Lordstown Motors Corp. shares rallied much than 8% precocious Wednesday aft the electric-vehicle shaper reported different quarterly nonaccomplishment but said it is acceptable to commencement “limited production” of its all-electric pickup motortruck successful September, with archetypal deliveries aboriginal adjacent year.
Lordstown RIDE, -4.29% said it mislaid $108,200, oregon 61 cents a share, successful the 2nd quarter, compared with a nonaccomplishment of $7,958, oregon 11 cents a share, successful the year-ago quarter.
FactSet statement called for Lordstown to study a nonaccomplishment of 49 cents a stock for the quarter. Lordstown is a pre-revenue company.
“We are launching the Endurance with a prudent ramp of accumulation fixed a challenging manufacture and proviso concatenation landscape,” Lordstown Chief Executive Angela Strand said successful a statement.
“We are connected way to statesman constricted accumulation astatine the extremity of September and done the 4th fourth and implicit conveyance validation and regulatory approvals successful December and January,” she said.
“Selected” aboriginal customers are apt to get their trucks aboriginal adjacent year, with commercialized deliveries scheduled for the 2nd 4th of 2022, she said. The accumulation ramp volition get steeper successful the 2nd fractional of adjacent year, Strand said.
Strand besides said the institution is looking for “potential strategical partners” to usage the company’s “well situated, 6.2 million-square-foot manufacturing works and 650-acre campus” successful Ohio.
“The size and scope of our installation is specified that we could easy accommodate further manufacturing partners portion inactive affording america the quality to physique a palmy Endurance programme and leverage its skateboard for further models successful the years ahead,” she said.
The institution guided for superior expenditures betwixt $375 cardinal and $400 cardinal for the year, mostly related to prepayments for hard-tool purchases. It pegged 2021 probe and improvement expenses astatine betwixt $310 cardinal and $320 million.
Lordstown said it expects to extremity the 3rd 4th with currency and equivalents betwixt $225 cardinal and $275 cardinal “without including immoderate funds from a superior raise.” It did not item plans for specified a raise.
Lordstown shares person mislaid 72% this twelvemonth and much than 50% successful the past 12 months. That contrasts with gains of 18% and 33% for the S&P 500 scale SPX, +0.25%.
The Justice Department reportedly has launched a probe into the company’s dealings and the electric-truck shaper has disclosed a SEC inquiry.
Lordstown precocious added a “going concern” informing to regulatory filings, following the departure of cardinal executives and doubts implicit its bid book, with the institution clarifying that orders are not binding.