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Dec 31, 2022
Nu Ride Q4 2022 Earnings Report
Lordstown Motors reported Q4 2022 financial results, highlighting the start of commercial sales for the Endurance pickup truck and a strengthened partnership with Foxconn, though supplier issues limited production and sales.
Key Takeaways
Lordstown Motors reported Q4 2022 financial results, which included sales of three vehicles and approximately $30 million in cost of sales. The company faced supplier quality and performance issues that limited production and sales and resulted in a temporary pause in production.
Foxconn investment of up to $170 million, with an initial $52 million funded.
Progressed pre-development work on a new program with Foxconn EV Ecosystem.
Started commercial sales of the Endurance electric full-size pickup truck.
Supplier quality and performance issues limited production and sales; corrective actions underway.
Revenue by Segment
Forward Guidance
Lordstown Motors expects to end the first quarter of 2023 with $150 to $170 million in cash and short-term investments. They anticipate first quarter of 2023 SG&A and R&D to decline slightly, without the accelerated stock compensation, litigation accruals and asset write-downs.
Positive Outlook
- Partnership with Foxconn is expected to drive cost benefits.
- New vehicle program is key to Lordstown Motors’ long-term business strategy.
- Anticipate first quarter of 2023 SG&A and R&D to decline slightly.
- Expect to announce when production and deliveries will resume.
- Line of sight to the resolution of issues that resulted in the production pause and voluntary recalls
Challenges Ahead
- Supplier quality and performance issues have limited production and sales.
- Temporarily paused production to address supplier quality issues.
- Voluntarily recall the Endurance to address supplier quality issues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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