: Lordstown Motors stock falls, after losses surprisingly widen but cash position tops expectations
Shares of Lordstown Motors Corp. RIDE fell 0.9% in premarket trading Monday, after the Ohio-based electric vehicle maker reported a fourth-quarter loss that surprisingly widened but ended the year in a much better cash position than expected. Net losses widened to $102.3 million, or 45 cents a share, from $81.2 million, or 42 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 36 cents. Revenue was $194,000 after no revenue a year ago, while there were not enough analyst estimates from FactSet to have a “consensus.” Cash and short-term investments were $221.7 million at the end of 2022, compared with guidance provided in November of $150 million to $165 million. The company looks to end the first quarter with $150 million to $170 million in cash and short-term investments. The stock has tumbled 26.8% over the past three months through Friday, while the S&P 500 SPX has gained 2.7%.
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