RIDE - Lordstown Motors Q2 GAAP EPS of $0.32 co posts net income vs. loss last year
- Lordstown Motors ( NASDAQ: RIDE ): Q2 GAAP EPS of $0.32 may not be comparable to consensus of -$0.45.
- Q2 operating profit of $61.3M, including $120.1M from the sale of the Lordstown ( RIDE ) facility, consisting of a $101.7M gain on sale and $18.4M in operating expense reimbursement.
- Q2 total operating income $61.29M vs. expenses of $110.34M last year.
- Q2 core total operating expenses $58.8M.
- At the end of the quarter cash on hand was $236M, about $32M higher than Q1.
- "We have more runway and will need to raise less capital in 2022 than previously forecasted” said RIDE CFO Adam Kroll.
- Outlook:
- Reaffirming Q3 2022 target for start of commercial production of the Endurance and commercial deliveries expected in Q4.
- Expect lower H2 2022 total operating loss and capital expenditures of between $140M and $150M, excluding contingent liabilities, reducing the minimum capital raise in 2022 from $150M to $50M to $75M.
- First vehicle program from co's Foxconn ( OTCPK:HNHAF ) JV expected to be announced in Q4.
- Press release
- Shares flat in premarket trading
For further details see:
Lordstown Motors Q2 GAAP EPS of $0.32, co posts net income vs. loss last year