Lordstown Motors (NASDAQ:RIDE) shares plunged nearly 9% on Monday after the company reported its Q4 results, with EPS of ($0.45) coming in worse than the Street estimate of ($0.32).
The company provided an operational update as it recently announced a production and delivery halt on its debut Endurance electric pickup to address performance and quality issues within the vehicles. The company confirmed that it began deliveries of the Endurance in Q4, successfully delivering just 3 units and a total of 6 units through February before it voluntarily recalled the vehicles, leading to net sales of $0.2 million.
From a liquidity standpoint, the company exited the year with about $221.7 million in cash and short-term investments, $52 million of which was provided by Foxconn in the quarter as part of its previously announced equity agreement.
Looking ahead, management provided some initial guidance for Q1/23, calling for OPEX to decline slightly quarter-over-quarter as a large decline in SG&A will offset higher R&D spending.