Electric Last Mile Solutions Reports Narrower Than Expected Q2 Loss

by Shivani Kumaresan, Benzinga Staff Writer

August 13, 2021 5:42 AM | 1 min read |

Electric Last Mile Solutions Inc ELMS reported a second-quarter loss per share of $(0.10), beating the analyst consensus of $(0.22). Net loss for the period totaled $(8.59) million.
Operating expenses amounted to $7.5 million. The operating loss for the quarter was $(7.5) million.
The company held $217.4 million in cash and equivalents as of June 30, 2021.
"Reception of the Urban Delivery has been positive, and we are now actively working to finalize order commitments," said CEO James Taylor.
Outlook: Electric Last Mile Solutions has affirmed the start of production for the ELMS Urban Delivery by the end of the third quarter of 2021 and set a 2021 production target of 1,000 vehicles.
The company expects FY21 operating expense of $75 million - $80 million.
Price Action: ELMS closed lower by 5.00% at $8.55 on Thursday.