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Lordstown Motors Tops Q2 EPS

Aug 04, 2022 07:56
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Lordstown Motors (RIDE) reported Q2 EPS of $0.32, $0.76 better than the analyst estimate of ($0.44).

Ending cash balance of $236 million is above internal expectations and extends our runway, due in part to disciplined expense controls and rigorous program management.

GUIDANCE:

  • Reaffirming third quarter 2022 target for start of commercial production of the Endurance and commercial deliveries expected in Q4
  • 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
  • Balanced approach to allocate existing capital on the critical path items to get the Endurance to market
  • Production ramp plan will be aligned with bill of material cost reductions and capital raising
  • First vehicle program from our Foxconn joint venture expected to be announced in Q4
Lordstown Motors Tops Q2 EPS
 

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