Lordstown Motors (RIDE, $9.67) posts wider-than-expected Q1 loss; lowers Endurance production outlook

Electric truck maker Lordstown Motors reported a first-quarter loss that was wider than anticipated by analysts. The company also said that 2021 production of its Endurance truck will be half prior expectations.

Lordstown incurred a net loss of -72 cents a share, compared with a loss of -28 cents a share expected by analysts polled by FactSet. The year-ago quarter’s loss was - 16 cents a share.

Chairman and CEO Steve Burns said Endurance production this year will be limited and would be "at best 50%" of the company's prior expectations of 2,200 trucks. However, the company is still on track for the September launch of the truck, with pre-production vehicle builds scheduled for July – Burns mentioned. Deliveries are supposed to begin in the fourth quarter.

"Capital may limit our ability to make as many vehicles as we would like," Burns said.

Contributor

Sergey Savastiouk|Expert

Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.