Aldergrove-based bus and truck maker Vicinity Motor Corp. has reported a 400 per cent increase in revenue and a positive cash flow as a result of increased sales.
On Tuesday, May 14 the company released its first-quarter financial and operational results, reporting revenue was $13.3 million in the first three months of 2024, compared to $2.7 million in the first quarter of 2023.
It attributed most of the increase to deliveries of 44 trucks and 22 buses during that period, compared to five trucks and three buses in the fourth quarter of 2023.
Vicinity founder and chief executive officer William Trainer described it as a 鈥渞obust cadence of deliveries against our significant backlog.鈥�
鈥淲e have found that our established reputation for excellence, built through the sale of nearly 1,000 transit buses since inception, creates a level of trust that allows for a significant competitive advantage,鈥� Trainer said.
鈥淭his positive reputation has also generated strong interest in our VMC 1200 all-electric trucks.鈥�
READ ALSO: Aldergrove electric truck and bus maker reports long order list
At the same time, the company reported a net loss in the first quarter of 2024 of $3.7 million compared to a loss of $2.4 million in the first quarter of 2023.
A few days earlier, Vicinity announced an agreement to delay repayment of $5.8 million in principal repayments that were due on a $12 million loan in April and July of 2024.
In a May 10 statement, Brent Phillips, president of Vicinity Motor Corp thanked 鈥渙ur debt holders for their belief in our business momentum and flexibility in supporting our near-term liquidity goals as we monetize our inventory and robust order backlog. I look forward to continued operational execution in the near-term as we seek to instill a new level of operational and financial discipline at every level of our business.鈥�
READ ALSO: Aldergrove-based bus and truck manufacturer Vicinity names new president
First established in 2008 as Grande West, the Aldergrove company was renamed after its Vicinity model, a low-floor, mid-sized transit bus.
It began producing the VMC 1200 electric truck in 2022.
