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Proterra (NASDAQ:PTRA) share plunged 54% on Thursday after the commercial vehicles provider reported fourth quarter results that missed Wall Street estimates.
Total revenue grew 17% Y/Y to $80M in Q4, but net loss widened from $45.1M in the year-ago quarter to $81M.
Research and development expense grew 50% Y/Y to $18.8M in Q4, largely due to continued investment in new product development and customer programs to support anticipated future growth.
Capital expenditures totaled $17.6M, compared to $10.5M in the year-ago quarter, largely related to the build-out of the new Powered 1 factory.
For 2023, the firm sees revenue in the range of $450M to $500M, which is well below analysts estimate of $533.82M. Capex is expected to be around $25M compared to $59.5M in 2022.
Management said, “Though we expect initial production inefficiencies and underutilization at Powered 1 to translate into gross losses in the first half of the year, we expect positive gross margin in the second half of 2023. In addition, following our workforce restructuring announced in January 2023, we expect operating expenses to decline approximately $15M in 2023.”
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