Lordstown Motors (RIDE) Misses Q2 EPS by 15c

Lordstown Motors (NASDAQ: RIDE) reported Q2 EPS of ($0.61), $0.15 worse than the analyst estimate of ($0.46). The company reported no sales.

“In the second quarter, we continued to make great strides towards our objective of delivering a revolutionary electric pickup truck,” stated Lordstown Motors’ Executive Chairwoman Angela Strand. “This included completing retooling of several critical areas of our Lordstown facility and concluding our beta build program. Beta builds have successfully completed numerous independent third-party crash tests and are achieving the standard requirements to meet FVMSS and plan for a five-star crash rating. A particular highlight during the quarter was Lordstown Week. During this week-long period, we proudly opened our doors and showcased our great team and technology, demonstrating the capacity and flexibility of our plant, our capable team and our innovative technologies.”

“We are also evaluating potential strategic partners, with multiple industry participants recognizing the tremendous advantages available to them from utilizing our well situated, 6.2 million square foot manufacturing plant and 650 acre campus. The size and scope of our facility is such that we could easily accommodate additional manufacturing partners while still affording us the ability to build a successful Endurance program and leverage its skateboard for additional models in the years ahead.”

“We are launching the Endurance with a prudent ramp of production given a challenging industry and supply chain landscape. We are on track to begin limited production at the end of September and through the fourth quarter and complete vehicle validation and regulatory approvals in December and January. This will be followed by deployments with selected early customers in Q1 in advance of commercial deliveries in early Q2, with the ramp steepening the second half of next year.”

2021 Objectives and Financial Outlook

We are updating the financial outlook for 2021 that we previously provided with our first quarter 2021 earnings release. Revised guidance is as follows:

• Expected Endurance production in 2021 will be limited to coincide with commercialization roadmap.
• Expected capital expenditures of between $375 and $400 million, largely related to prepayments for hard tool purchases.
• Expected operating expenses of between $95 and $105 million in selling, general and administrative (SG&A) costs and between $310 and $320 million in research and development (R&D) costs.
• Expected end of 3Q21 liquidity of between $225 and $275 million in cash and cash equivalents without including any funds from a capital raise.

For earnings history and earnings-related data on Lordstown Motors (RIDE) click here.

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