RIDE - Lordstown Motors Q1 GAAP EPS in-line with estimates net loss narrows

Lordstown Motors (NASDAQ:RIDE): Q1 GAAP EPS of -$0.46 in-line. Q1 total operating expenses $87.9M (-17.3% Y/Y). Q1 net loss $89.6M (vs. loss of $125.2M last year). “We made significant progress toward launching the Endurance during the first quarter, notwithstanding unprecedented supply chain challenges. Our highest priority remains getting the Endurance into customers’ hands...," said RIDE CEO Daniel Ninivaggi. Cash and cash equivalents were $203.6M as of March 31, 2022, vs. $244M as of Dec. 31, 2021. RIDE reaffirmed Q3 2022 target for start of commercial production of the Endurance and initial production of about 500 units; commercial deliveries expected in Q4. Press release Shares -0.5%.

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Lordstown Motors Q1 GAAP EPS in-line with estimates, net loss narrows