MW Lordstown Motor shares up 4.8% premarket after posting small Q2 profit and affirming on track with Endurance electric pick-up truck.
Lordstown Motors Corp. shares rose 4.8% in premarket trade Thursday, after the company surprised with a small second-quarter profit as it gears up for the launch of its Endurance truck in the coming quarters.
The electric truck maker said it had net income of $63,659 in the quarter, or 32 cents a share, after a loss of $108,200, or 61 cents a share, in the year-earlier period. The FactSet consensus was for a loss of 44 cents.
The company is still pre-revenue but is on target for the start of commercial production of the Endurance electric pick-up truck in the third quarter with commercial deliveries expected to start in the fourth quarter.
The company, which completed the deal to sell its Ohio factory to Foxconn in May, said it expects a lower operating loss in the second half and capex of $140 million to $150 million, which should reduce the minimum capital raise in 2022 to $50 million to $75 million from $150 million.
The company had $236 million in cash on hand at quarte-end. "Over the past year, we have recruited and developed an experienced senior management team, made significant progress towards launching the Endurance, transitioned to a less capital intensive and flexible business model, established a new vehicle development platform with Foxconn, and raised some additional capital," Executive Chairman Daniel Ninivaggi said in a statement. "While these were critical foundational steps, we realize that much work remains to be done. "