Lordstown Motors Corp (NASDAQ: RIDE) reported financial results Thursday morning. The electric vehicle startup reaffirmed its third-quarter target for start of production and booked a surprise profit on the back of asset sales to Foxconn.
What Happened: Lordstown Motors reported a second-quarter adjusted earnings loss of 19 cents per share, which beat the estimate for a loss of 45 cents per share.
The EV company said it generated an operating profit of $61.3 million, which included $120.1 million from the sale of its Lordstown facility. Lordstown said it gained $101.7 million on the sale and $18.4 million in operating expense reimbursement.
“Our immediate …