Lordstown Motors Stock Slides Post Q4 Results; Reaffirms Q3'22 Target For Endurance Sales

Lordstown Motors Corp RIDE reported a fourth-quarter FY21 loss per share of $(0.42), beating the consensus of $(0.73).
The total operating expenses rose 120.7% Y/Y to $84.6 million.
The operating loss incurred for the quarter was $(84.66) million versus $(38.35) million last year.
The company held $244 million in cash and equivalents as of December 31, 2021.
The company said it is working toward finalizing the Foxconn Technology Co Ltd FXCOF transaction, including the contract manufacturing agreement, and seeking an agreement and funding structure to develop new vehicles in collaboration with Foxconn based on the MIH platform.
"Our organization's top priority remains to bring the Lordstown Endurance full size all-electric pickup to market as quickly and efficiently as possible," said Lordstown President Edward Hightower.
Outlook: Lordstown reaffirms the third quarter 2022 target for commercial production and sales of the Endurance.
Lordstown sees commercial production and sales of the Endurance of about 500 units in FY22 and 2,500 units in FY23.
Price Action: RIDE shares are trading lower by 6.54% at $3.00 in premarket on the last check Monday.
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