07:22 AM EDT, 05/08/2024 (MT Newswires) -- The Lion Electric ( LEV ) on Wednesday reported a wider net loss for the first quarter on slightly higher revenue.

The manufacturer of all-electric medium and heavy-duty urban vehicles, reported a net loss of US$21.7 million, or US$0.10 per diluted share, compared with the net loss of US$15.5 million, or US$0.07 per diluted share, last year.

Revenue of US$55.5 million was slightly higher than the US$54.7 million in the prior year quarter. The increase was due to the bigger proportion of higher-margin U.S. vehicle sales, which was partially offset by a drop in the number of vehicle sold - 196 compared with 220 in last year's first quarter - the company said.

Lion Electric ( LEV ) is down 3.9% in U.S. premarket trade, to US$1 per share.