Benzinga | Aug 13, 2021 05:42AM EDT

Electric Last Mile Solutions Reports Narrower Than Expected Q2 Loss

* Electric Last Mile Solutions Inc (NASDAQ: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.