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.
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%.