Nu Ride Inc. (formerly Lordstown Motors Corp.) reported significant financial changes in its latest 10-Q filing for the period ending September 30, 2024, following its emergence from Chapter 11 bankruptcy on March 14, 2024. The company’s cash and cash equivalents decreased to $26.1 million from $87.1 million at the end of 2023, while total current assets fell to $58.3 million from $92.1 million. Total liabilities also decreased significantly to $15.2 million from $45.9 million, reflecting the restructuring efforts during bankruptcy.

For the three months ended September 30, 2024, Nu Ride reported net sales of $0, consistent with the previous year, as the company ceased production and sales of its Endurance vehicle. The company incurred selling, general, and administrative (SG&A) expenses of $2.3 million, a notable reduction from $2.6 million in the same quarter of 2023, which included a credit due to reduced legal settlement accruals. The total operating expenses for the quarter were $519,000, compared to $17.5 million in Q3 2023. The company reported a net income of $338,000 for the quarter, a significant improvement from a net loss of $16.5 million in the same period last year.

For the nine months ended September 30, 2024, Nu Ride recorded a net loss of $6.7 million, a substantial decrease from a net loss of $342.7 million for the same period in 2023. The reduction in losses was attributed to the cessation of operations and a significant decrease in operating expenses, which totaled $9.5 million compared to $256.1 million in the prior year. The company’s cash used in operating activities also improved, with a net cash outflow of $30.0 million in 2024 compared to $120.0 million in 2023.

Strategically, the company has implemented cost-cutting measures, including significant personnel reductions, and entered into a LandX Asset Purchase Agreement to sell assets related to electric light-duty vehicles for $10.2 million, which closed on October 27, 2023. Following its emergence from bankruptcy, Nu Ride has focused on claims administration, litigation, and regulatory compliance, while exploring strategic alternatives to maximize the value of its net operating loss carryforwards.

As of September 30, 2024, the company reported an accumulated deficit of $1.2 billion and established a $45 million reserve for allowed and disputed claims of general unsecured creditors. The company’s liquidity remains a concern, heavily reliant on resolving significant claims and realizing value from retained causes of action, including ongoing litigation against Foxconn.