Nu Ride Inc. Reports Q2 2025 Financial Results with Net Income of $742,000

Nu Ride Inc., formerly known as Lordstown Motors Corp., reported its financial results for the second quarter of 2025, revealing a net income of $742,000 for the three months ending June 30, 2025, compared to a net income of $1.5 million for the same period in 2024. The company’s revenue remains significantly impacted by its ongoing restructuring efforts following its emergence from Chapter 11 bankruptcy in March 2024. For the first half of 2025, Nu Ride recorded a net loss of $469,000, a notable improvement from a loss of $7 million during the same period in 2024. The company’s accumulated deficit stood at approximately $1.2 billion as of June 30, 2025.

The financial performance reflects a decrease in selling, general, and administrative expenses, which totaled $3.6 million for the first half of 2025, down from $6.7 million in the prior year. This reduction is attributed to the company’s cost-cutting measures and the cessation of certain operations following its bankruptcy filing. Legal settlement and litigation benefits also contributed positively, with a net benefit of $1.5 million recognized in the first half of 2025, compared to $2.6 million in the previous year. The company did not incur any reorganization items in the first half of 2025, contrasting with $4.8 million recorded in the same period of 2024.

Operationally, Nu Ride has focused on resolving legal claims and managing its remaining assets, which primarily consist of cash and short-term investments. As of June 30, 2025, the company reported cash and cash equivalents of approximately $26.8 million, alongside restricted cash of $2.7 million and restricted short-term investments of $19.7 million. The company’s liquidity is contingent upon the successful resolution of ongoing litigation, including the Foxconn Litigation, and the realization of value from its retained causes of action.

Strategically, Nu Ride has undergone significant organizational changes, including the appointment of a new Board of Directors and the termination of all remaining full-time employees following its bankruptcy emergence. The company is now led by a sole executive officer, with former employees providing consulting services. The company has also entered into an asset purchase agreement with LAS Capital LLC, which was finalized in October 2023, allowing it to sell certain assets related to electric vehicle production for $10.2 million.

Looking ahead, Nu Ride's management remains cautious about the future, emphasizing the need to navigate ongoing legal challenges and the complexities of its restructuring process. The company is exploring potential business opportunities and strategic alternatives, although no definitive agreements have been reached as of the date of the report. The management believes that it has sufficient working capital to meet its operational needs for the next year, but acknowledges the inherent risks and uncertainties associated with its financial condition and ongoing litigation.