Lordstown Reduces Losses In Q4, Starts Selling Endurance BEV Pick-Up Truck, Expands Collaboration With Foxconn

• Lordstown Motors Corp (NASDAQ: RIDE) reported a fourth-quarter FY22 net sales of $0.194 million, missing the consensus of $1.29 million.

• The EPS loss of $(0.45) missed the consensus loss of $(0.27).

• The total operating expenses declined 12.3% Y/Y to $74.3 million.

• The operating loss of $(104.1) million compared to a $(400.5) last year.

• The company held $221.7 million in cash and equivalents.

• Lordstown expanded and strengthened its partnership with Apple Inc (NASDAQ: AAPL) supplier Hon Hai Precision Industry Co Ltd (OTC: HNHPF) Foxconn.

• Lordstown converted its last $100 million joint venture into a direct investment of up to $170 million in Lordstown Motors.

• Lordstown began to sell the Endurance BEV pick-up truck late in Q4, recording sales of three vehicles.

• Outlook: Lordstown expects to end Q1 of 2023 with $150 million – $170 million in cash and short-term investments

• Price Action: RIDE shares are trading higher by 1.79% at $1.15 premarket on the last check Monday.

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This article Lordstown Reduces Losses In Q4, Starts Selling Endurance BEV Pick-Up Truck, Expands Collaboration With Foxconn originally appeared on Benzinga.com

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