Vicinity Motor Corp. (NASDAQ:VEV) Q4 2022 Earnings Conference Call March 30, 2023 4:30 PM ET Company Participants William Trainer - Founder and Chief Executive Officer Danial Buckle - Chief Financial Officer Conference Call Participants Poe Fratt - Alliance Global Partners Robin Cornwell - Catalyst Equity Research Operator Greetings and welcome to the Vicinity Motor Corp. Fourth Quarter and Full Year 2022 Corporate Update Conference Call. [Operator Instructions] As a reminder, this conference is being recor ...

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]

Vicinity Motor Corp. (NASDAQ:VEV) Q3 2022 Earnings Conference Call November 15, 2022 4:30 PM ET Company Participants William Trainer – Founder and Chief Executive Officer Dan Buckle – Chief Financial Officer Conference Call Participants Poe Fratt – Alliance Global Partners Robin Cornwall – Catalyst Research Operator Greetings, and welcome to the Vicinity Motor Corp. Third Quarter 2022 Corporate Update Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session wil ...

NASDAQ: VEV| TSX-V: VMC | FRA: 6LGA VICINITY MOTOR CORP. Investor Presentation October 2022 Forward Looking Statements This presentation contains ''forward-looking statements'', which reflect the expectations of management regarding Vicinity Motor Corp.'s ("Vicinity", "VMC" or the "Company") future growth, results of operations, performance and business prospects and opportunities. The words ''believes'', ''anticipates'', ''plans'', ''expects'', ''intends'', ''projects'', ''estimates'' and similar expressio ...

NASDAQ: VEV| TSX-V: VMC | FRA: 6LGA VICINITY MOTOR CORP. Investor Presentation August 16, 2022 Forward Looking Statements This presentation contains ''forward-looking statements'', which reflect the expectations of management regarding Vicinity Motor Corp.'s ("Vicinity", "VMC" or the "Company") future growth, results of operations, performance and business prospects and opportunities. The words ''believes'', ''anticipates'', ''plans'', ''expects'', ''intends'', ''projects'', ''estimates'' and similar expres ...

Vicinity Motor Corp. (NASDAQ:VEV) Q2 2022 Earnings Conference Call August 15, 2022 4:30 PM ET Company Participants William Trainer – Founder and Chief Executive Officer Dan Buckle – Chief Financial Officer Conference Call Participants Chris Souther – B. Riley Robin Cornwell – Catalyst Research Operator Greetings and welcome to the Vicinity Motor Corp.Â's Second Quarter 2022 Corporate Update Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this ...

Vicinity Motor Corp. (NASDAQ:VEV) Q1 2022 Earnings Conference Call May 16, 2022 4:30 PM ET Company Participants William Trainer - Founder and Chief Executive Officer Dan Buckle - Chief Financial Officer Conference Call Participants Christhoper Souther - B. Riley Poe Fratt - Alliance Global Partners Robin Cornwall - Catalyst Research Operator Good afternoon and welcome to the Vicinity Motor Corp.'s First Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instruct ...

NASDAQ: VEV| TSX-V: VMC | FRA: 6LGA VICINITY MOTOR CORP. Investor Presentation May 2022 Forward Looking Statements This presentation contains ''forward-looking statements'', which reflect the expectations of management regarding Vicinity Motor Corp.'s ("Vicinity", "VMC" or the "Company") future growth, results of operations, performance and business prospects and opportunities. The words ''believes'', ''anticipates'', ''plans'', ''expects'', ''intends'', ''projects'', ''estimates'' and similar expressions a ...

Vicinity Motor Corp. (NASDAQ:VEV) Q4 2021 Earnings Conference Call March 30, 2022 8:30 AM ET Company Participants William Trainer - Founder and Chief Executive Officer Dan Buckle - Chief Financial Officer Conference Call Participants Robin Cornwell - Catalyst Research Jeffrey Campbell - Alliance Global Partners Chris Souther - B. Riley Andrew Cox - Stifel Operator Greetings and welcome to the Vicinity Motor Corp.'s Fourth Quarter and Full Year 2021 Earnings Conference Call [Operator Instructions]. As a remi ...

NASDAQ: VEV| TSX-V: VMC | FRA: 6LGA VICINITY MOTOR CORP. Investor Presentation February 1, 2022 Forward Looking Statements This presentation contains ''forward-looking statements'', which reflect the expectations of management regarding Vicinity Motor Corp.'s ("Vicinity", "VMC" or the "Company") future growth, results of operations, performance and business prospects and opportunities. The words ''believes'', ''anticipates'', ''plans'', ''expects'', ''intends'', ''projects'', ''estimates'' and similar expre ...