Shares of Lordstown Motors (NASDAQ:RIDE) are down around 18% in premarket Monday after the company reported Q1 results.
Lordstown reported a loss per share for the first quarter of 46c, which compares to the consensus of 45c. A year ago, RIDE reported a loss per share of 72c.
Lordstown didn’t report revenue for the quarter but it said it lost $87.9 million, better than the $88.8 million operating loss expected from the market.
Cash burn in the quarter was reported at roughly $91 million, which is much better than the estimated $140 million.
The company also reaffirmed the 3Q 2022 target for the start of commercial production of the “Endurance” model and the initial production of approximately 500 EV units. RIDE also said it expects commercial deliveries to start in Q4 this year, which is worse than the previously expected Q3.
Goldman Sachs analyst Mark Delaney reiterated a Sell rating on RIDE shares with a 12-month price target of $2.00.
“We estimate that operating EPS (including SBC) was -$0.46 vs. GS at -$0.44. Downside relative to our estimate was driven primarily by higher operating expenses and higher interest/other expense. Excluding SBC, we estimate that operating EPS was -$0.44 vs. GSe at -$0.41,” Delaney wrote in a note.
By Senad Karaahmetovic