OTC$NRDE
Nu Ride Inc · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Reported a net loss and focused on strategic shift through partnership with Foxconn.
Lordstown Motors reported a net loss of $95.8 million for Q3 2021. The company focused on a strategic shift by executing an asset purchase agreement with Foxconn, aiming to transfer the Lordstown plant and establish a contract manufacturing agreement. They also agreed to pursue a joint venture with Foxconn to design and develop vehicle programs.
- Net loss of $95.8 million was reported.
- Capex reached $79.9 million.
- Cash balance was $233.8 million as of September 30, 2021.
- An asset purchase agreement with Foxconn was executed.
Headline financials
Revenue & EPS history
Nu Ride · Revenue · Quarterly
$0
Revenue by segment
Nu Ride · $194K total across 1 segment · Q4 2022
- Endurance$194K—100.0%
Forward guidance
Lordstown Motors provided an updated financial outlook for 2021, anticipating the start of Endurance commercial production and deliveries in Q3 2022. The company projects cash balances between $150 million and $180 million as of December 31, 2021, and capital expenditures between $330 million and $350 million for the full year.
Tailwinds
- Endurance commercial production and deliveries beginning in the third quarter of 2022.
- Building a limited number of vehicles for testing, validation, verification, and regulatory approvals during the remainder of 2021 and the first quarter of 2022.
- Cash balances of between $150 million and $180 million as of December 31, 2021, inclusive of the anticipated down payment of $100 million to be made by Foxconn under the Asset Purchase Agreement in November, and $15 million in issuances under the equity purchase agreement in October, but exclusive of any other potential financings.
- Capital expenditures of between $330 million and $350 million for the full year 2021, down from $375 million to $400 million, largely as a result of the timing of purchases related to tooling and production readiness.
- SG&A expenses of between $105 million and $120 million and R&D costs of between $320 million and $340 million, for the full year 2021, in each case unchanged.
Headwinds
- Limited operating history and significant projected funding needs.
- Liquidity position requires raising substantial additional capital to continue ongoing operations.
- Risks associated with the conversion and retooling of our facility and ramp up of production.
- Inability to obtain binding purchase orders from customers and potential customers’ inability to integrate our electric vehicles into their existing fleets.
- Potential supply chain disruptions, and their consequences on testing and other activities, could present challenges that impact the timing of our commercial production.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q3 2021
+0.4%
Avg return
Earnings day
-4.0%
Avg return
5 days after
-12.7%
Avg return
30 days after
44%
8 / 18 earnings
Positive
+23.9%
Q3 2021
Best reaction
-8.9%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2024 | -3.3% | -3.3% | -20.0% | |
| Q2 2024 | +6.0% | +1.6% | -6.6% | |
| Q1 2024 | +2.3% | +0.6% | -0.6% | |
| Q4 2024 | -6.2% | -9.6% | -2.3% | |
| Q4 2023 | +7.4% | +1.8% | +8.0% | |
| Q3 2023 | -3.4% | -2.6% | +18.1% | |
| Q2 2023 | -3.4% | +21.3% | +29.9% | |
| Q1 2023 | +4.1% | -8.3% | -17.9% | |
| Q4 2022 | -8.9% | -25.4% | -47.9% | |
| Q3 2022 | -5.4% | +0.0% | -24.9% | |
| Q2 2022 | +1.7% | -19.5% | -30.4% | |
| Q1 2022 | -2.6% | -3.4% | -37.7% | |
| Q4 2021 | -3.6% | -7.0% | -31.6% | |
| Q3 2021 | +23.9% | -1.3% | -25.2% | |
| Q2 2021 | -4.3% | -6.5% | +6.0% | |
| Q1 2021 | +1.6% | -0.1% | -14.4% | |
| Q4 2020 | -0.9% | -12.4% | -34.2% | |
| Q4 2019 | +2.7% | +1.8% | +3.4% |
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