RIDE - Lordstown Motors GAAP EPS of -$0.45 revenue of $0.19M misses by $1.06M

2023-03-06 07:30:29 ET

• Lordstown Motors ( NASDAQ: RIDE ): Q4 GAAP EPS of -$0.45.
• Revenue of $0.19M misses by $1.06M .
• • RIDE began to sell the Endurance vehicle late in Q4, recording sales of three vehicles and approximately $30M in cost of sales.
• • Included in cost of sales were $0.6M of production costs, $8.3M of depreciation on production equipment and tooling owned, and $21M of charges related to inventory write-downs.
• • Net loss of $102M vs. loss of $81.2M last year.
• • At the end of 2022, cash and short-term investments were $221.7M, approximately $18M higher than Q3 2022.
• • • RIDE expects to end Q1 2023 with $150M to $170M in cash and short-term investments, excluding any additional Foxconn funding, other equity sales or contingent liabilities.
  • • • Relative to Q4 2022, in the aggregate, RIDE anticipates Q1 2023 SG&A and R&D to decline slightly.
  • • Production update : On Feb. 23, RIDE announced that it had experienced performance and quality issues with certain Endurance components that have led the company to temporarily stop production. Today, RIDE said "Through February 2023, approximately 40 Endurance vehicles have been completed or are in process and we have sold a total of six vehicles, of our planned initial batch of up to 500 units. We now have line of sight to the resolution of the issues that resulted in the production pause and voluntary recalls, and in the upcoming weeks expect to announce when we will resume production and deliveries."

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