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    Lordstown Motors Reports Fourth Quarter and Fiscal Year 2021 Financial Results

    2/28/22 8:00:00 AM ET
    $RIDE
    Auto Manufacturing
    Consumer Discretionary
    Get the next $RIDE alert in real time by email

    LORDSTOWN, Ohio, Feb. 28, 2022 /PRNewswire/ -- Lordstown Motors Corp. (NASDAQ:RIDE), ("Lordstown Motors" or "LMC"), a provider of electric light duty trucks focused on the commercial fleet market, today released its fourth quarter and fiscal year 2021 financial results and provided a business update.

    Lordstown Endurance electric pickup truck is targeted to launch in Q3 2022 for commercial production and sales. @2022 Lordstown Motors Corp.

    Fourth Quarter and Recent Key Business Highlights

    • Ended 2021 with a cash balance of $244 million, $79 million above the midpoint of the previously issued outlook on disciplined spending, favorable working capital, additional equity issuances and a deferral of certain investments into 2022
    • Executed the asset purchase agreement with Foxconn to initiate the Company's strategic shift to a less capital-intensive business model focused on developing, engineering, testing and industrializing vehicles in partnership with Foxconn, with Foxconn manufacturing the Endurance in the Lordstown facility
    • Raised $182 million in capital, comprised primarily of $100 million in down payments by Foxconn for sale of the Lordstown facility, $50 million from the sale of common stock to Foxconn and $30 million in other equity issuances; an additional $50 million down payment from Foxconn was received on January 28, 2022
    • Began building and testing Endurance pre-production vehicles for validation and homologation  
    • Strengthened the senior leadership team and managed a challenging operating environment throughout 2021, including the impacts of COVID-19 and supply chain disruptions

    Outlook

    • Reaffirm third quarter 2022 target for commercial production and sales of the Endurance
    • Expect commercial production and sales of the Endurance of approximately 500 units in 2022 growing to as many as 2,500 units in 2023
    • Anticipate investments in hard tooling and other actions to drive significant reduction in the Endurance bill of materials into 2023 and beyond
    • Working toward finalizing the Foxconn transaction, including the contract manufacturing agreement, and seeking an agreement and funding structure to develop new vehicles in collaboration with Foxconn based off the MIH platform 
    • Continue efforts to raise additional capital to fund commercial launch of the Endurance and operating plan

    Executive Commentary

    "The fourth quarter marked a significant strategic shift for Lordstown Motors," said Dan Ninivaggi, Chief Executive Officer of Lordstown, "We executed the asset purchase agreement with Foxconn and have made substantial progress on the terms of our contract manufacturing agreement, subject to review by the Committee on Foreign Investment in the US (CFIUS). I believe the Foxconn partnership is a critical step in unlocking the full potential of the Lordstown facility and brings multiple benefits to LMC. Our ongoing discussions with Foxconn are focused on reaching a definitive agreement for the joint development of future vehicles off the MIH platform with an appropriate funding structure to enable us to raise the necessary capital for the success of our partnership."

    "Our organization's top priority remains bringing the Lordstown Endurance full size all-electric pickup to market as quickly and efficiently as possible," said Edward Hightower, President of Lordstown. "In the fourth quarter and into 2022, we continued to build and test pre-production vehicles that we are using to complete a variety of validation activities needed to achieve full homologation. Despite ongoing challenges securing parts and other supply chain issues, we continue to target commercial production and sales in the third quarter of 2022. We have a unique vehicle that will offer a superior combination of handling, traction control, torque and turning radius that we are confident will be appreciated by our customers. With fewer moving parts than more conventional propulsion systems, we also believe the Endurance will have advantages in overall maintenance costs."

    Fourth Quarter 2021 Results

    In the fourth quarter, we incurred $85 million in operating expenses and $30 million in capital expenditures to continue our progress towards the commercial launch of the Endurance. We also raised $182 million in new capital, including $150 million from Foxconn in equity and down payments under the asset purchase agreement, and $30 million primarily from equity issuances under our equity purchase agreement.

    "I am truly pleased by how our team navigated through 2021 given the macro headwinds, our strategic shift, and management transitions," said Adam Kroll, Chief Financial Officer of Lordstown. "We exercised discipline in our spending activity, made substantial progress towards the launch of the Endurance, and invested in our people, processes and technologies. However, we understand that raising additional capital in the near term is critical to the successful launch of the Endurance and the execution of our operating plan."

    For the full year, we expended $388 million in operating cash flow and $286 million in investing, along with raising $288 million from financing activities. The capital raises consisted of the $150 million from Foxconn, $82 million from the exercise of warrants and almost $56 million from the equity purchase agreement and employee option exercises.

    Please refer to "Forward Looking Statements" below.

    Conference Call Information

    Lordstown Motors will host a conference call at 8:30 a.m. Eastern Time today (Monday, February 28, 2022). The call can be accessed via a live webcast that is accessible on the Events page of Lordstown Motors' Investor Relations website, as well as the investor presentation deck, at https://investor.lordstownmotors.com/. An archive of the webcast will be available shortly after the call.

    About Lordstown Motors Corp.

    Lordstown Motors is an electric vehicle (EV) innovator developing high-quality light duty commercial fleet vehicles, with the Endurance all electric pick-up truck as its first vehicle being launched in the Lordstown, Ohio facility. Lordstown Motors has engineering, research and development facilities in Farmington Hills, Michigan and Irvine, California. For additional information visit www.lordstownmotors.com.

    Contacts:

    Investors

    Carter W. Driscoll, CFA

    [email protected]

    Media

    Colleen Robar

    [email protected]

    313.207.5960

     

    Financial Results

     

    Lordstown Motors Corp.

    Consolidated Statements of Operations

    (Amounts in thousands, except per share data -- Unaudited)































    Three months ended



    Three months ended



    Year ended



    Year ended





    December 31, 2021



    December 31, 2020



    December 31, 2021



    December 31, 2020

    Net sales



    $

    —



    $

    —



    $

    —



    $

    —

    Operating expenses

























    Selling, general and administrative expenses





    25,894





    10,606





    105,362





    31,316

    Research and development expenses





    58,770





    27,747





    284,016





    70,967

    Amortization of intangible assets





    —





    —





    11,111





    —

    Total operating expenses



    $

    84,664



    $

    38,353



    $

    400,489



    $

    102,283

    Loss from operations





    (84,664)





    (38,353)





    (400,489)





    (102,283)

    Other income (expense)

























    Other income (expense)





    3,709





    (23,396)





    (10,079)





    (20,866)

    Interest (expense) income





    (196)





    20





    200





    (901)

    Loss before income taxes



    $

    (81,151)



    $

    (61,729)



    $

    (410,368)



    $

    (124,050)

    Income tax expense





    —





    —





    —





    —

    Net loss



    $

    (81,151)



    $

    (61,729)



    $

    (410,368)



    $

    (124,050)

    Loss per share attributable to common shareholders

























    Basic & Diluted





    (0.42)





    (0.37)





    (2.27)





    (1.28)

    Weighted-average number of common shares outstanding

























    Basic & Diluted





    193,034





    165,968





    180,722





    96,716

     

    Lordstown Motors Corp.

    Consolidated Statements of Operations

    (Amounts in thousands, except per share data -- Unaudited)































    Three months ended



    Three months ended



    Three months ended



    Three months ended





    March 31, 2021



    June 30, 2021



    September 30, 2021



    December 31, 2021

    Net sales



    $

    —



    $

    —



    $

    —



    $

    —

    Operating expenses

























    Selling, general and administrative expenses





    14,394





    33,793





    31,281





    25,894

    Research and development expenses





    91,812





    76,544





    56,890





    58,770

    Amortization of intangible assets





    —





    —





    11,111





    —

    Total operating expenses



    $

    106,206



    $

    110,337



    $

    99,282



    $

    84,664

    Loss from operations





    (106,206)





    (110,337)





    (99,282)





    (84,664)

    Other (expense) income

























    Other (expense) income





    (19,132)





    1,877





    3,467





    3,709

    Interest income (expense)





    127





    260





    9





    (196)

    Loss before income taxes



    $

    (125,211)



    $

    (108,200)



    $

    (95,806)



    $

    (81,151)

    Income tax expense





    —





    —





    —





    —

    Net loss



    $

    (125,211)



    $

    (108,200)



    $

    (95,806)



    $

    (81,151)

    Loss per share attributable to common shareholders

























    Basic & Diluted





    (0.72)





    (0.61)





    (0.54)





    (0.42)

    Weighted-average number of common shares outstanding

























    Basic & Diluted





    174,325





    176,585





    178,761





    193,034

     

    Lordstown Motors Corp.

    Consolidated Balance Sheets

    (Amounts in thousands except share data)















    December 31, 2021



    December 31, 2020

    ASSETS:













    Current Assets













    Cash and cash equivalents



    $

    244,016



    $

    629,761

    Accounts receivable





    —





    21

    Prepaid expenses and other current assets





    47,121





    24,663

    Total current assets



    $

    291,137



    $

    654,445

    Property, plant and equipment





    382,746





    101,663

    Intangible assets





    1,000





    11,111

    Other non-current assets





    13,900





    —

    Total Assets



    $

    688,783



    $

    767,219

    LIABILITIES AND STOCKHOLDERS' EQUITY:













    Current Liabilities













    Accounts payable



    $

    12,098



    $

    32,536

    Accrued and other current liabilities





    35,507





    1,538

    Purchase price down payment from Foxconn





    100,000





    —

    Total current liabilities



    $

    147,605



    $

    34,074

    Note payable





    —





    1,015

    Warrant and other non-current liabilities





    1,578





    101,392

    Total liabilities



    $

    149,183



    $

    136,481

    Stockholders' equity













    Class A common stock, $0.0001 par value, 300,000,000 shares authorized; 196,391,349 and 168,007,960 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively



    $

    19



    $

    17

    Additional paid in capital





    1,084,390





    765,162

    Accumulated deficit





    (544,809)





    (134,441)

    Total stockholders' equity



    $

    539,600



    $

    630,738

    Total liabilities and stockholders' equity



    $

    688,783



    $

    767,219

     

    Lordstown Motors Corp.

    Consolidated Statements of Cash Flow

    (Amounts in thousands except share data)



















    Year ended



    Year ended





    December 31, 2021



    December 31, 2020

    Cash flows from operating activities













    Net loss



    $

    (410,368)



    $

    (124,050)

    Adjustments to reconcile net loss to cash used by operating activities:













    Stock-based compensation





    18,689





    2,755

    Non-cash change in fair value related to warrants





    11,873





    23,493

    Amortization of intangible assets





    11,111





    —

    Forgiveness of note payable





    (1,015)





    —

    Gain on disposal of fixed assets





    —





    (2,346)

    Changes in assets and liabilities:













    Accounts receivables





    21





    (21)

    Prepaid expenses and other assets





    (34,124)





    (24,663)

    Accounts payable





    (17,008)





    25,767

    Accrued expenses and other liabilities





    32,831





    (531)

    Cash used by operating activities



    $

    (387,990)



    $

    (99,596)















    Cash flows from investing activities













    Purchases of capital assets



    $

    (284,514)



    $

    (52,645)

    Purchase of intangible assets





    (1,000)





    —

    Proceeds from the sale of capital assets





    —





    2,396

    Cash used by investing activities



    $

    (285,514)



    $

    (50,249)















    Cash flows from financing activities













    Down payment received from Foxconn



    $

    100,000



    $

    —

    Cash proceeds from exercise of warrants





    82,016





    30,692

    Proceeds from Equity Purchase Agreement, net of issuance costs





    49,375





    —

    Cash received in recapitalization, net of transaction costs





    —





    701,520

    Cash received from Foxconn Subscription Agreement





    50,000





    —

    Issuance of common stock





    6,368





    6,439

    Proceeds from notes payable





    —





    38,796

    Cash provided by financing activities



    $

    287,759



    $

    777,447

    (Decrease) increase in cash and cash equivalents



    $

    (385,745)



    $

    627,602

    Cash and cash equivalents, beginning balance





    629,761





    2,159

    Cash and cash equivalents, ending balance



    $

    244,016



    $

    629,761

     

    Forward Looking Statements

    This press release includes forward looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel," "expects," "estimates," "projects," "intends," "should," "is to be," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: our limited operating history and our significant projected funding needs; our liquidity position; the need to raise substantial additional capital to continue ongoing operations; risks associated with the conversion and retooling of our facility and ramp up of production; our inability to obtain binding purchase orders from customers and potential customers' inability to integrate our electric vehicles into their existing fleets; our inability to retain key personnel and to hire additional personnel; competition in the electric pickup truck market; supply chain disruptions; the potential inability to source essential components; our inability to develop a sales distribution network; the ability to protect our intellectual property rights; and the failure to obtain required regulatory approvals. Furthermore, potential supply chain disruptions, and their consequences on testing and other activities, could present challenges that impact the timing of our commercial production. Any forward-looking statements speak only as of the date on which they are made, and Lordstown Motors undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release. In addition, the closing of the transactions contemplated by the Asset Purchase Agreement is subject to certain conditions, including regulatory approvals and the negotiation and execution of a contract manufacturing agreement, so there can be no assurance we will enter into a definitive joint venture agreement with Foxconn to co-design and develop vehicle programs.

    Lordstown Motors Corp. logo (PRNewsfoto/Lordstown Motors Corp.)

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/lordstown-motors-reports-fourth-quarter-and-fiscal-year-2021-financial-results-301491478.html

    SOURCE Lordstown Motors Corp.

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      LORDSTOWN, Ohio, Oct. 14, 2022 /PRNewswire/ -- Lordstown Motors Corp. (NASDAQ:RIDE), ("Lordstown Motors"), an original equipment manufacturer (OEM) of electric vehicles focused on the commercial fleet market, today announced that it will release its third quarter 2022 financial results before market open on Tuesday, November 8, 2022. The company will then host a conference call at 8:30 a.m. Eastern Time. The call can be accessed via a live webcast accessible on the Events page of Lordstown Motors' Investor Relations website at https://investor.lordstownmotors.com/. An archive

      10/14/22 5:00:00 PM ET
      $RIDE
      Auto Manufacturing
      Consumer Discretionary