Lordstown Motors Q1 Loss Widens, Shares Slip 7%

(RTTNews) - Shares of Lordstown Motors Corp. (RIDE) slipped over 7% on extended trading session Monday after the light-duty electric vehicle maker reported its first—quarter results.

Net loss for the first quarter widened to $125.2 million or $0.72 per share, wider than last year's loss of $11.9 million or $0.16 per share last year. Analysts polled by Thomson Reuters expected loss of $0.28 per share for the quarter.

The company said the timeline to Start of Production (SoP) in late-September 2021, which will be at limited capacity, remains on track.

Looking forward, the company now expects capital expenditures of between $250 and $275 million for 2021. Expected operating expenses of between $55 and $60 million in selling and administrative (S&A) costs and between $280 and $290 million in research and development (R&D) costs.

RIDE closed Monday's trading at $9.67, up $0.09 or 0.94%, on the Nasdaq. The stock, however, slipped $0.70 or 7.24%, in the after-hours trading.