Lordstown Motors Corp. (RIDE) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Lordstown Motors Corp.

CIK: 1759546 Ticker: RIDE

Exhibit 99.1


Lordstown Motors Reports First Quarter 2021 Financial Results

LORDSTOWN, OH (May 24, 2021) –

Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors”), a leader in electric light duty trucks focused on the commercial fleet market, today released its first quarter 2021 financial results and provided a business outlook.

Key Business Highlights

Reported first quarter 2021 net loss of $125 million, capex of $53 million and cash of $587 million on March 31, 2021.
Timeline to Start of Production (SoP) in late-September 2021, which will be at limited capacity, remains on track. To-date, we have completed construction of 48 out of 57 prototypes and will begin pre-production vehicle (PPV) builds in July.
We have passed two of the most difficult crash tests – frontal and pole – and vehicles are performing as planned during other durability and validation tests; we continue to expect we can achieve a 5-star crash rating.
Retooling of stamping, assembly, body, and paint shops at our Lordstown plant are nearly complete.
Phase One of our battery line is installed and is in the commissioning phase, while our first electric hub motor line remains on track to begin equipment installation in July.
Revising upward our 2021 expectations for operating expenses by $115 million at the midpoint of the guidance range relative to guidance provided with our fourth quarter 2020 earnings release to reflect significantly higher spending related to: (1) completing our beta program, (2) conducting vehicle validation tests, (3) securing necessary parts/equipment for production, and (4) utilizing third-party engineering resources. As a result, we need to raise additional capital to complete our business plans and have begun those discussions.

Executive Commentary

“We are proud to have built 48 out of 57 of our beta vehicles and are on schedule to conclude the beta program approximately by the end of June,” stated Lordstown Motors’ Chairman and CEO Steve Burns. “We are incredibly satisfied with beta vehicle test results so far. We recently passed two of the most difficult crash tests and, as such, believe we remain on track to deliver a 5-star rated vehicle. We were also pleased with the mechanical performance of our Endurance at the San Felipe 250 race in Baja, Mexico last month, despite challenges that arose in predicting energy usage in the Mexican desert. We look forward to progressing along our path to commercialization as the beta program concludes this quarter, and conversations with future potential customers are expected to pick up.

The following information was filed by Lordstown Motors Corp. (RIDE) on Monday, May 24, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: RIDE
CIK: 1759546
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-008111
Submitted to the SEC: Tue Jun 08 2021 3:38:21 PM EST
Accepted by the SEC: Tue Jun 08 2021
Period: Wednesday, March 31, 2021
Industry: Motor Vehicles And Passenger Car Bodies

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