Lordstown Motors Corp., the electric vehicle maker posted a narrower-than-expected loss for the fourth quarter and said it's on track with plans for its electric truck in the third quarter.
The company posted a loss of $81.2 million, or 42 cents a share, for the quarter, wider than the loss of $61.7 million, or 37 cents a share, posted in the year-earlier period. The FactSet consensus was for a loss of 77 cents a share.
Lordstown is a pre-revenue company. It ended the quarter with a cash balance of $244 million, which it said was $79 million ahead of the midpoint of its guidance.
During the quarter, the company, which aims to provide electric light duty trucks for the commercial fleet market, executed an asset purchase agreement with Taiwan's Foxconn to move to a less capital-intensive business model and focus on developing vehicles in partnership with Foxconn. Foxconn will make the Endurance at the company's Lordstown, Ohio facility, which the Taiwanese contract electronics maker also known as Hon Hai Technology Group, is buying.
The company is reaffirming its third-quarter target for commercial production and sales of the Endurance and expects to make and sell about 500 trucks in 2022, growing to as many as 2,500 units in 2023.
"Despite ongoing challenges securing parts and other supply chain issues, we continue to target commercial production and sales in the third quarter of 2022," Lordstown President Edward Hightower said in a statement.
Shares have fallen 83% in the last 12 months, while the S&P 500 has gained 15%.
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