Lordstown Motors Q2 operating profit $61.3M on Foxconn deal; cash $236M; targets Q3 production

NU RIDE INC.

2022-Q2 EPS reported -$0.13

Operating profit of $61.3M includes $101.7M gain on asset sale to Foxconn; core expenses down 33% vs Q1.
Ending cash $236M, above internal expectations; total proceeds from Foxconn $257.5M in 2022.
Reaffirms start of commercial production of Endurance in Q3 2022 and deliveries in Q4.
Reduces 2022 minimum capital raise from $150M to $50-75M; expects lower 2H operating loss and capex of $140-150M.
Appointed Daniel Ninivaggi as Executive Chairman and Edward Hightower as CEO.

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