Premarket Monday saw Lordstown Motors shares fall 18% after reporting Q1 results.

Lordstown reported a 46c loss per share in the first quarter, compared to the consensus estimate of 45c. RIDE had reported 72c per share loss a year ago.

Lordstown didn’t report revenue for the quarter but it said it lost $87.9 million, better than the $88.8 million operating loss expected from the market.

The quarter’s cash burn was estimated at $91 million. This is significantly higher than the $140 million.

The company also reaffirmed the 3Q 2022 target for the start of commercial production of the “Endurance” model and the initial production of approximately 500 EV units. RIDE said that commercial deliveries will begin in Q4 of this year. This is a worse forecast than Q3.

Goldman Sachs Analyst Mark Delaney reiterated the Sell rating of RIDE shares and set a 12-month price goal at $2.00.

“We estimate that operating EPS (including SBC) was -$0.46 vs. GS at -$0.44. Our estimate is down due to higher operating costs and higher interest/other expenses. Excluding SBC, we estimate that operating EPS was -$0.44 vs. GSe at -$0.41,” Delaney wrote in a note.

By Senad Karaahmetovic