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NFI Announces Third Quarter 2023 Results

Retrieved on: 
Wednesday, November 8, 2023

WINNIPEG, Manitoba, Nov. 08, 2023 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. ("NFI" or the "Company"), a leader in zero-emission electric mobility solutions, today announced its unaudited interim condensed consolidated financial results for the third quarter of 2023.

Key Points: 
  • Results noted herein are for the 13-week period ("2023 Q3”) and the 52-week period ("LTM 2023 Q3”) ended October 1, 2023.
  • Comparisons and comments are also made to the 13-week period (“2023 Q2”) ended July 2, 2023.
  • In 2023 Q3, NFI also saw an increase in orders for ARBOC and MCI vehicles, up 93% and 47% year-over-year respectively.
  • NFI also reaffirms its Fiscal 2024, and its 2025 targets, as presented on March 1, 2023.

American Battery Solutions inks battery pack supply agreement with North America's largest bus manufacturer, NFI Group Inc.

Retrieved on: 
Wednesday, October 4, 2023

LAKE ORION, Mich., Oct. 4, 2023 /PRNewswire/ -- American Battery Solutions (ABS) announced today that it has signed a multi-year contract with leading bus manufacturer NFI Group Inc. to supply custom battery packs that will provide clean power for NFI subsidiary New Flyer's newest 35-, 40- and 60-foot battery-electric transit buses. NFI is now launching ABS batteries into bus production for customer deliveries starting in the first quarter of 2024. The Li-Ion batteries were fully designed, tested, and validated by ABS at its engineering and development center located in Lake Orion, MI. The production of these batteries will be done at ABS' state-of-the-art manufacturing plant in Springboro, OH.

Key Points: 
  • LAKE ORION, Mich., Oct. 4, 2023 /PRNewswire/ -- American Battery Solutions (ABS) announced today that it has signed a multi-year contract with leading bus manufacturer NFI Group Inc. to supply custom battery packs that will provide clean power for NFI subsidiary New Flyer's newest 35-, 40- and 60-foot battery-electric transit buses.
  • NFI is now launching ABS batteries into bus production for customer deliveries starting in the first quarter of 2024.
  • NFI expects that 40% of its 2025 production will be zero-emission buses and is leading the evolution to zero-emission public transportation in North America.
  • "ABS has made significant investments in their pack assembly and battery technology, providing NFI with industry leading solutions.

NFI Announces Second Quarter 2023 Results and Update on Comprehensive Refinancing Plan

Retrieved on: 
Wednesday, August 16, 2023

WINNIPEG, Manitoba, Aug. 16, 2023 (GLOBE NEWSWIRE) -- August 16, 2023: (TSX: NFI, OTC: NFYEF, TSX: NFI.DB, TSX: NFI.R) NFI Group Inc. ("NFI" or the "Company"), a leader in zero-emission electric mobility solutions, today announced its unaudited consolidated financial results for the second quarter of 2023.

Key Points: 
  • Post-completion of the Refinancing Plan, the minimum liquidity requirement under the senior facilities will increase to $50 million.
  • If the Refinancing Plan is not completed by August 31, 2023, the Company will require relief from the lenders under its senior secured facilities and potentially additional liquidity support.
  • NFI experienced significant improvement in supplier performance and on-time production during the quarter, supporting a 66% year-over-year increase in bus and coach deliveries.
  • NFI also reaffirms its Fiscal 2024, and its 2025 targets, as presented on March 1, 2023.

NFI named one of Corporate Knights Best 50 Corporate Citizens in Canada for second consecutive year

Retrieved on: 
Wednesday, June 28, 2023

WINNIPEG, Manitoba, June 28, 2023 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. (“NFI”), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, today announced that it has been ranked among Corporate Knights’ Best 50 Corporate Citizens in Canada for the second consecutive year.

Key Points: 
  • WINNIPEG, Manitoba, June 28, 2023 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. (“NFI”), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, today announced that it has been ranked among Corporate Knights’ Best 50 Corporate Citizens in Canada for the second consecutive year.
  • The Best 50 Corporate Citizens in Canada highlights companies that outperform their peers in corporate sustainability leadership.
  • “At NFI, we take pride in being an employer of choice, and we continuously strive to be a good corporate citizen.
  • It is an honour for NFI Group to be named among the Best 50 Corporate Citizens in Canada for the second consecutive year, and we extend our thanks to Corporate Knights for this recognition,” said Natalia Klumper, Sustainability Manager, NFI.

Miami-Dade Transit awards NFI a contract for 100 zero-emission, high-capacity New Flyer buses and associated charging infrastructure

Retrieved on: 
Friday, June 23, 2023

These buses were added to NFI’s backlog in the first quarter of 2023.

Key Points: 
  • These buses were added to NFI’s backlog in the first quarter of 2023.
  • MTD is one of the largest transit systems in the United States, delivering more than 36 million annual passenger trips.
  • NFI Infrastructure Solutions is a service dedicated to providing safe and reliable infrastructure services for smart, sustainable mobility projects, with more than 390 chargers installed to date.
  • Since opening in late 2017, the VIC has hosted over 350 interactive events, welcoming 7,000 industry professionals for EV and infrastructure training.

NFI releases its Environmental, Social and Governance Report for 2022

Retrieved on: 
Wednesday, May 31, 2023

WINNIPEG, Manitoba, May 31, 2023 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) The board of directors (the “Board”) of NFI Group Inc. (the “Company”), a leader in zero-emission electric mobility solutions, today released its Environmental, Social and Governance (“ESG”) Report for 2022 (“ESG Report” or “Report”), which can be found at https://www.nfigroup.com/esg/

Key Points: 
  • The Report focuses on the three main components of NFI’s Sustainability Pledge, first adopted in 2006: “Better Product.
  • NFI Infrastructure Solutions™ has delivered over 390 electric vehicle chargers with a total of over 77 megawatts of charging capacity.
  • NFI continued to build on its partnership with United Way agencies, supporting 18 communities across North America, and raising more than $380,000 in 2022.
  • This Report has been reviewed and published with the approval of NFI’s senior executives and the Board of Directors.

NFI Announces First Quarter 2023 Results

Retrieved on: 
Thursday, May 4, 2023

WINNIPEG, Manitoba, May 04, 2023 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. ("NFI" or the "Company"), a leader in zero-emission electric mobility solutions, today announced its unaudited consolidated financial results for the first quarter of 2023.

Key Points: 
  • Results noted herein are for the 13-week period ("2023 Q1”) and the 52-week period ("LTM 2023 Q1”) ended April 2, 2023.
  • Work on the drains began in the second quarter, and NFI expects that the majority of the vehicles impacted by these issues will commence delivery late in the second quarter and continue to be delivered throughout the rest of 2023.
  • In 2023 Q1, NFI received new firm and option orders for 1,873 EUs, an increase of 33% from 2022 Q1.
  • NFI reaffirms its financial guidance for Fiscal 2023 and Fiscal 2024, and its 2025 targets, as presented on March 1, 2023:

NFI Announces Fourth Quarter and Full Year 2022 Results and Multi-Year Guidance

Retrieved on: 
Wednesday, March 1, 2023

WINNIPEG, Manitoba, March 01, 2023 (GLOBE NEWSWIRE) --  (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. ("NFI" or the "Company"), a leader in zero-emission electric mobility solutions, today announced its condensed consolidated financial results for Fiscal 2022.

Key Points: 
  • Results noted herein are for the 13-week period ("2022 Q4”) and the 52-week period ("Fiscal 2022”) ended January 1, 2023.
  • Work-in-progress ("WIP") inventory decreased by $126 million from 2022 Q3 as many buses awaiting parts were completed and delivered in the fourth quarter.
  • In 2022 Q4, NFI received orders for 1,118 EUs of battery-electric, ZEBs, a 780% increase from the 127 EUs from 2022 Q3.
  • NFI experienced significant inflation with respect to supplier pricing and employee wages, and through raw material prices purchased directly by NFI in 2022.

NFI receives new contract for up to 166 zero-emission buses from Manitoba’s Winnipeg Transit

Retrieved on: 
Wednesday, January 4, 2023

The contract also has options to be extended for up to four years to purchase up to 150 40-foot zero-emission buses (“ZEB”).

Key Points: 
  • The contract also has options to be extended for up to four years to purchase up to 150 40-foot zero-emission buses (“ZEB”).
  • In total, NFI will add up to 166 buses (or 174 Equivalent Units “EUs”) to its backlog from firm and option orders.
  • The new five-year contract includes the following firm orders:
    Four Xcelsior CHARGE FC™ fuel cell-electric 40-foot, heavy-duty transit buses (4 EUs), and four Xcelsior CHARGE FC fuel cell-electric 60-foot transit buses (8 EUs), and
    Named one of Canada’s most efficient transit systems, Winnipeg Transit is the public transit agency serving Winnipeg, Manitoba, delivering more than 48 million passenger trips annually.
  • “NFI's partnership with Winnipeg Transit spans 35 years, and we have delivered more than 1,560 transit buses to Winnipeg Transit since 1987.

NFI named as partner of choice for over $380 million in FTA Low-No and Buses and Bus Facilities grants from 38 transit agencies across the United States

Retrieved on: 
Thursday, November 3, 2022

New Flyer supported the successful applications for over $380 million in grants awarded to 38 U.S. public transit agencies and was the named partner for two individual agency awards of over $25 million each.

Key Points: 
  • New Flyer supported the successful applications for over $380 million in grants awarded to 38 U.S. public transit agencies and was the named partner for two individual agency awards of over $25 million each.
  • This was an increase from the $40 million in Low-No grants awarded to nine U.S. public transit agencies that NFI subsidiaries supported in 2021.
  • New Flyers success with Low-No and Buses and Bus Facilities grants provide future backlog growth opportunities.
  • The FTA has now awarded U.S. public transit agencies Low-No grants to procure New Flyer buses and charging infrastructure for seven consecutive years.