NU RIDE INC. (RIDEQ)·Q4 2020 Earnings Summary

Executive Summary

• Pre-revenue company widened losses as R&D and SG&A ramped ahead of September 2021 Start of Production; Q4 net loss was $(38.2)MM with EPS of $(0.23) as operating expenses rose to $38.6MM from $7.1MM YoY .
• Balance sheet was strong at year-end with $630MM cash and $767MM total assets; an additional $82MM of cash was raised via January 2021 warrant exercises, bolstering liquidity into 2021 .
• Management reaffirmed SoP for Endurance in late September 2021 and announced acceleration of a second vehicle (a van) with a demo planned for summer 2021—key near-term narrative catalysts alongside beta-vehicle feedback in 2Q21 .
• 2021 outlook called for heavy investment: capex $250–$275MM, R&D $180–$190MM, SG&A $40–$45MM, and year-end liquidity of at least $200MM (excluding any ATVM loan proceeds), signaling an aggressive build-out and insourcing to mitigate supply chain risk .

What Went Well and What Went Wrong

What Went Well

• SoP and product milestones on track: “We are extremely excited and proud to be so close to delivering our first beta vehicles… We remain on track to start Endurance production in late September,” said CEO Steve Burns; beta vehicles to early customers for feedback in 2Q21 .
• Ample liquidity runway to fund ramp: cash and equivalents of $629.8MM at 12/31/20 plus $82MM of January 2021 warrant proceeds .
• Pipeline and platform expansion: robust Endurance interest and acceleration of a second vehicle (van) leveraging the Endurance skateboard, with a demo in summer 2021 .

What Went Wrong

• Losses widened materially with the scale-up: Q4 operating expenses rose to $38.6MM from $7.1MM YoY, driving a Q4 net loss of $(38.2)MM vs. $(7.1)MM in Q4’19 as spending ramped on R&D and SG&A .
• Supply chain headwinds and higher costs: COVID-19 created supply chain issues; management is insourcing tooling to control component availability and quality, which increases near-term spending .
• Still pre-revenue with non-binding demand indicators: no revenue was reported; management referenced interest and work toward purchase commitments with fleet management companies, implying commercialization and conversion risk remains until SoP and deliveries .

Financial Results

Income Statement – Quarterly (USD Millions, except per-share)

Income Statement – Annual (USD Millions, except per-share)

Balance Sheet / Liquidity KPIs (as of 12/31/20)

Segment breakdown: not applicable (no revenue; single-product pre-SOP profile) .

Consensus vs actuals: S&P Global consensus estimates for Q4 2020 were unavailable for this ticker in our data mapping; as a result, estimate comparisons are not provided. Values would be retrieved from S&P Global if available.

Guidance Changes

Color: Management cited higher capex to expand plant capacity to ~60,000 vehicles/year, accelerate the second vehicle, and insource tooling to mitigate supply chain risks and achieve safety targets .

Earnings Call Themes & Trends

Note: Q2 and Q3 2020 were SPAC periods with no operating revenue and no regular operating earnings calls; disclosures focused on the business combination process rather than operations .

Management Commentary

• “We are extremely excited and proud to be so close to delivering our first beta vehicles… Commercial fleet customers should begin to provide feedback on betas in 2Q21… We remain on track to start Endurance production in late September” — Steve Burns, Founder, Chairman and CEO .
• Rationale for spend and insourcing: COVID supply chain issues and the desire for greater control/quality led to insourcing more tooling; management expects these investments to pay off at production scale .
• Strategic priorities: expand capacity to meet Endurance interest, accelerate the second vehicle (van), pursue ATVM financing, and validate performance (e.g., San Felipe 250 race reference) to drive adoption .

Q&A Highlights

The full Q4 2020 earnings call transcript was not available in our document repository; only the press release and call logistics were accessible. As a result, we could not extract Q&A themes or clarifications beyond the prepared commentary in the press release .

Estimates Context

• S&P Global consensus estimates for Q4 2020 revenue and EPS were unavailable for this ticker due to missing data mapping at the time of retrieval; therefore, we cannot provide beat/miss analysis relative to Wall Street consensus. Values would be retrieved from S&P Global if available.

Key Takeaways for Investors

• Liquidity supports a heavy 2021 buildout: $630MM year-end cash plus $82MM in January 2021 warrant proceeds, offset by planned 2021 capex of $250–$275MM and R&D of $180–$190MM; management still expects ≥$200MM year-end 2021 liquidity (ex-ATVM) .
• Execution watchpoints: beta vehicle performance/feedback in 2Q21 and maintaining the September SoP are critical catalysts for sentiment and de-risking the commercialization path .
• Cost and supply chain management: insourcing and tooling spend should improve quality/control but pressure near-term cash burn; success hinges on manufacturing ramp and supplier readiness .
• Demand conversion risk: robust interest and efforts toward purchase commitments are encouraging, but with no revenue yet, evidence of binding orders and fleet conversions will be key to the equity story .
• Product roadmap optionality: accelerated van program (demo in summer 2021) broadens TAM and leverages the skateboard platform, adding medium-term optionality if execution remains on track .
• Potential financing upside: progress on the ATVM loan could meaningfully improve the liquidity outlook beyond the current forecast (which excludes ATVM proceeds) and act as a stock catalyst .

Citations:

• Press release and 8‑K exhibits containing Q4/FY2020 financial statements, 2021 outlook, and management commentary .
• Prior quarters were SPAC reporting periods without operating revenue/calls, per Q2 and Q3 2020 10‑Qs .
• Event page and call logistics reference .