Good morning, ladies and gentlemen. Welcome to Lion's first quarter 2021 results conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. At that time, if you'd like to ask a question, please press star one on your telephone keypad. If you would like to withdraw your question, please press the pound key. As a reminder, this conference call is being recorded. I would now like to turn the call over to Isabelle Adjahi, Vice President, Investor Relations and Sustainable Development. Please go ahead, Ms. Adjahi. Thank you. Good morning, everyone. Welcome to Lion's first quarter 2021 results conference call. With me today are Marc Bédard, our CEO founder, and Nicolas Brunet, our Executive Vice President and Chief Financial Officer. Before we begin, I would like to mention that during today's call, we will make certain forward-looking statements regarding our future business expectations, which involve risks and uncertainties. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and certain material factors and assumptions, and as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements made on this call. For more information about factors that may cause actual results to materially differ from forward-looking statements, please refer to our filings made today and to the risk factors contained in our final non-offering prospectus filed on SEDAR on May 6th, 2021, and to our other filings made on SEDAR and with the Securities and Exchange Commission, including our registration statement on Form F-4. Forward-looking statements speak only as of the date they are made. You are cautioned not to put undue reliance on forward-looking statements. We undertake no duty to update this information unless required by law. Finally, please note that we report in US dollars and under IFRS. Comments today may refer to certain non-IFRS financial measures, such as adjusted EBITDA and certain performance metrics, such as the company's order book, which are defined, further described, and in certain cases, reconciled in our earnings release and MD&A issued this morning. With that, I will now hand the call over to Marc Bédard. Marc? Thank you, Isabelle Adjahi. Good morning, everyone. My name is Marc Bédard. I am the CEO and founder of Lion Electric. Thanks for joining us today on Lion's first conference call as a public company. This is the start of a new chapter in Lion's history as we became the first manufacturer of all-electric, medium and heavy-duty urban vehicles to be listed on both the NYSE and the TSX. There are mainly three key elements that I would like you to remember from today's Q1 results announcement. Number one, we successfully completed our public listing and related private placement for net raise of approximately $490 million, which is available to support our key growth initiatives. Number two, Lion has a strong momentum with clients. Despite the continued impact of COVID-19, we are seeing a positive trend in our order book with accelerating deliveries, as shown by the significant order of 260 school buses that we announced earlier this morning. Number three, we continue to execute on our strategic plan. We announced the building of a U.S.-based, large-scale, 20,000 electric vehicles manufacturing capacity per year plant in Joliet, Illinois. We also announced the construction of a highly automated 5 GWh per year battery plant, which we announced with both the Prime Minister of Canada, Mr. Trudeau, and the Premier of Quebec, Mr. Legault. This battery plant has the capacity to provide batteries for approximately 14,000 Lion vehicles per year. We opened two additional experience centers, and we ensured a sustained growth in our employee count, along with many strategic hires. I will provide an update on each of these items and then pass it on to Nicolas Brunet, who will discuss financial performance for Q1 2021. For those of you who don't know us, here's a very brief summary of Lion. Lion is a well-established leading manufacturer of all-electric, medium and heavy duty urban vehicles, benefiting from over 10 years of all-electric vehicle R&D and manufacturing experience, and targeting a total addressable market, a TAM, of over $100 billion per year in the U.S. and Canada. We put clients at the center of everything we do. Today, even if we just started delivering our trucks within the last few months, we already count multiple Tier 1 clients such as Amazon, Pride Group, IKEA, Sobeys, and Canadian National Railway in the truck sector, and Student Transportation of America, National Express, First Student, Transdev, L.A. Unified School District. Twin Rivers, Keolis, Montreal Airport, and Séguin, just to name a few in the bus sector. As their EV strategic partner, we pride ourselves for offering our clients turnkey solutions for all aspects of their fleet electrification, including vehicle selection and specs, ride and drives on our trucks and buses, charging infrastructure selection, grant support, training, and ongoing maintenance and telematics. We create, design, and manufacture all-electric Class 5 to Class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit, and mass transit segments. Today, Lion has approximately 390 real vehicles on the road with over 7 million miles driven. Our vehicles have a favorable total cost of ownership as compared to diesel vehicles. All Lion vehicles are purpose-built for electric, with our own chassis, bus body, and truck cabin, and proprietary battery system technology. We have seven purpose-built electric truck and bus models available for purchase today, with eight new models in development. With our first deliveries of Lion6 and Lion8 trucks now behind us, we expect to have 10 types of vehicles on the road by the end of 2021, as we expect to add this year the LionD school bus and the Lion8 bucket and tractor trucks to our portfolio. Also, we plan to start delivering five additional new types of vehicles by the end of 2022, namely the Lion5, the Lion5 and Lion6 utility, the Lion7, the Lion8 boom truck, and the Lion electric ambulance. Our existing manufacturing facility near Montreal has currently a capacity of 2,500 vehicles per year. We also recently opened a new assembly facility close to our current manufacturing plant that will enable us to optimize vehicle production. This plant will be used for the manufacturing of our LionA and LionM minibuses. Let's now come back to the purpose of the call and discuss the three main items I highlighted at the beginning. First, our public listing. We successfully became a publicly traded company on both the NYSE and the TSX on Friday, May 7th. The proceeds of the public listing, including in the private placement, net of transaction fees, amounted to approximately $490 million, which will be largely used to accelerate our growth plan. There are approximately 188 million outstanding common shares of Lion. Our ownership structure consists of approximately 70% ownership by legacy Lion shareholders, 20% ownership by former public Northern Genesis shareholders and SPAC sponsors, and approximately 10% by the pipe investors. I would like to thank our board members for their contribution and dedication to Lion, and will also like to welcome our new directors, Ian Robertson and [Inaudible] from Northern Genesis. Now, let me address the purchase order book. In the last few months, customer feedback has continued to be very positive, and level of interest from fleet owners continues to increase. We keep moving from outreach to concrete discussions on specs, total cost of ownership, energy requirements, and delivery timelines. This dialogue already translates into accelerated orders, and we feel this is just the beginning. Our order book continues to gain momentum with truck orders from large fleet owners, including an order for 100 trucks from Pride Group to be delivered over 2021 and 2022, and initial truck orders from sizable fleet owners such as IKEA's logistic partner, Second Closet, and Metro Supply Chain Group, Sobeys, Heritage, ConEd, and many others. On the bus side, we have seen the dialogue with fleet operators accelerate despite continued headwinds from the pandemic. Just this morning, we were pleased to announce that we secured an order of 260 school buses from a leading school bus operator, with deliveries to take place from the second half of 2021 to the first half of 2023. This represents Lion's largest order to date. We secured an initial order from L.A. Unified School District for 10 LionC, the second largest school district in the U.S., and another one of up to 60 units from Séguin over a period of five years. We have clearly seen an acceleration of dialogue with the largest school bus fleets, who are increasingly turning to fleet electrification. With the announcement of very important government subsidies and funding programs in recent months, combined with the reopening of schools in key markets such as California, we expect a continued acceleration of the school bus order book, mainly in the second half of 2021. I will discuss the regulatory environment in a few minutes. Altogether, as of May 14, 2021, our vehicle order book stood at 817 all-electric vehicles, consisting of 209 trucks and 608 buses, representing a combined total order value of over $225 million. Most of these orders are expected to be delivered within the next 12 months. Let me now spend a minute on Q1 deliveries, which are important as directly linked to revenues. Deliveries, which had slowed down last year in great part due to COVID-19 had begun to regain momentum near the end of last year, as witnessed by our Q4 2020 results, where we delivered 46 vehicles. In Q1 2021, which is traditionally a seasonally low quarter in the school bus space, we delivered 24 vehicles as compared to two during the same period last year. Q1 2021 deliveries included our first deliveries of six Lion8 trucks in addition to 18 school buses. I am also very pleased to say that during the last few weeks, 10 LionC trucks were delivered to Amazon. Let me also add that selling an electric truck or bus and selling a diesel one is totally different. This is the reason we have decided several years ago to put together our direct sales model with no boundaries between Lion and our customers. This model is working very well and clearly distinguished Lion as a strategic partner to its clients. This is translating into tangible results. This is promising to be very successful. That direct sales model is tailored to provide a smooth transition to electric for the fleet operators. First, LionEnergy, our division which assists customers with selecting, purchasing, project managing, and deploying charging infrastructure ahead of vehicle delivery, is gaining significant momentum. When we launched it, our objective was to facilitate the EV transition journey to our customers. Today, we have a current order book of 76 charging stations and related services that represents a total order value of over $800,000. We were also pleased to announce during the quarter that we have signed a reseller agreement with Flo, which adds to the ChargePoint, ABB, BTC Power, Blink, and Nuvve charging infrastructures we are currently offering to our customers. As a reminder, we are agnostic when it comes to the recommendation of charging infrastructure and seek to offer the equipment that is the most adapted to the needs of our clients. Second, our Lion Grant Team is busier than ever working with customers and potential customers in identifying and applying for grants and subsidies, as we are seeing new attractive funding programs being put in place on both sides of the border. This team, which operates at the forefront of policy in the evolving EV ecosystem, is highly knowledgeable of programs and subsidies that can apply to our clients, helps our customers navigate this complex environment to leverage and secure funding for them. In the last few months, we have witnessed a true desire by government officials to support a cleaner environment. Most recently, a few announcements were made in that regard. President Biden's Clean Energy Plan, targeting the electrification of at least 20% of the 500,000+ school buses in the United States. The recent announcement by Mayor Bill de Blasio to electrify 100% of the New York school bus fleet by 2035. This is without mentioning programs such as the ACT, adopted by CARB, which sets clear requirements on manufacturers to sell zero-emission trucks and buses. 14 other states and Washington, D.C., have also announced their intention to put similar programs in place. I am pleased to report that with the deliveries in California, we have already started accumulating credit towards the ACT program. We expect to eventually monetize these credits. Quebec's 2030 Plan for a Green Economy, dedicating $250 million over the next three years to electrify approximately 2,600 school buses. Starting with model year 2023, new diesel bus purchases will no longer be legal in Quebec. Even if the TCO calculation is favorable in many cases with our Lion vehicles, those incentives make it easier for the fleet operators to electrify their fleets. Shortly after the end of the quarter, we opened two additional experience centers, one in Jacksonville, Florida, and the other one in Terrebonne, Quebec. Our state-of-the-art, highly innovative experience centers are the first fully electric service centers in North America. These dedicated spaces are essential locations where prospective customers, policymakers, and other transportation industry stakeholders can test and drive our vehicles, learn about their specifications and advantages, meet Lion sales representatives, get charging infrastructure assistance, discuss grants and subsidy with our experts, receive training for drivers and maintenance specialists, and have existing vehicle service. Last but not least, we can also provide long-term financing solutions to facilitate the purchase of our vehicles by our clients, smoothen the transition to electric, and in many cases, benefit from a favorable TCO from day one. As you see, we are more than just a manufacturer of electric vehicles, and we firmly believe that electric transportation will be a major catalyst for improving our society, environment, and above all, our quality of life. Let me now provide an update on our strategic plan and the way we are executing our plan. First, let me address our U.S. manufacturing plant. We recently announced that we will operate our high-volume, state-of-the-art vehicle production plant in Joliet, Illinois, where the construction of our plant is well underway. This plant will be highly automated with a production capacity of 20,000 vehicles per year. The new facility for which a long-term lease had been secured will be the largest production site for zero-emission medium and heavy duty urban vehicles in the United States. This plant will give us the ability to meet the increasing demand in the marketplace for Made in America zero-emission vehicles. Our 900,000 sq ft new facility will enable us to gain significant additional production capacity close to our USD customers while reducing production and delivery costs. Facility ramp-up is expected in the second half of 2021, and our first vehicles will roll off the production line in the second half of 2022. This will represent an initial investment of at least $70 million. It should at first add a minimum of 745 clean energy direct jobs to the region over the next three years. Now, let me give you an update on our battery plant. Last March, we announced the construction of our battery plant, intended to result in a highly automated plant assembling proprietary Lion battery modules and packs with an annual capacity of 5 GWh, enough to electrify 14,000 medium and heavy duty Lion vehicles on an annual basis. Funding of the battery plant was announced during the quarter to the effect that approximately $ 100 million in funding support will be provided from the Canadian federal government and from the Quebec government, $ 30 million of which is expected to be forgiven subject to Lion meeting certain specific conditions. We are still in the process of finalizing the specific location, which we will announce this coming quarter. We remain on track for the selection of our contractor in the second half of 2021, the commencement of construction of the facility in the first half of 2022, and for the initial production of battery modules and packs in the second half of 2022. Producing our own battery modules and packs should result in significant cost savings, provide full control over battery specs and dimensions, and remove key supplier dependency. Let me take a few minutes here to address potential cell shortage, which in the last few months has been a topic of discussion in our industry. Lion has not been impacted by this potential industry shortage. We have a multi-sourcing strategy for our batteries and battery components, with multi-year supply agreements with BMW, LG Chem, and Romeo Power, and we also have been building our own battery packs for years. We always maintain a healthy level of battery inventories, which, combined with scheduled and confirmed deliveries, minimize the risks associated with a potential shortage of battery materials. We remain vigilant, we do not expect that a battery shortage will impact our operations in the near future. Turning to staffing. We continue to improve our teams on all fronts. As of May 14, our total headcount exceeded 650 employees, of which over 200 in engineering and R&D. In our management team, Isabelle Adjahi joined us as VP, Investor Relations and Sustainable Development, and François Duquette joined as VP, Chief Legal Officer, and Corporate Secretary. Isabelle brings over 25 years of experience in IR with companies such as WSP and Axcan Pharma. François brings over 20 years of experience at CDPQ, Allen & Overy, and Simmons & Simmons. We also added new key strategic members to the team. Rocco Mezzatesta as Senior Vice President, Product Development and Vehicle Engineering. Rocco, tasked with product development as well as the management of engineering projects, brings over 20 years of engineering experience, mostly in the transportation industry for companies such as Tesla, Ford, and Toyota. He will collaborate with Philippe Leblanc, who has played a key role in the development of products and will now be Vice President, Innovation and Advanced Engineering. Vince Spadafora is joining us today as Vice President, Financial Reporting. Vince, who is joining from Gildan Activewear, has more than 15 years of experience in publicly listed companies. He will oversee all aspects of financial reporting and related compliance. Last but not least, Brian Piern will join us on June 7th as Chief Commercial Officer. Brian will play a key role in our growth by expanding to new markets, building on long-standing relationships with existing clients while developing new accounts and expanding market share. Brian is an experienced executive leader with a demonstrated history of working in logistics, fleets, financial services, and electrification industries. He comes to us from Element Fleet Management, where he led the development of the commercial team. His previous work experience also includes Element Fleet Management and GE Capital, where he served as Senior Vice President of Sales at both of these companies. With that, let me now turn the call over to Nicolas, who will comment on our financial performance. Thank you, Marc. I'm thrilled at the progress our team has made in parallel with the public listing process, which lasted over six months. All this done in an unprecedented pandemic environment. Given the early May close date, each of NGA and Lion completed Q1 2021 as independent entities. As I discuss Q1, my comments will cover Lion's results only. Results presented for Q2 will, however, consolidate NGA and be on a post-transaction basis. Before I discuss Q1, I would like to briefly discuss our fiscal year 2020 results, as we did not get the opportunity to comment on numbers which were disclosed as part of our public filings for the transaction. Like companies from most sectors, fiscal 2020 was a very unusual year as the pandemic put significant pressure on our operations, our clients, and our suppliers. As the situation was evolving, our first objective was to ensure the health of our employees and their families, of our clients, and of the communities in which we operate. Our second objective was to implement tailored business continuity plans aimed at supporting our clients and business partners as they were navigating these unprecedented times. Despite the circumstances, we also aimed to maintain a high pace of vehicle R&D to continue to advance our various platforms and technologies. As of today, most of our office people have been working remotely for over one year. We have adapted our business processes, and we believe we are well-positioned to accelerate our growth as the economy continues to recover. Let's take a more detailed look at key highlights for fiscal 2020. We delivered 80 all-electric urban vehicles in 2020, all LionC school buses. For the year, we posted revenues of $23.4 million, down 24% compared to $30.7 million in fiscal 2019, primarily due to the impact of COVID-19 on our operations and on our clients. Our gross profits for fiscal 2020 amounted to $3.1 million, or 13% of revenue, versus $10.1 million, or 33% of revenue in 2019. The reduction in gross margin is mainly a result of us delivering less vehicles than planned, while at the same time increasing our manufacturing capacity and thus the fixed expense component of our gross margin in order to grow the business. SG&A amounted to $65 million, of which $55 million is a non-cash expense related to revaluation of existing management stock options. Net of the non-cash stock options expense, SG&A expense amounted to approximately $10 million for the year. Adjusted EBITDA for the year was - $4.3 million, compared to + $3.9 million in 2019. The EBITDA reduction in 2020 was largely due to continued fixed cost investments to scale the business, with deliveries and revenue not following the same pace due to a large extent for the pandemic. In parallel, we continued to prepare for future growth. We invested a record amount of $16.5 million in acquisition of intangible assets, which is largely R&D, as we are actively developing eight additional vehicles while at the same time continuing to develop our battery technology. All in all, we have delivered a good year in 2020, as despite the turbulence caused by the pandemic, we made significant investments in the execution of our strategic plan, and we were able to secure funding to support Lion's long-term growth. Let's now turn to Q1 2021 performance. Q1 is typically a slower quarter in the school bus space from a seasonality standpoint, and our sector remains affected by COVID-19, though we are seeing signs of improvement. We delivered 24 vehicles in Q1 2021, including 18 LionC school buses and six Lion8 trucks. 22 of these deliveries took place in Canada. This compares to a total of two school bus deliveries in Q1 2020. As Mark mentioned, we also delivered 10 Lion6 trucks to Amazon after the end of the quarter. We have therefore now delivered both our first Lion8 and Lion6 trucks. Revenues for Q1 2021 were $6.2 million, compared to $1.2 million in Q1 2020. Our gross profits for Q1 2021 amounted to - $1.8 million, versus - $1.1 million in Q1 of 2020. The negative gross margin is related to lower volumes in Q1, which do not fully offset the fixed cost portion of our cost base, to an unfavorable pricing mix, as well as the fact that we produced our very first trucks during the quarter. Administrative expenses amounted to $6.3 million for the quarter, of which $3.1 million is a non-cash expense related to existing management options. On a cash basis, administrative expenses amounted to approximately $3.2 million for the quarter. Selling expenses amounted to $4.4 million for the quarter, of which $2.1 million is a non-cash expense related to existing management options. On a cash basis, selling expenses amounted to approximately $2.3 million for the quarter. Adjusted EBITDA for Q1 stood at - $5.9 million, compared to - $3 million in Q1 of 2020. Q1 2021 acquisition of intangible assets, which is largely R&D, amounted to $6.5 million, more than double last year's amount, as we continue to accelerate the development of our vehicles and battery technology. As of today, our order book stands at 817 units, consisting of 209 trucks and 608 buses, for a total value of over $225 million. Most of these orders are expected to be delivered in the next 12 months. Our order book also includes 76 charging stations and related services, representing a combined total order value in excess of $800,000. Based on what we see in the market and the trends experienced in past years, we anticipate continued momentum in the order book. Let me now discuss the impact of our public listing. As Marc mentioned earlier, our public listing and the related private placement resulted in a cash inflow of approximately $490 million. Approximately $90 million of the proceeds were used to repay outstanding credit facilities, including our revolver and term loan and convertible debentures, with the remainder as cash on our balance sheet. We, therefore, have debt facilities of approximately $12 million, with approximately $400 million of cash on the balance sheet immediately following closing. In order to provide maximum flexibility, we also expect, subject to market condition, to put in place a new syndicated credit facility, and we hope to announce something to that effect shortly. The closing of the transaction and our transition to public company will result in the elimination of certain liabilities on our balance sheet and non-cash items on our P&L related to retractable common shares, convertible debt, and management options. Turning to the year ahead, we expect the electrification of medium and heavy-duty fleets to continue to gain momentum, driven both by the will of large fleet owners to electrify their fleet and by attractive government programs aimed at accelerating fleet electrification. We expect these favorable sector trends to help with the continued acceleration of our order book and our pace of delivery. At the company level, we will aim to improve the conversion rate of advanced client dialogue into orders, continue to increase vehicle production rate, and accelerate delivery. In light of the COVID-19 situation, our relatively recent entry in the truck market, and our transition to a public company, we do not anticipate providing any short or long-term financial guidance in the foreseeable future. Going forward, we, however, expect our disclosure to discuss industry trends in Lion's orders and delivery, the launch of new vehicles, key milestones on our battery plant and U.S. vehicle facility, progress with experience centers, and company headcount and key senior hires. I will now pass it back to Marc for concluding remarks. Thank you, Nick. We are pleased with the expansion of our business, the continued validation of our technology, and our market position. In the next few months, we will focus on, first, continuing focusing on our customers and working with fleet owners to provide them a turnkey solution and help them navigate the transition to electric in full confidence. This should translate into order book growth and accelerated deliveries. Second, executing of our strategic growth projects. We will continue to advance our 20,000 vehicle per year U.S. vehicle factory and our 5 GWh per year battery assembly plant. Third, continue to attract the best talent, make key strategic hires, and strengthen the team to successfully execute on our growth strategy. Before we turn to Q&A, I would like to thank the fantastic team at Lion. Our achievements today reflect the daily hard work of each and every team member. We are entering the most exciting chapter of our story, and we are all committed to continuing our success while accelerating our growth. As I have always been saying, we hope to have the support of investors who are with us for the long term, who can appreciate the incredible opportunities within the electric vehicle commercial space, and the need to progress at a pace that allows us to maintain our significant first-mover advantage. Let's now open the line for questions. Thank you. At this time, if anybody would like to ask a question, please press star one on your telephone keypad. Your first question comes from Benoit Poirier from Desjardins. Your line is open. Hey, good morning, Marc. Good morning, Nicolas. Congrats for the latest development. You just completed the delivery of 10 trucks to Amazon. Could you maybe discuss about the next step with respect to Amazon? Sure. Good morning, Benoit. This is Marc. Absolutely. Yeah, we successfully delivered the first 10 units within the last few weeks. Yeah, the decision, obviously, is Amazon's decision, I mean, for the future, we are ready to deliver, I mean, as many trucks as they would like to be delivered. Okay. With respect to Heritage, there's been a great announcement for the purchase of five trucks and potential for 100 additional orders. Could you talk maybe about the timing around the validation program? Yeah. The validation program for the first five units will be before the end of this year. You said it, I mean, if they are satisfied with the performance of those five units, then they have an option to buy 100 additional units, and this is a mix of Lion 6 and Lion 8. Okay. With respect to refuse trucks, Marc, any update on the progress of the pilot program with Waste Connections? Could you maybe provide the color about the potential market opportunities in the waste industry aside Heritage and Waste Connections? Sure, Benoit. The refuse truck potential is huge, as everybody knows. We'll be delivering the first unit to Waste Connections within the next two months. Yeah, we're in negotiations with many customers. As you know, this is a real full electric refuse truck, meaning this is an electric body on our electric truck. You can do the full day of operation, over 1,200 stops on the single charge. The customers are looking forward to do some ride and drives on this truck and to start purchasing those trucks. Okay. That's great, caller. Last one for me. Could you talk about the expected ramp-up in headcounts and SG&A for 2021? Sure. Well, it has to do with manufacturing capacity, obviously. What's good is that we do have a manufacturing capacity of 2,500 units per year right now in our actual plant in Montreal. This is good. As you guys know, we made the announcement of the Illinois plant also, that we are starting the ramp-up of the building within the last few months and before the end of the year. The first buses and trucks will be rolling off the line in H2 of 2022. We are ramping up the number of employees. We're a little bit over 650 employees right now, and we are hiring all the best resources. As I mentioned earlier also, the significant hires we have made in the last few months as well. This could go to a very significant number within the next 18 months, depending on the order book. Okay. That's great, caller. Thanks for the time. I'll get back in the queue. Thank you, Benoit. Your next question will come from Jonathan Lamers from BMO Capital Markets. Your line is open. Good morning. Congratulations on the public listing and capital raise. I appreciate that you're not going to be updating your guidance going forward. Would you be able to comment on how actual order activity year to date has compared to your expectations and, more importantly, your ability to meet the targets you laid out in the prospectus? Sure. Hey, Jonathan, Nick here. Good to speak with you. Look, we announced this morning the purchase order book at 817 units, and that most of these units we expect will be delivered in the next 12 months. We also announced that this was the extent of the KPIs that we will report on that front. I will leave it at that. Okay. I'm curious, it seems like customer demand near term is shifting a little bit in favor of school buses from trucks, relative to maybe what you put out before. Can you comment on how easy it is to adjust the assembly lines to produce more school buses and fewer trucks or vice versa? I believe the underlying chassis are fairly similar. They are, Jonathan. You probably remember that underneath a school bus, you have a Class 7 truck chassis. You're absolutely right. When we're saying we have a manufacturing capacity of 2,500 units per year right now, it's a mix of school buses, and trucks. We can do all of them, and it could be a mix of any of those models. The same thing with the 20,000 unit manufacturing capacity in Joliet, Illinois. In total, it's a manufacturing capacity of 23,000 units. Shipping, you said shipping from school buses to trucks. We see a lot of enthusiasm on the truck side as well. I think you know what happened on the school bus side is that we've been working in this market for many, many years. We delivered our first units over five years ago, as you might recall. President Biden and Prime Minister Trudeau came up with subsidy, same thing in Quebec and many other provinces and states right now. It seems like everybody recognizes the value of carrying our kids in electric school buses. To us, this has been like a slam dunk for many years. The whole market of school buses is going electric. President Biden said that at least 20% over the next few years will be converted to electric, and they're investing the money into this. School buses, honestly, is a great market that a lot of people were, including us, understating a few years ago. Turning to the truck market, a lot of huge enthusiasm. We are having regular contacts with the customers. We are doing ride and drives. We got that big order from the Pride Group of the unit, in addition to all the other orders I mentioned earlier, and we are in negotiations with many major fleets everywhere in the U.S. and Canada. I would say, the whole market is, I think, going electric. School buses, it is now, and electric trucks. It is now as well, but obviously we're just at the beginning of it, so it takes a little bit more time. The whole market is very excited about using electric trucks and buses. Okay. Thanks for that. Just on this order from First Student, are you able to share with us anything about how long that order took to develop, and whether there could be future opportunities with them or other large contractors in the U.S. going forward? There are many opportunities right now, Jonathan. It's an order for 260 buses. Those buses will be used in Quebec. This is only for the Quebec operation of First Student. They had a fleet of about 750 buses, it's about a third of the First Student fleet in Quebec that will be electrified. This is very exciting. They have been using 60 of our buses for a few years now, they were operating those buses. They've ordered an additional 10, now they are ordering an additional 260 for a total of over 280 buses in their fleet within the next, let's say, 18- 20 months. It seems like what First Student is doing, we feel that many school bus operators will be doing the same thing, not only in Canada, but in the United States as well. You probably know that we made very significant deliveries in California as well. We won the HVIP less than two years ago. We have people on the ground over there with two experience centers in California, one in L.A. and one in Sacramento. We're very well-established with our eight experience centers across the U.S. and Canada. We need to service those buses and trucks, we are opening a lot of experience centers as well. We do see a lot of enthusiasm and very, very excited about what First Student is doing with us. Great. I'm sorry to follow up on this, but just on lead times, how do those compare for these large bus customers to the private truck customers? Jonathan, you mean on the trucks side? Well, on trucks and on school buses, just how long it takes to negotiate. Oh, yeah. the agreements and get from this point of discussion with the clients who actually put an order in your backlog. No, sure. Thank you, Jonathan. Yeah, you asked me that question earlier. Well, listen, with First Student, it's an ongoing relationship and discussion because they're already using our electric buses. I would say, it's really not negotiation and how long it takes. For many of them, it's ongoing discussions and operating those buses. It really depends from one customer to the other. For new customers, usually they like to do ride and drive, which we do with Lion because we have vehicles on the ground, and they can do some ride and drive, which is great. It could go from a few weeks to many months. Okay. I'll pass the line. Thanks for your comments. Thank you. Your next question will come from Jon Lopez from Vertical Group. Your line is open. Hey, good morning. How are you? Yeah. Good morning, Jon. We're very good. How are you? Good. Great. Thanks so much for taking the time. My first question, I'm wondering, can somebody provide us a backlog figure as of calendar Q4? That kind of seems like the KPI you guys are going to maybe rely on here. Is there any way we could get the historical trending for that? Hey, Jon. Nick speaking. Thank you. We were at over 300 units at the end of Q4. Just a figure with deliveries and all that, the number of purchase orders we secured from year to date, Jan till year to date, is a little bit over 530. Got you. Okay. That's really helpful. Thank you, Nick. My second question, just about production. I believe you guys produced, I think I saw the disclosure of a little over 40 vehicles in the quarter. Sorry, again, is there a way you could offer us that figure for calendar Q4? What I'm really trying to figure out here is a bridge on the gross margin side. Said differently, I would expect you guys probably produced a couple amount of vehicles in Q4 and again in Q1, even though the deliveries dropped. Do I have that right? If I do, how did the gross margin trend relative to that? Roughly speaking, I think that's correct. I don't have the Q4 production with me right now, Jon. In terms of gross margin, we at Q4 were around 18% gross margin. Largely also related to the number of the vehicle sales that we had in the quarter, which was 46 in Q4. Okay, I got you. I'll follow up with you on that one. My very last question here, just relative to what I think you guys are saying on the backlog, I guess the expectation is most of the units will be delivered over the next 12. On the other hand, it sounds like the First Student order probably extends out a bit beyond that. I guess my question here is, if I take those two customers, they seem like they're pretty sizable percentage of the backlog. Are you comfortable that most of that gets delivered in the next 12, or should we really be thinking most of this is over the next 18-24? I'll start. I think, again, for First Student, we're going all the way to H1 of 2023. Right. The top two customers, I guess the second one was Pride? Yeah, sorry. Exactly, yeah. Yeah. Pride will be in part this year and in part next year, a little more weighted towards this year, but yeah. That's in calendar years. Calendar years. Okay. All right, great. That really helps. Thanks so much, guys. Thank you. Your next question will come from Rupert Merer from National Bank. Your line is open. Good morning, everyone. Congratulations on reporting the first quarter, and thanks for taking the questions. Getting back to the gross margins, can you discuss your sales strategy, how you're setting the ASP today, and how much of your manufacturing costs would you say are fixed costs versus variable costs? Sure. Good morning, Rupert. Great to talk to you. With respect to the ASP, obviously, we do have a strategy of pricing. The ASP, we expect will go down with time as we're passing all the savings to the customers, like we've always said. This is why we're investing so much money, for example, in the battery factory, where most, well, about 20% of the cost of an electric vehicle is within the battery. With respect to the gross margin, yeah, with respect to the portion of the fixed cost that's fixed versus variable, the thing to keep in mind, Rupert, it'll change on a quarter by quarter with volume. When you look at it on a full year basis, we estimate about 25% of the cost base above the gross margin level will be fixed. Okay, great. Looking at your current ASP and your backlog, do you have a sense for what your break-even point is on sales at the current price? Yeah. It's not a figure we'll be putting out per se, but look, if you look at Q4 of 2020, we were break-even on the 50. Okay, thank you. I respect you're not going to give financial guidance, but we have to talk a little about the cadence of orders over the next 12 months. Just wondering, is the cadence determined only by the timing requirements of your customers? Is some of this the rate that you're able to ramp production? Are you ramping production? Are you fully able to deliver at the rate of 2,500 units per year today? There's no issue, Rupert, with the ramping up of production. Our manufacturing capacity is 2,500 units right now. Obviously, we need to ramp up the number of employees, which we do as needed. It's really not a challenge in this regard. Let's keep in mind that we're working very close with our customers, with LionEnergy. This is where, for many customers, for many clients, this is where the challenge is. Sometimes we need to make sure that the infrastructure is ready on their end. What we do, as soon as possible, we start working with them to make sure that they can keep doing what they're doing great, their business. We can take care of the project management of the charging infrastructure. As we said earlier, we are resellers of many brands as well, and we do that. It could take a few months to get that organized, the project management, depending on the size of the deliveries as well. We're working very close with the customers. When we're delivering, for example, let's say three months from now, well, those three months, we'll be busy taking care of the operation and making sure that all the infrastructure will work very well when we will deliver the vehicles. Thank you. Just finally, I wonder if you can give some more color or any metrics on the sales pipeline so we can track going forward. You talked a little about quoting activity and how it's evolved. Maybe give us more color on that and how your conversion rates have been evolving as well, conversion rates to sales. Yeah, no, it's going very well. We've been ramping up our sales team as well. We have about 50 employees now in our sales team. Having those discussions with customers and the fact that they can do rides and drives on our products, on our vehicles, is great. The conversion rate, I think will be very, very good. The customers, obviously, we are in relation with. Well, the first thing for them is the great news that we share with them most of the time is that the total cost of ownership works very well in most of the cases. This wasn't in the past a well-hidden secret. Let's say that. We're doing the calculation with them, with their own assumptions. When they see that we can do the project management of the charging infrastructure as well, they can talk to customers. We're the leader in electric school buses in North America. They like to speak with the other customers. Now that we just started doing the deliveries on the truck side as well, we see an acceleration in closing the orders. Absolutely. Thank you. I'll leave it there and get back in the queue. Sure. Thank you. Your next question comes from Michael Glen from Raymond James. Your line is open. Hey, good morning. I guess my first question, just in terms of the U.S. facility first production targeting towards the end of 2022. When I listen to it feels like an aggressive timeline to get to that point. I'm just curious, how much buffers have you put into that timeline? Are you comfortable you have all the supply chain you needed set up surrounding that production ramp and to get all the equipment delivered in time in order to make that production happen? Absolutely, Michael. Well, this is a great question. For anybody that will open a factory where they do not have a lot of electric manufacturing experience, this will be challenging. For Lion, it's totally different. We've been manufacturing those vehicles for more than five years now and working on them for more than 10 years. It's a huge difference. We are already doing business with all the Tier 1 suppliers, and we do have a current manufacturing capacity of 2, 500 units. If you take a look at the building as well, the building is very well on their way right now. If you look at the pictures, for some of you, I know some of you guys have been able to see it. You've been able to go on site as well. Very, very exciting. This building is very well on the way. We will do the occupancy of this building within the next few months with the ramp up of the building before the end of the year. Now the first units will roll off H2 of 2022, no doubt in my mind. Everything is in place. The supply chain is already in place with what we're doing. You're welcome to visit our current factory. We do have a lot of experience. For anybody else that is not used to do that will be challenging. For Lion, we've been doing this for many years, Michael. When I think about what that line looks like, what are some of the significant manufacturing type items that you need to get into the facility to make the production happen? Is it robotics? Is it just labor, or what is it exactly? Well, it's a mix of what you just said. It's a mix of robotics and labor. We are starting to hire the people as we speak. We announced the Joliet facility only, what was it, about a week ago. We just started the hiring process. Ramping up the labor. The good thing is that Joliet, this is one of the reasons we selected Joliet for the labor and also the specialized labor that we will need at some point. Robotics is a good point as well. We are looking at manufacturing at a great pace, obviously. It's a mix of all of that. Okay. Just circling back onto Amazon, can you give an idea of the trucks that have been delivered up to now, the use case that they're being put through and any sort of feedback you're getting from the customer? Are there tweaks that have to be made to the platforms to get them more aligned with the customer, with what Amazon needs? Yeah, Michael, this is really a private discussion with Amazon. We were able to say that we've delivered the truck. The usage, what they are doing with it's a private matter between the two companies. Okay. Thank you for taking the questions. Thank you. Our final question for today will come from Benoit Poirier from Desjardins. Your line is open. Yes. Could you talk maybe about the overall pricing environment we see these days as we've seen some favorable announcement related to government subsidies, Marc? Yeah, Benoit Poirier. There have been great announcements on subsidies. As we're saying, even if the total cost of ownership works on most cases, the operators at some point need some help to do a smooth transition to electric. You saw what's happening on the school bus side. The school bus side with President Biden that said he wants to electrify over 20% of the 500,000 + school buses in the U.S. This is great. Trudeau said that he's looking at replacing 5,000 buses in Canada. It's a mix of transit buses and school buses with electric school buses within the next five years. Mayor de Blasio mentioned that before 2035 wants to electrify the fleet in New York. The ACT program also in California, but also that many other states are looking to apply in their own state also. There's a lot of money right now, and the people see the benefit of going electric. I think what they like to see as well is this total cost of ownership being so good right now at this point. That will improve with the higher demand over the next couple of years. This is great. We're very excited about all the money that is coming in to make a smooth transition for the operators to electric and also the Government of Canada that came up with $ 20 million for school buses. Great news. Okay. Thank you very much again. Thank you, everyone. This brings us to the end of our Q&A session. I turn the call back over to Isabelle Adjahi for closing remarks. Well, thanks everyone for joining the call today. We look forward to continuing the discussion with you, and feel free to call me, contact me for any follow-up questions you may have. On this, have a nice day. Thank you. Thank you everyone. This will conclude today's conference call. You may now disconnect.