Vicinity Motor Corp. Reports Strong First Quarter 2024 Financial Results

Vicinity Motor Corp., a North American supplier of commercial electric vehicles, announced significant financial growth for the first quarter of 2024. The company reported a 400% revenue increase to $13.3 million, driven by the sales of 44 VMC 1200 all-electric trucks and 22 Vicinity Classic transit buses. This growth in revenue also led to a positive cash flow from operations, marking a substantial turnaround from the previous year.

The company also highlighted a robust order backlog exceeding $125 million as of March 31, 2024, and announced securing several new dealership agreements to expand its market presence in Canada. Additionally, Vicinity Motor promoted Brent Phillips to President, with strategic plans to enhance production and distribution networks across North America.

Despite substantial revenue growth, the company recorded a net loss of $3.7 million for the quarter. However, adjustments for EBITDA showed a modest positive of $0.1 million, suggesting operational improvements. These financial metrics indicate a strategic shift toward increased production efficiency and market expansion, bolstering Vicinity Motor Corp.'s position in the electric vehicle sector.