Quebec judge approves sale of vehicle-maker Lion Electric to investor group
The Lion Electric Company's lithium-ion battery manufacturing facility in Mirabel, Que., is shown on Sept. 14, 2023. THE CANADIAN PRESS/Christinne Muschi
A Quebec Superior Court judge has approved the sale of vehicle-maker Lion Electric to a group of Quebec investors.
Justice Michel Pinsonnault says the deal is the only option that ensures the struggling manufacturer can keep operating.
The consortium of investors is led by Pierre Wilkie, a director of the electric-vehicle company, and Montreal real estate entrepreneur Vincent Chiara.
Lion Electric will preserve its manufacturing plant in St-Jérôme, Que., where it made electric school buses and trucks, but hundreds of employees will be permanently laid off.
The investors made a revised offer after the Quebec government announced last month it would not invest any more public money in the company.
Lion Electric entered creditor protection in December and has been seeking a buyer since then.
This report by The Canadian Press was first published May 22, 2025.
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All statements, other than statements of historical facts, included in this news release that address future events, developments, or performance that the Company expects to occur (including management's expectations regarding the Company's objectives, strategies, financial condition, results of operations, cash flows and businesses) are forward-looking statements. Forward-looking statements are typically identified by future or conditional verbs such as 'outlook', 'believe', 'anticipate', 'estimate', 'project', 'expect', 'intend', 'plan', and terms and expressions of similar import. All forward-looking information in this news release is qualified by this cautionary note. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such forward-looking statements are subject to a number of risks and uncertainties that include, but are not limited to: the level of activity in the mining industry and the demand for the Company's services; competitive pressures; global and local political and economic environments and conditions; measures affecting trade relations between countries, including the imposition of tariffs and countermeasures, as well as the possible impacts on the Company's clients, operations and, more generally, the economy; the integration of business acquisitions and the realization of the intended benefits of such acquisitions; the level of funding for the Company's clients (particularly for junior mining companies); exposure to currency movements (which can affect the Company's revenue in Canadian dollars); changes in jurisdictions in which the Company operates (including changes in regulation); currency restrictions; the Company's dependence on key customers; efficient management of the Company's growth; the impact of operational changes; safety of the Company's workforce; risks and uncertainties relating to climate change and natural disasters; the geographic distribution of the Company's operations; failure by counterparties to fulfill contractual obligations; disease outbreak; as well as other risk factors described under 'General Risks and Uncertainties' in the Company's MD&A for the year ended April 30, 2025, available on the SEDAR+ website at Should one or more risk, uncertainty, contingency, or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Forward-looking statements made in this document are made as of the date of this document and the Company disclaims any intention and assumes no obligation to update any forward-looking statement, even if new information becomes available, as a result of future events, or for any other reasons, except as required by applicable securities laws. About Major Drilling Major Drilling Group International Inc. is the world's leading provider of specialized drilling services in the metals and mining industry. The diverse needs of the Company's global clientele are met through field operations and registered offices that span across North America, South America, Australia, Asia, Africa, and Europe. Established in 1980, the Company has grown to become a global brand in the mining space, known for tackling many of the world's most challenging drilling projects. Supported by a highly skilled workforce, Major Drilling is led by an experienced senior management team who have steered the Company through various economic and mining cycles, supported by regional managers known for delivering decades of superior project management. Major Drilling is regarded as an industry expert at delivering a wide range of drilling services, including reverse circulation, surface and underground coring, directional, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole, and surface drill and blast, along with the ongoing development and evolution of its suite of data and technology-driven innovation services. Webcast/Conference Call Information Major Drilling Group International Inc. will provide a simultaneous webcast and conference call to discuss its quarterly results on Thursday, June 12, 2025 at 8:00 am (EDT). To access the webcast, which includes a slide presentation, please go to the investors/webcasts section of Major Drilling's website at and click on the link. Please note that this is listen-only mode. To participate in the conference call, please dial 416-340-2217, participant passcode 5509648# and ask for Major Drilling's Fourth Quarter Results Conference Call. To ensure your participation, please call in approximately five minutes prior to the scheduled start of the call. For those unable to participate, a taped rebroadcast will be available approximately one hour after the completion of the call until Sunday, July 6, 2025. To access the rebroadcast, dial 905-694-9451 and enter the passcode 3742746#. 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For the twelve months ended April 30, 2025 and 2024 (in thousands of Canadian dollars) (unaudited) Retained Other Share-based Foreign currency Share capital earnings reserves payments reserve translation reserve Total BALANCE AS AT MAY 1, 2023 $ 266,071 $ 105,944 $ (37) $ 3,696 $ 76,903 $ 452,577 Exercise of stock options 764 (197) - (342) - 225 Share-based compensation - - - 277 - 277 Share buyback (4,156) (7,093) - - - (11,249) Stock options expired/forfeited - 1 - (1) - - 262,679 98,655 (37) 3,630 76,903 441,830 Comprehensive earnings: Net earnings - 53,085 - - - 53,085 Unrealized gain (loss) on foreign currency translations - - - - (1,102) (1,102) Unrealized gain (loss) on derivatives - - 19 - - 19 Total comprehensive earnings - 53,085 19 - (1,102) 52,002 BALANCE AS AT APRIL 30, 2024 $ 262,679 $ 151,740 $ (18) $ 3,630 $ 75,801 $ 493,832 BALANCE AS AT MAY 1, 2024 $ 262,679 $ 151,740 $ (18) $ 3,630 $ 75,801 $ 493,832 Exercise of stock options 429 - - (115) - 314 Share-based compensation - - - 100 - 100 263,108 151,740 (18) 3,615 75,801 494,246 Comprehensive earnings: Net earnings - 25,955 - - - 25,955 Unrealized gain (loss) on foreign currency translations - - - - 2,172 2,172 Unrealized gain (loss) on derivatives - - (275) - - (275) Total comprehensive earnings - 25,955 (275) - 2,172 27,852 BALANCE AS AT APRIL 30, 2025 $ 263,108 $ 177,695 $ (293) $ 3,615 $ 77,973 $ 522,098 Major Drilling Group International Inc. (in thousands of Canadian dollars) (unaudited) Three months ended Twelve months ended April 30 April 30 2025 2024 2025 2024 OPERATING ACTIVITIES Earnings before income tax $ 1,761 $ 12,324 $ 37,300 $ 71,013 Operating items not involving cash Depreciation and amortization 18,039 13,852 63,519 51,718 (Gain) loss on disposal of property, plant and equipment 214 (232) (673) (843) Share-based compensation 19 59 100 277 Finance (revenues) costs recognized in earnings before income tax 717 (888) 484 (2,204) 20,750 25,115 100,730 119,961 Changes in non-cash operating working capital items (11,053) (13,691) 18,965 4,652 Finance revenues received (costs paid) (717) 888 (484) 2,204 Income taxes paid (4,604) (4,161) (18,295) (14,782) Cash flow from (used in) operating activities 4,376 8,151 100,916 112,035 FINANCING ACTIVITIES Repayment of lease liabilities (616) (413) (2,072) (1,495) Repayment of long-term debt - - - (20,000) Issuance of common shares due to exercise of stock options 2 96 314 551 Proceeds from draw on long-term debt (1,272) - 27,682 - Cash-settled stock options - - - (326) Repurchase of common shares - - - (11,249) Cash flow from (used in) financing activities (1,886) (317) 25,924 (32,519) INVESTING ACTIVITIES Business acquisitions (net of cash acquired) (379) - (93,551) (6,991) Investments - - (15,205) - Acquisition of property, plant and equipment (18,607) (18,461) (72,521) (73,534) Proceeds from disposal of property, plant and equipment 1,320 312 3,247 2,138 Cash flow from (used in) investing activities (17,666) (18,149) (178,030) (78,387) Effect of exchange rate changes (1,788) 1,667 959 657 INCREASE (DECREASE) IN CASH (16,964) (8,648) (50,231) 1,786 CASH, BEGINNING OF THE PERIOD 62,951 104,866 96,218 94,432 CASH, END OF THE PERIOD $ 45,987 $ 96,218 $ 45,987 $ 96,218 Major Drilling Group International Inc. As at April 30, 2025 and April 30, 2024 (unaudited) April 30, 2025 April 30, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 45,987 $ 96,218 Trade and other receivables 144,731 122,251 Income tax receivable 6,992 3,803 Inventories 115,629 110,805 Prepaid expenses 8,490 9,532 321,829 342,609 PROPERTY, PLANT AND EQUIPMENT 277,553 237,291 RIGHT-OF-USE ASSETS 9,176 4,595 INVESTMENTS 17,814 - DEFERRED INCOME TAX ASSETS 2,151 2,872 GOODWILL 65,962 22,597 INTANGIBLE ASSETS 24,256 2,219 $ 718,741 $ 612,183 LIABILITIES CURRENT LIABILITIES Trade and other payables $ 112,690 $ 86,226 Income tax payable 4,295 4,367 Current portion of lease liabilities 2,021 1,395 Current portion of contingent consideration 8,869 8,863 127,875 100,851 LEASE LIABILITIES 7,430 3,321 CONTINGENT CONSIDERATION 13,341 - LONG-TERM DEBT 27,682 - DEFERRED INCOME TAX LIABILITIES 20,315 14,179 196,643 118,351 SHAREHOLDERS' EQUITY Share capital 263,108 262,679 Retained earnings 177,695 151,740 Other reserves (293) (18) Share-based payments reserve 3,615 3,630 Foreign currency translation reserve 77,973 75,801 522,098 493,832 $ 718,741 $ 612,183 MAJOR DRILLING GROUP INTERNATIONAL INC. SELECTED FINANCIAL INFORMATION FOR THE THREE AND TWELVE MONTHS ENDED APRIL 30, 2025 AND 2024 (in thousands of Canadian dollars) SEGMENTED INFORMATION The Company's operations are divided into three geographic segments corresponding to its management structure: Canada - U.S.; South and Central America; and Australasia and Africa. The services provided in each of the reportable segments are essentially the same. The accounting policies of the segments are the same as those described in note 4 presented in the Notes to Consolidated Financial Statements for the year ended April 30, 2025. Management evaluates performance based on earnings from operations in these three geographic segments before finance costs, general and corporate expenses, and income tax. Data relating to each of the Company's reportable segments is presented as follows: Q4 2025 Q4 2024 YTD 2025 YTD 2024 Revenue Canada - U.S.* $ 58,799 $ 74,539 $ 274,390 $ 344,931 South and Central America 87,979 49,286 262,273 187,410 Australasia and Africa 40,768 44,210 190,916 174,353 $ 187,546 $ 168,035 $ 727,579 $ 706,694 *Canada - U.S. includes revenue of $27,375 and $36,679 for Canadian operations for the three months ended April 30, 2025 and 2024 respectively, and $102,596 and $130,378 for the twelve months ended April 30, 2025 and 2024 respectively. 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- Globe and Mail
Can Rivian Realistically Return to Growth in 2025?
When many investors turned to find the next Tesla, which is easier said than done, some turned to the young electric vehicle (EV) maker Rivian Automotive (NASDAQ: RIVN). The company had proven capable of manufacturing high-quality vehicles, impressed critics and consumers alike, and inked a massive deal for delivery vans (EDVs) with Amazon -- life was good. Exiting 2023 you could argue Rivian had more momentum than any EV maker out there, but that has since dissipated and left investors wondering if the automaker can return to growth in 2025. The harsh truth The harsh truth is that the automotive industry is extremely competitive, and it takes an automaker with a full lineup to be truly successful. That hampers Rivian's ability to post extreme growth as the company only offers the R1T, R1S, and EDVs. But what's worse is that Rivian's only offerings are aging, and demand for them is waning -- it's been a noticeable trend. So the question facing investors is: Can the automaker return to growth in 2025 before the highly anticipated R2 launch in 2026? Driving demand Investors in the know understand that Rivian has a small consumer base, but that it's a highly passionate base as well. There are Rivian adventure groups all across social media with consumers planning trips among other things. Rivian is attempting to tap into this passion with its first major marketing push, which the company could certainly use to help stoke demand for its vehicles. "This campaign is about celebrating the people who define what Rivian truly is," said Vice President of Marketing Denise Cherry on Rivian's blog. "Our vehicles are made to empower exploration and adventure, but it's the stories our owners create that give them real soul. For our first 360 brand campaign, we wanted to make sure our owners were the spotlight." Rivian has largely relied on word of mouth and organic growth to spread its brand awareness, but with demand waning over the past year, this marks the right time for the company to try to drive interest and demand for its R1 vehicles. The next step Then it'll be time for the R1 vehicles to hand the baton to the R2 in 2026, which starts at roughly $45,000, or about half the price of Rivian's R1 vehicles. With 155,000 production units annually the R2 will be able to nearly double production of the R1S and R1T. If demand is there, expect deliveries to take off and accelerate through 2026. Investors also can't forget Rivian's big-time move to swap initial production of the R2 from its Georgia plant, which is under construction, to its Illinois plant thanks to an expansion of the factory. It's a move that not only fills production capacity at its original plant, but that saved the company roughly $2.25 billion. What it all means The harsh truth is that Rivian is unlikely to return to growth in 2025, unless its marketing campaign works miracles to drive immense demand. The automaker is essentially all-in on its R2, which boasts a much lower-cost bill of materials and improved tech, and will rely on the R2, R3, and R3X to take the company into its next growth stage. The near-term environment for EVs is pessimistic, especially with the current administration pulling support for the EV industry, and Rivian lacks any visible catalysts for the stock in 2025. But investors would be wise to take the long-term approach with Rivian. The company just achieved two consecutive quarters of gross profit and if it executes the production ramp-up of the R2 in 2026, it will be a much better year for investors. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 996%* — a market-crushing outperformance compared to 174% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. *Stock Advisor returns as of June 9, 2025
