Signage outside Lordstown Motors Corp. headquarters in Lordstown, Ohio, on Saturday, May well 15, 2021.
Dustin Franz | Bloomberg | Getty Photos
Lordstown Motors mentioned Monday that it continue to experienced more than $220 million in money at the finish of 2022, regardless of ongoing challenges that halted generation of its Endurance electric pickup just after just 6 have been sent.
Shares had been down practically 10% in afternoon investing on Monday following the report.
Lordstown commenced deliveries of its to start with EV, the Stamina pickup truck, in November. By the conclude of February, it had developed about 40 vans and delivered six to consumers. But the enterprise explained on Feb. 23 that it experienced halted Stamina creation to handle performance and excellent issues, and that it recalled 19 of the trucks to repair a faulty electrical link that could stop the motors abruptly though driving.
As of Dec. 31, Lordstown experienced $221.7 million in money and brief-phrase investments on hand.
Listed here are the essential figures from Lordstown’s fourth-quarter earnings report:
- Reduction per share: 45 cents, versus a decline of 42 cents for every share in the fourth quarter of 2021.
- Revenue: About $194,000. Lordstown experienced no profits in the calendar year-back period.
The firm’s web loss widened to $102.3 million from $81.2 million a year before. Lordstown shipped three Stamina pickups to clients for the duration of the fourth quarter.
The Ohio-centered startup is commencing a pivot to a new electric motor vehicle application in collaboration with Taiwanese contract manufacturer Foxconn, which bought Lordstown’s plant and invested in the startup final yr in a offer that could eventually be truly worth up to $170 million if all milestones are hit.
Lordstown mentioned Foxconn has so much invested $52 million, of which $30 million is earmarked for a new EV platform, which will include factors and engineering formulated by the Mobility in Harmony Consortium (MIH), a Foxconn-led energy to develop an open architecture for electric powered automobiles.
Lordstown said that the up coming platform and vehicle system are “key” to its long-expression method.
“Our asset-gentle organization model and collaboration with the Foxconn EV ecosystem, like MIH, will offer the possibility for Lordstown Motors to generate successful EVs that are customized to the needs of buyers that use them for several do the job applications, while gaining the price added benefits of scale,” claimed CEO Edward Hightower in a statement.