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NEWS RELEASE Lion Electric Announces Third Quarter 2021 Results 11/10/2021 MONTREAL , Nov. 10 , 2021 / PRNewswire / - The Lion Electric Company ( NYSE : LEV ) ( TSX : LEV ) ( " Lion " or the " Company " ) , a leading manufacturer of all - electric medium and heavy - duty urban vehicles , today announced its financial and operating results for the third quarter of fiscal year 2021 , which ended on September 30 , 2021. Lion reports its results in U.S. dollars and in accordance with International Financial Reporting Standards ( " IFRS " ) . LION ELECTRIC LION ÉLECTRIQUE Q3 2021 FINANCIAL HIGHLIGHTS ● Delivery of 40 vehicles , an increase of 30 vehicles , as compared to the 10 delivered in the same period last year . Revenue of $ 11.9 million , up $ 9.3 million , as compared to $ 2.6 million in Q3 2020 . • Gross profit of negative $ 1.2 million , down $ 0.7 million , as compared to negative $ 0.5 million in Q3 2020 . • Administrative expenses of $ 10.0 million , which include $ 4.5 million of non - cash share - based compensation expense , were down $ 16.7 million as compared to $ 26.7 million in Q3 2020 . Selling expenses of $ 5.2 million , which include $ 1.5 million of non - cash share - based compensation expense , were down $ 3.9 million , as compared to $ 9.1 million in Q3 2020 . • Net earnings of $ 123.0 million in Q3 2021 as compared to a net loss of $ 38.6 million in Q3 2020. The net earnings for Q3 2021 includes a $ 138.4 million gain related to non - cash decrease in the fair value of share warrant obligations and $ 6.0 million related to non - cash share - based compensation . Adjusted EBITDA1 of negative $ 8.8 million , as compared to negative $ 2.8 million in Q3 2020 , after adjusting for certain non - cash and non - recurring items such as change in fair value of share warrant obligations , share based compensation , and other non - recurring expenses . Acquisition of intangible assets , which mainly consist of R & D activities , amounted to $ 9.5 million , up $ 5.1 million , as compared to $ 4.4 million in Q3 2020 . • As of September 30 , 2021 , Lion had $ 317.8 million in cash , and access to a committed revolving credit facility ● ● ● ● 1