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Earnings Results: Lordstown Motors posts wider Q1 loss, seeks ‘additional capital’ to keep going

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Lordstown Motors Corp. shares dropped more than 5% in after-hours trading Monday after the electric-vehicle startup reported a wider quarterly loss and said it is seeking “additional capital” to fund itself.

Lordstown
RIDE,
+0.94%

said it lost $125.2 million, or 72 cents a share, in the first quarter, compared with a loss of $11.9 million, or 16 cents a share, in the year-ago quarter.

Analysts polled by FactSet expected a loss of 28 cents a share for the quarter.

Lordstown said the production of its Endurance electric pickup this year “will be limited and would at best be 50% of our prior expectations.” The company is seeking “additional capital to fund our business plans.”

Shares of Lordstown ended the regular trading day up 9.7%.

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