RIDE - Lordstown Motors GAAP EPS of -$0.73 misses by $0.45

• Lordstown Motors press release ( NASDAQ: RIDE ): Q3 GAAP EPS of -$0.73 misses by $0.45 .
• Adjusted operating loss excluding the above items of $33.8 million, 33% lower than adjusted operating loss in 2Q22 on the first full quarter without plant operating costs and other reductions.
• At the end of the quarter, cash and short-term investments on hand was $204M, approximately $32M lower than the second quarter of 2022.
• Outlook: Reaffirming Q4 start of deliveries of Endurance, subject to full homologation and required certification, which is expected later this quarter.
• Continue to target initial production batch of up to 500 units; seeking OEM partnerships to scale Endurance.
• Pre-development work on next vehicle has begun by LMC, in collaboration with Foxconn EV ecosystem, including MIH consortium.
• Foxconn has agreed to make an additional investment in Lordstown Motors of up to $170 million, subject to certain terms and conditions.
• Target year end cash and short-term investments of $150 to $165 million, including Foxconn initial investment, and excluding contingent liabilities and other financings.

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