Lordstown Motors' Revenue Plummets In Q4: Less Than $200,000 Reported | Carscoops carscoops
presented its fourth-quarter earnings on Monday. The results tell a mostly drab story but there are reasons for positivity despite the fact that it ended up with less than $200,000 in revenue.
Lordstown posted a Q4 net loss of some $102.3 million on Monday. That doesn’t look particularly pretty when compared with Q4 from 2021 where it had a net loss of just $81.2 million. Part of that loss comes as a result of a heavily declining stock price and a subsequent impairment charge of $36.5 million.
On top of that, it said that revenue totaled just $194,000. Wall Street analysts were expecting something in the neighborhood of $1.29 million according to. Part of that revenue comes from the sale of three vehicles in the quarter. Of course, Lordstown says that it incurred $30 million in the cost of sales during the quarter. Still, production of any type is a good sign that Lordstown isn’t in as gloomy a state as it might seem.
“We will continue to execute a capital-constrained business plan,” CFO Adam Kroll said. Part of that requirement is due to the fact that Lordstown had to pause production and recall 19 of the 31 trucks it built. Building and selling is just about the most important step that the company takes in 2023 and additional capital will help it do that.For now, all we can do is wait and see if it’s able to pump out enough electric vehicles to remain sustainable.
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