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Benzinga
Benzinga
Business
Shivani Kumaresan

Lordstown Motors Stock Slides Post Q4 Results; Reaffirms Q3'22 Target For Endurance Sales

Lordstown (Organization) RIDE Foxconn Lordstown Motors Corp Wikimedia
  • Lordstown Motors Corp (NASDAQ:RIDE) reported a fourth-quarter FY21 loss per share of $(0.42), beating the consensus of $(0.73).
  • The total operating expenses rose 120.7% Y/Y to $84.6 million.
  • The operating loss incurred for the quarter was $(84.66) million versus $(38.35) million last year.
  • The company held $244 million in cash and equivalents as of December 31, 2021.
  • The company said it is working toward finalizing the Foxconn Technology Co Ltd (OTC:FXCOF) transaction, including the contract manufacturing agreement, and seeking an agreement and funding structure to develop new vehicles in collaboration with Foxconn based on the MIH platform.
  • "Our organization's top priority remains to bring the Lordstown Endurance full size all-electric pickup to market as quickly and efficiently as possible," said Lordstown President Edward Hightower.
  • Outlook: Lordstown reaffirms the third quarter 2022 target for commercial production and sales of the Endurance.
  • Lordstown sees commercial production and sales of the Endurance of about 500 units in FY22 and 2,500 units in FY23.
  • Price Action: RIDE shares are trading lower by 6.54% at $3.00 in premarket on the last check Monday.
  • Photo via Wikimedia
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