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Lordstown Motors Corp. (RIDE) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Lordstown Motors Corp.

CIK: 1759546 Ticker: RIDE

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Lordstown Motors Reports Fourth Quarter and Fiscal Year 2021

Financial Results

LORDSTOWN, OH (February 28, 2022) –

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.

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

The following information was filed by Lordstown Motors Corp. (RIDE) on Monday, February 28, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lordstown Motors Corp.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders Equity
Capital Stock And Earnings Per Share
Capital Stock And Earnings Per Share (Details)
Capital Stock And Earnings Per Share (Tables)
Capital Stock And Earnings Per Share - Purchase Agreements (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Description Of Organization And Business Operations
Description Of Organization And Business Operations (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Assets, Liabilities, Rollforward (Details)
Fair Value Measurements - Net Gain (Loss) On Change In Fair Value (Details)
Fair Value Measurements - Valuation Of Financial Instruments (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes - Deferred Tax Assets (Details)
Income Taxes - Reconciliation Of The Statutory Federal Income Tax (Details)
Note Payable
Note Payable (Details)
Property, Plant And Equipment
Property, Plant And Equipment (Details)
Property, Plant And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Activities Of Rsus (Details)
Stock-Based Compensation - Exercisable Stock Options (Details)
Stock-Based Compensation - Expense And Unrecognized (Details)
Stock-Based Compensation - Stock Option Activity (Details)
Stock-Based Compensation - Weighted Average Assumptions (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Ticker: RIDE
CIK: 1759546
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-002265
Submitted to the SEC: Mon Feb 28 2022 10:04:10 AM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, December 31, 2021
Industry: Motor Vehicles And Passenger Car Bodies

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