Nu Ride Inc. Reports Reduced Net Loss of $1.2 Million in Q1 2025

Nu Ride Inc., formerly known as Lordstown Motors Corp., reported its financial results for the first quarter of 2025, revealing a significant reduction in net loss compared to the same period in 2024. The company recorded a net loss of $1.2 million for the three months ended March 31, 2025, a substantial improvement from the $8.5 million loss reported in the prior year. This reduction in losses was primarily attributed to a decrease in total operating expenses, which fell to $1.8 million from $9.5 million year-over-year, driven by lower selling, general, and administrative expenses.

The company’s financial position showed a cash and cash equivalents balance of approximately $28.0 million as of March 31, 2025, alongside restricted cash of $3.2 million and restricted short-term investments of $19.9 million. This marks an increase in cash reserves from $23.1 million at the end of 2024. The accumulated deficit stood at $1.2 billion, reflecting the ongoing challenges faced by the company since its emergence from Chapter 11 bankruptcy on March 14, 2024.

Strategically, Nu Ride has undergone significant changes, including the sale of certain assets to LandX Motors Inc. for $10.2 million, which was finalized on October 27, 2023. This transaction was part of the company's efforts to streamline operations and focus on potential business opportunities following its bankruptcy proceedings. The company has also been actively involved in litigation, particularly against Foxconn, which it claims has caused substantial harm to its operations. The outcome of this litigation remains uncertain and could impact the company's future financial health.

Operationally, Nu Ride has not generated revenue since ceasing production of its flagship vehicle, the Endurance, during its bankruptcy proceedings. The company is currently focused on claims administration and resolving ongoing litigation. As of March 31, 2025, the company had approximately 16.1 million shares of Class A common stock outstanding, reflecting a reverse stock split that took effect on May 24, 2023. The company’s workforce has been significantly reduced, with many former employees now serving as consultants.

Looking ahead, Nu Ride's management expressed cautious optimism regarding its ability to navigate the complexities of its financial situation and explore strategic alternatives. The company plans to utilize its cash reserves and restricted investments to address outstanding claims and legal expenses while seeking to maximize the value of its remaining assets, including potential recoveries from litigation. However, the company acknowledges that its future operations and financial performance are subject to significant risks and uncertainties.