Lordstown cuts losses in Q4, starts selling durable BEV pickups, expands cooperation with Foxconn
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Lordstown Automobile Corporation (NASDAQ: DRIVE) reported net sales for the fourth quarter of fiscal year 22 of $0.194 million, lack of consensus $1.29 million.
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Loss on EPS of $(0.45) missed consensus loss of $(0.27).
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Total operating expenses fell 12.3% year-on-year to $74.3 million.
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Operating loss was $(104.1) million compared to $(400.5) last year.
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The company held $221.7 million in cash and equivalents.
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Lordstown has expanded and strengthened its partnership with Apple Inc (NASDAQ: AAPL) supplier Hon Hai Precision Industry Co., Ltd (OTC: HNHPF) Foxconn.
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Lordstown has converted its last $100 million venture into a $170 million direct investment in Lordstown Motors.
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Lordstown began selling the Endurance BEV pickup at the end of Q4, recording sales of three vehicles.
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Opinion: Lordstown expects to end Q1 2023 with $150 million – $170 million in cash and short-term investments
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Price action: RIDE stock is trading 1.79% higher at $1.15 as of premarket on Monday’s final check.
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