Lordstown Motors Reports Second Quarter 2022 Financial Results

LORDSTOWN, Ohio , Aug. 4, 2022 /PRNewswire/ -- Lordstown Motors Corp. (Nasdaq: RIDE), (" Lordstown Motors " or "LMC"), an original equipment manufacturer ("OEM") of electric light duty vehicles focused on the commercial fleet market, today released its second quarter 2022 financial results and provided a business update. Second Quarter 2022 resultsIn the second quarter, we generated an operating profit of $61.3 million , including $120.1 million from the sale of the Lordstown facility, consisting of a $101.7 million gain on sale and $18.4 million in operating expense reimbursement. Engineering, testing and development expenses in the second quarter decreased 18% versus the first quarter of 2022. SG&A was $29.9 million in the quarter, up approximately 15% versus both the first quarter of 2022 and fourth quarter of 2021. At the end of the quarter, cash on hand was $236 million , approximately $32 million higher than the first quarter of 2022.