Electric vehicle company Lordstown Motors Corp (NASDAQ:RIDE), which completed a SPAC deal in 2020, reported first-quarter financial results after market close Monday.
What Happened: Lordstown Motors reported a net loss of $125 million in the quarter. The company had $587 million in cash as of March 31, 2021.
The company is guiding for operating expenses to come in at $115 million for fiscal 2021.
“As a result, we need to raise additional capital to complete our business plans and have begun those discussions,” the company said. Several opportunities to raise capital are being discussed.
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What’s Next: The company is targeting late September 2021 for the start of production for the Lordstown Endurance pickup truck.
Lordstown has completed construction of 48 of 57 prototypes and will begin pre-production builds in July, the company said.
The company sees higher costs for parts, equipment, shipping and third party engineering resources.
An update from the company calls for the Endurance to enter production in 2021 but be limited and “at best be 50% of our prior expectations.”
Lordstown Motors will host analysts, investors, customers and partners during the week of June 21 for factory tours and test drives of the Endurance.
Price Action: Shares of Lordstown Motors are down 8.5% to $8.85 in after-hours trading Monday.