Page 1

NFI NFI Announces First Quarter 2021 Results with Electric Buses Representing 10 % of Deliveries May 6 , 2021 Strong first quarter with encouraging signs of market recovery , and growth in backlog and active procurements . NFI's total backlog is now 18 % zero - emission vehicles All figures quoted in U.S. dollars unless otherwise noted : Performance as follows : • First quarter sales of $ 574 million ( 955 equivalent units ( " EUs " ) delivered ) . • NFI advanced its zero - emission , battery- and fuel cell - electric vehicle ( " ZEBS " ) activity with 94 EUs delivered ( 10 % • of 2021 Q1 deliveries ) and 1,568 EUs , or 18 % , of ZEBs in backlog , up from 6 % as at the end of 2020 Q4 . Ending total backlog position ( both firm and options ) up slightly , at 8,586 EUs ( valued at $ 4.4 billion ) , with Active Bids up 14 % from 2020 Q4 . • First quarter Adjusted EBITDA of $ 55 million ; Earnings per Share of $ 0.11 and Adjusted Earnings Per Share of $ 0.09 . • Quarter - end liquidity position of $ 319 million , up $ 86 million from 2020 Q4 , and up $ 172 million from 2020 Q1 . Free cash flow of $ 15 million in 2020 Q1 . • " NFI Forward " strategic cost reduction initiative realized Adjusted EBITDA savings of $ 12 million , and a further $ 1 million of Free Cash Flow savings in 2021 Q1 . • Reaffirmed Fiscal 2021 Adjusted EBITDA guidance of $ 220 million to $ 240 million , with potential for greater than 50 % improvement from Fiscal 2020 . -- WINNIPEG , Manitoba , May 06 , 2021 ( GLOBE NEWSWIRE ) ( TSX : NFI , OTC : NFYEF ) NFI Group Inc. ( " NFI " or the " Company " ) , a leader in zero - emission electric mobility solutions , today announced its unaudited interim condensed consolidated financial results for 2021 Q1 . 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 2021 Q1 Change ( 1 ) 2021 Q1 LTM Change ( 1 ) 955 ( 324 ) 4,047 ( 1,644 ) $ 574.1 $ ( 136.3 ) $ 2,282.9 $ ( 753.9 ) 7.0 74.2 ( 83.5 ) ( 57.8 ) 0.11 1.19 ( 1.32 ) ( 0.91 ) $ 54.8 $ ( 1.3 ) $ 156.5 $ ( 161.4 ) 6.1 6.6 ( 40.6 ) ( 119.6 ) 0.09 0.10 ( 0.64 ) ( 1.79 ) 15.5 $ 319.0 1.3 28.8 ( 113.4 ) 172.4 $ 319.0 172.4 ( 1 ) Results noted herein are for the 13 - week period ( " 2021 Q1 " ) and the 52 - week period ( " LTM 2021 Q1 " ) ended March 28 , 2021. The comparisons reported in this press release compare 2021 Q1 to the 13 - week period ( " 2020 Q1 " ) and LTM 2021 Q1 to the 52 - week period ( " LTM 2020 Q1 " ) ended March 29 , 2020. Comparisons and comments are also made to the 13 - week period ( " 2020 Q4 " ) ended December 27 , 2020 , and to the 13 - week period ended June 28 , 2020 ( " 2020 Q2 " ) . Readers are advised to review the unaudited interim condensed consolidated financial statements ( including notes ) ( 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 .