Financial Data and Key Metrics Changes - Revenue in 2022 totaled $18.5 million, a decrease from $41.7 million in 2021. Fourth quarter revenue was $2 million compared to $2.3 million in Q4 2021 [11] - Gross profit for 2022 was $0.4 million (2% of revenue), down from $4.2 million (10% of revenue) in 2021. The fourth quarter gross profit was negative $0.6 million compared to negative $0.3 million in Q4 2021 [11][12] - Net loss in 2022 was $18 million (negative $0.45 per share), compared to a loss of $7.3 million (negative $0.24 per share) in 2021. The fourth quarter net loss was $3.8 million (negative $0.09 per share) compared to a loss of $4.8 million (negative $0.14 per share) in Q4 2021 [13] - Cash used in operating activities in 2022 was $9.1 million, up from $3.6 million in 2021. Cash and cash equivalents as of December 31, 2022, were $1.6 million, down from $4.4 million a year earlier [14] Business Line Data and Key Metrics Changes - The company reported a backlog of over $150 million, primarily for electric vehicles, particularly the VMC 1200, which has become the most in-demand product [8] - Initial deliveries of the VMC 200 began in November, with 18 VMC 1200 vehicles delivered as of March 30, 2023, and 100 more currently in production [8][9] - The company expects to ramp up sales of the VMC 1200 to meet high demand, with production capabilities increasing in the first half of 2023 [9] Market Data and Key Metrics Changes - The company is experiencing intense customer demand for its commercial EVs, especially in the Class 3 segment [5] - New government incentives for EV adoption are expected to boost interest from enterprise customers and government agencies [5] Company Strategy and Development Direction - The company is expanding its capabilities beyond transit buses into the commercial EV market, with a focus on the Class 3 segment [4] - A new $30 million credit facility has been secured to support the production ramp of the VMC 1200, alongside efforts to certify as a Free Trade Zone to enhance service across North America [6] - The company is actively working to expand its dealer network for the VMC 1200 through a partnership with DSMA [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive significant revenue growth in 2023, supported by strong demand and a solid product suite [9][17] - The company anticipates that margins will align more closely with historical levels beyond 2022, despite some introductory pricing for new EV products [12] Other Important Information - The company has faced challenges due to global supply chain disruptions affecting bus component availability, which delayed many expected deliveries in 2022 [12] - The company is transitioning towards electric buses, with a noted decrease in demand for diesel and CNG buses [33] Q&A Session Summary Question: Status of the Ferndale plant and additional capital needs - Management confirmed that the Ferndale plant is operational and may require minor additional equipment financing in the future [19] Question: VMC 1200 delivery numbers and production expectations - The company delivered 11 trucks in Q4 of the previous year and has 100 trucks currently in production, with plans to ramp up production as the Ferndale facility becomes fully operational [20][22] Question: Backlog expectations for 2023 - Management indicated that approximately $100 million of the backlog is for trucks, with more clarity expected in the Q1 results regarding how much backlog will be fulfilled in 2023 [24][29] Question: Capital spending expectations for 2023 - Capital spending is expected to be minor, with potential additional equipment costs of $1 million to $2 million that can be financed [25] Question: Prospects for bus deliveries and supply chain status - The backlog for buses is about $50 million for 2023, with management hopeful to deliver all buses despite ongoing supply chain challenges [31][33]

Financial Performance - Total revenue for the year ended December 31, 2022, was $18.475 million, a decrease of 55.7% compared to $41.708 million in 2021[10] - Vehicle sales contributed $13.165 million in 2022, down from $38.197 million in 2021, reflecting a significant decline in sales volume[10] - Gross profit for 2022 was $440 thousand, a decrease of 89.6% from $4.235 million in 2021[10] - Net loss for the year was $17.948 million, compared to a net loss of $7.323 million in 2021, indicating a worsening financial performance[11] - The company incurred total expenses of $18.186 million in 2022, an increase of 63.8% from $11.094 million in 2021[10] - The company reported a loss before tax of $17,746,000 for 2022, compared to a loss of $6,859,000 in 2021[15] Assets and Liabilities - Total assets increased slightly to $55.032 million in 2022 from $53.993 million in 2021[9] - Cash and cash equivalents decreased to $1.622 million at the end of 2022 from $4.402 million at the end of 2021[14] - Trade receivables decreased to $1,076,000 in 2022 from $1,268,000 in 2021[51] - The carrying value of intangible assets decreased to $14,273,000 in 2022 from $22,353,000 in 2021[54] - As of December 31, 2022, the company had cash of $322,000 and accounts receivable of $1,446,000, with accounts payable totaling $2,449,000[110] - The company had working capital of $1,573,000 as of December 31, 2022, and used cash for operating activities of $9,082,000 during the year[112] Shareholder Equity and Financing - Shareholders' equity rose to $36.832 million in 2022, up from $34.245 million in 2021, primarily due to the issuance of common shares[13] - The weighted average number of common shares outstanding increased to 39,650,426 in 2022 from 30,827,688 in 2021, reflecting dilution from share issuances[10] - The company issued 4,444,445 units in a private placement at $2.70 per unit, generating gross proceeds of $12,000,000 during the year ended December 31, 2022[76] - The company had drawn $628,000 from its credit facility as of December 31, 2022, compared to $0 in 2021, indicating increased utilization of available credit[63] - Subsequent to December 31, 2022, the company secured $30 million in credit commitments to fund production of the VMC 1200 class 3 electric trucks, with an interest rate of prime plus 2%[64] - The company secured $30M in credit commitments from Royal Bank of Canada and Export Development Canada for the production of VMC 1200 class 3 electric trucks[126] Inventory and Cost of Sales - Total inventory increased to $10,068,000 in 2022 from $9,416,000 in 2021, with finished goods rising to $8,098,000[52] - The company recognized $14,408,000 as the cost of inventory included as an expense in cost of sales for 2022, down from $31,914,000 in 2021[53] - Finished goods inventory included costs of assembled buses and trucks, as well as freight and other costs incurred directly by the company[52] - The company recognized a net realizable value write-down of $85,000 for buses available for lease during the year ended December 31, 2022, impacting the cost of goods sold[61] Impairment and Warranty - Management assessed impairment of intangible assets related to Optimal Electric Vehicles LLC, concluding no impairment was required as the recoverable amount exceeded the carrying value[19] - The company recorded an impairment loss of $4,640,000 related to the termination of the Sales and Marketing Agreement with Optimal EV[57] - The company performed an impairment assessment and determined that no impairment was required for the intangible asset despite the ongoing arbitration[57] - Warranty expenses recorded for the year ended December 31, 2022, were $499,000, a decrease from $1,598,000 in 2021, indicating improved warranty management[66] Foreign Exchange and Risk - The company reported a foreign exchange loss of $3.253 million in 2022, compared to a loss of $341 thousand in 2021, indicating increased volatility in currency exchange rates[10] - The company is exposed to foreign currency risk, with a net Canadian dollar monetary liability of CAD 9,031,000 and a net US dollar monetary liability of USD 749,000[117] Government Assistance and Grants - The company received a grant of $817,000 from Sustainable Development Technology Canada for the development of electric vehicles[58] - Government assistance is recorded as receivable when the company qualifies, reducing the cost of related assets or expenses[32] Stock-Based Compensation and Warrants - The company recognized $116 in stock-based compensation for stock options in 2022, a decrease from $814 in 2021[86] - The company recorded $569 in stock-based compensation for DSUs in 2022, up from $323 in 2021[95] - The company had 7,573,082 warrants outstanding as of December 31, 2022, with a weighted average exercise price of C$4.53[78] - During the year ended December 31, 2022, the company issued 1,000,000 warrants as part of a debt extension agreement with an exercise price of C$2.25[79]

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