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NFI NFI Group Announces Fourth Quarter and Full Year 2020 Results with Strong Electric Vehicle Momentum March 4 , 2021 NFI exceeded 2020 revised guidance and continued its electric vehicle leadership position in North America and the UK All figures quoted in US dollars unless otherwise noted : Performance as follows : • Fourth quarter sales of $ 711.5 million ( 1,230 equivalent units ( " EUs " ) delivered ) . Full year sales of $ 2.4 billion ( 4,371 EUs delivered ) . Battery and fuel - cell electric vehicles ( 389 EUs ) made up 9 % of 2020 deliveries . • Ending backlog position ( both firm and options ) of 8,504 EUs ( valued at $ 4.3 billion ) includes 632 EUs , or 6 % , of battery and fuel - cell electric vehicles . • Fourth quarter Adjusted EBITDA of $ 65.0 million ; EPS of $ 0.14 and Adjusted EPS of $ 0.13 . Full - year Adjusted EBITDA of $ 157.7 million ; full year EPS of ( $ 2.52 ) and Adjusted EPS of ( $ 0.75 ) . • Year - end liquidity position of $ 233.5 million . Year - end 2020 position does not include gross proceeds of C $ 250 million from bought - deal equity financing completed on March 1 , 2021 . • NFI Forward strategic cost reduction initiative on track , achieving $ 18.0 million in cost savings in 2020 with a clear path to reducing Overhead and SG & A by 8 % to 10 % by the end of 2023 ( from 2019 levels ) . • Reaffirmed Fiscal 2021 Adjusted EBITDA guidance of $ 220 million to $ 240 million , with potential for greater than 50 % improvement from Fiscal 2020. Electric vehicle production is expected to more than double in Fiscal 2021 , increasing to 20 % to 25 % of EUs delivered . Winnipeg , Manitoba , Canada - March 4 , 2021 : ( TSX : NFI ) NFI Group Inc. ( " NFI " or the " Company " ) , a leader in zero - emission electric mobility , today announced its unaudited interim condensed financial results for 2020 Q4 and the audited consolidated financial results for Fiscal 2020 . Key financial metrics of the quarter are highlighted below : ( in millions except deliveries and per Share amounts ) Deliveries ( EUS ) IFRS Measures Revenue Net earnings ( loss ) Net earnings ( loss ) per Share Non - IFRS Measures ( 2 ) Adjusted EBITDA Adjusted Net Earnings ( Loss ) Adjusted Net Earnings ( Loss ) per Share Free Cash Flow Liquidity 2020 Q4 Change ( 1 ) Fiscal 2020 Change ( 1 ) 1,230 ( 615 ) 4,371 ( 944 ) $ 711.5 $ ( 206.2 ) $ 2,419.2 $ ( 474.2 ) 8.5 ( 25.6 ) ( 157.7 ) ( 215.4 ) 0.14 ( 0.41 ) ( 2.52 ) ( 3.45 ) $ 65.0 $ ( 38.9 ) $ 157.7 $ ( 164.5 ) 8.2 ( 22.7 ) ( 47.2 ) ( 148.9 ) 0.13 ( 0.36 ) ( 0.75 ) ( 2.40 ) 29.0 ( 20.0 ) 27.5 ( 132.9 ) $ 233.5 24.2 $ 233.5 24.2 ( 1 ) Results noted herein are for the 13 - week period ( " 2020 Q4 " ) and the 52 - week period ( " Fiscal 2020 " ) ended December 27 , 2020. The comparisons reported in this press release compare 2020 Q4 to the 13 - week period ( " 2019 Q4 " ) and Fiscal 2020 to the 52 - week period ( " Fiscal 2019 " ) ended December 29 , 2019. Comparisons and comments are also made to the 13 - week period ( " 2020 Q3 " ) ended September 27 , 2020. Readers are advised to view the audited consolidated financial statements ( the " Financial Statements " ) and the related Management's Discussion and Analysis ( the " MD & A " ) that are available at the Company's website at : https://www.nfigroup.com/investor-relations/performance-reports/ and under the Company's profile on www.sedar.com ( 2 ) Adjusted EBITDA , Adjusted Net Earnings ( Loss ) , Adjusted Net Earnings ( Loss ) per Share and Free Cash Flow are not recognized earnings measures and do not have standardized meanings prescribed by IFRS . Therefore , they may not be comparable to similar measures presented by other issuers . See " Non - IFRS Measures " and detailed reconciliations of IFRS Measures to Non - IFRS Measures in the Appendix of this press release . " NFI has successfully transitioned from a vehicle manufacturer to an electric mobility solutions provider with an offering that includes zero - emission vehicles , charging infrastructure installation , telematics , and full parts and service aftermarket support . This approach best positions us to serve our customers and drive growth as we lead the evolution , or ZEvolution TM , to an electric future . In 2021 , we will continue to be innovators , with the introduction of additional products and services to strengthen our battery - electric and fuel - cell electric vehicle offerings and improve top - line revenue and net earnings performance , " said Paul Soubry , President and Chief Executive Officer , NFI . " We started 2021 with the launch of the Xcelsior AV , North America's first fully operational heavy - duty Level 4 automated transit bus , and we unveiled the new MCI D45 Commuter Rapid Transit battery - electric motor coach and ARBOC's Equess battery - electric CHARGE shuttle bus to service the growing medium - duty market . NFI offers the industry's broadest range of electric buses and coaches and has the deepest customer relationships that will drive growth in 2021 and beyond , "