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Jun 30, 2022
Nu Ride Q2 2022 Earnings Report
Lordstown Motors reported an operating profit due to the sale of its facility and is focused on launching the Endurance and developing new vehicles with Foxconn.
Key Takeaways
Lordstown Motors reported an operating profit of $61.3 million, driven by the sale of its Lordstown facility. The company is focused on launching the Endurance electric pickup truck and developing new vehicles through its joint venture with Foxconn. They ended the quarter with $236 million in cash.
Ended the quarter with a cash balance of $236 million.
Closed Asset Purchase Agreement with Foxconn, generating $107.5 million cash proceeds in 2Q22.
Reported operating profit of $61.3 million, including gain on sale of the Lordstown facility.
Reaffirming third quarter 2022 target for start of commercial production of the Endurance and commercial deliveries expected in Q4.
Forward Guidance
Lordstown Motors is reaffirming its target for the start of commercial production of the Endurance in Q3 2022 and commercial deliveries expected in Q4. They expect lower 2H 2022 total operating loss and capital expenditures of between $140 and $150 million, excluding contingent liabilities, reducing the minimum capital raise in 2022 from $150 million to $50 to $75 million.
Positive Outlook
- Reaffirming third quarter 2022 target for start of commercial production of the Endurance
- Commercial deliveries expected in Q4
- Expect lower 2H 2022 total operating loss
- Expect capital expenditures of between $140 and $150 million
- Reducing the minimum capital raise in 2022 from $150 million to $50 to $75 million
Challenges Ahead
- Need to raise substantial additional capital to execute business plan
- Cost and other impacts of contingent liabilities
- Limited operating history
Historical Earnings Impact
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