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LORDSTOWN . Lordstown Motors Reports Second Quarter 2021 Financial Results August 11 , 2021 LORDSTOWN , Ohio , Aug. 11 , 2021 ( GLOBE NEWSWIRE ) -- Lordstown Motors Corp. ( Nasdaq : RIDE ) , ( " Lordstown Motors " ) , a leader in electric light duty trucks focused on the commercial fleet market , today released its second quarter 2021 financial results and provided a business outlook . Key Business Highlights ● Reported second quarter 2021 net loss of $ 108 million , capex of $ 121 million and cash of $ 366 million on June 30 , 2021 . ● Beginning limited vehicle production in late September . • Lordstown plant is production ready with retooling of stamping , assembly , body , and paint shops completed . • Battery line is fully commissioned and first electric hub motor line has been site commissioned and is currently being installed . . Strengthened leadership is unlocking the value of Lordstown Motors by introducing five strategic priorities to expand go forward commercial strategy . • Recently secured an equity purchase agreement for access to $ 400 million in capital ; due diligence underway with multiple strategic partners that come with potential capital infusion as well as pursuing external capital sources including debt and equity - linked securities . Executive Commentary " In the second quarter , we continued to make great strides towards our objective of delivering a revolutionary electric pickup truck , " stated Lordstown Motors ' Executive Chairwoman Angela Strand . " This included completing retooling of several critical areas of our Lordstown facility and concluding our beta build program . Beta builds have successfully completed numerous independent third - party crash tests and are achieving the standard requirements to meet FVMSS and plan for a five - star crash rating . A particular highlight during the quarter was Lordstown Week . During this week - long period , we proudly opened our doors and showcased our great team and technology , demonstrating the capacity and flexibility of our plant , our capable team and our innovative technologies . " " We are also evaluating potential strategic partners , with multiple industry participants recognizing the tremendous advantages available to them from utilizing our well situated , 6.2 million square foot manufacturing plant and 650 acre campus . The size and scope of our facility is such that we could easily accommodate additional manufacturing partners while still affording us the ability to build a successful Endurance program and leverage its skateboard for additional models in the years ahead . " " We are launching the Endurance with a prudent ramp of production given a challenging industry and supply chain landscape . We are on track to begin limited production at the end of September and through the fourth quarter and complete vehicle validation and regulatory approvals in December and January . This will be followed by deployments with selected early customers in Q1 in advance of commercial deliveries in early Q2 , with the ramp steepening the second half of next year . " 2021 Objectives and Financial Outlook We are updating the financial outlook for 2021 that we previously provided with our first quarter 2021 earnings release . Revised guidance is as follows : • Expected Endurance production in 2021 will be limited to coincide with commercialization roadmap . • Expected capital expenditures of between $ 375 and $ 400 million , largely related to prepayments for hard tool purchases . Expected operating expenses of between $ 95 and $ 105 million in selling , general and administrative ( SG & A ) costs and between $ 310 and $ 320 million in research and development ( R & D ) costs . ● ● Expected end of 3Q21 liquidity of between $ 225 and $ 275 million in cash and cash equivalents without including any funds from a capital raise . Conference call Information Lordstown Motors will host a conference call at 4:30 p.m. Eastern Time today ( Wednesday , August 11 , 2021 ) . The call can be accessed via a live webcast that is accessible on the Events page of Lordstown Motors ' Investor Relations website at https://investor.lordstownmotors.com/ . An archive of the webcast will be available shortly after the call . Financial Results Net sales Lordstown Motors Corp. Consolidated Statement of Operations ( Amounts in thousands , except per share data -- Unaudited ) $ Three months ended une 30 , 2021 $ Three months ended June 30 , 2020 $ Six months ended une 30 , 2021 $ Six months ended une 30 , 2020