In fourth-quarter results released Wednesday, the Winnipeg-based EV company cut its expected earnings before interest, taxes, depreciation and amortization (EBITDA) for 2024 to between US$240 million and US$280, down from an earlier range of US$250 million to US$300 million. (The Logic) 

Talking point: NFI attributed the cut to several factors, including a growing backlog in deliveries of its electric buses and coaches. The company, once described as the “Tesla of public transit,” launched a corporate restructuring plan last year aimed at extending NFI’s debt obligations and providing breathing room to address the manufacturing backlog. Though it has failed to reach delivery targets in recent years amid pandemic supply chain issues, NFI said in a press release it expects to raise EBITDA to US$400 million by the fourth quarter of 2025. The company’s stock, which traded around $60 per share before the pandemic, closed down nearly four per cent on Wednesday to settle around $13.70.