Lordstown Motors (RIDE.US) shares fell around 5.0% after the EV maker reported a wider than expected quarterly loss and delivered only 3 Endurance vehicles to customers before the end of 2022. Company still has over $220 million in cash.
-
Loss per share: 45 cents, versus a loss of 42 cents per share in the fourth quarter of 2021.
-
Revenue: around $194,000. Company had no revenue in the year-ago period.
-
Q4 net loss rose to $102.3 million, compared with $81.2 million a year earlier. The results included an impairment charge of $36.5 million caused mainly by stock price decrease.
-
Company started production in September and set a target to deliver 50 vehicles in 2022 and more in 2023 out of the planned first batch of 500 cars. However due to performance and technical issues production was halted last month and no production outlook was included in the earnings release.
-
Meanwhile Lordstown starts a new EV program in partnership with Taiwanese contract-manufacturer Foxconn, which acquired the company's factory and so far invested $52 million in the startup in a deal that could eventually be worth up to $170 million if all milestones are hit.
-
“Our asset-light business model and collaboration with the Foxconn EV ecosystem, including MIH, will provide the opportunity for Lordstown Motors to create winning EVs that are tailored to the needs of customers that use them for various work applications, while gaining the cost benefits of scale,” said CEO Edward Hightower in a statement.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appLordstown Motors (RIDE.US) stock fell sharply on Monday and if current sentiment prevails, psychological support at$1.00 may be at risk. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
