strong signals to support transport electrification, resulting in an increased unprecedented interest from both our public and private clients. This bodes well for our long-term growth," said Chief Executive Marc Bedard. The stock has gained 2.3% over the past three months through Thursday, while shares of EV leader Tesla Inc.
TSLA,
+2.04%
have run up 26.3% and the S&P 500
SPX,
+0.30%
has gained 8.5%.