Tue, May 14, 8:54 PM (73 days ago)
Nu Ride Inc. (formerly Lordstown Motors Corp.) filed its quarterly report for the period ending March 31, 2024. Following its emergence from Chapter 11 bankruptcy on March 14, 2024, the company has no revenue-producing operations and minimal tangible assets, primarily consisting of cash on hand and potential claims. The company reported a net loss of $8.5 million for Q1 2024, a substantial improvement from the $171.7 million loss in Q1 2023, primarily due to the cessation of operations and reduced expenses. Cash and cash equivalents stood at $19.7 million, excluding $57.7 million in restricted cash. The company faces significant uncertainties, including the resolution of litigation and claims, and the potential utilization of net operating loss carryforwards. The report highlights substantial doubt about the company’s ability to continue as a going concern due to its accumulated deficit, lack of revenue, and ongoing litigation costs.