Lion Electric Company (NYSE:LEV) reported a disappointing Q1 2024 performance with a revenue growth of 1.4% year-over-year to $55.48 million, missing the consensus of $69.16 million. The revenue increase was attributed to a higher proportion of U.S. vehicle sales, despite a drop in sales volume from 220 to 196 units. The company experienced a gross loss of $(11.1) million and a wider net loss of $(21.7) million compared to the previous year. Adjusted EBITDA loss also widened to $(17.3) million. Lion Electric highlighted its efforts to streamline strategies for long-term success, including workforce adjustments and cost-saving measures, amidst a challenging electric vehicle sector. The company's vehicle order book stood at 2,004 units, and it reported a cash balance of $4.8 million as of March-end, down from $29.9 million at the end of December 2023. LEV shares dropped 7.86% to $0.9583.