Edward. everyone morning, you, you Thank thank for and joining Good us.
operating related into preferred Foxconn as During included stock was in costs $XXX the $XX market. was million raised and capital, in $XXX $XXX as issuances from Foxconn the XXXX, we that from November of received plant to million The common well XXXX, burn, the cash sale from million of and significantly stock. and sale complexity funds another fixed million common reduced in plus our which balance the
from of down million proceeds XXXX. total which the received in in were $XXX payments plant $XXX the recall may sale You were million,
Foxconn to and in Under and November up with expected satisfaction approval, and the of program investment preferred to conditions milestones, EV subject the we other in to million of is $XXX terms agreement entered Foxconn additional purchase regulatory stock. common into
all vehicle the new used cost to There IR on program. reminder, associated the detail the funds from the a our investments more our fund As may use in of with preferred sources on earnings site. developing timing the raised stock of proceeds only and be deck is
million asset rise shed was In production. to for annual that costs closed May costs contract and we as were quarter, $XXX quarter asset vehicle exchange full in last per and $XX budgeted in $XXX plant QX of operating sale to fee and our increase total XXXX proceeds. XX. costs approximately a Thus, our manufacturing million with were sale operating the operating in support launch million roughly
putting with ecosystem. in from complexity hands we our and addition, we Foxconn. development EV operating risk Foxconn discussed, as the of And by advanced manufacturing vehicle long-term lower benefit partnership Ed its In and substantially
the top Ending in investments, of with $XXX short-term at outperformed fourth our cash almost well spending and to in quarter was our most the of burn outlook. end liquidity $XX through point I cash that the discipline, production we every impact launch the significant and want beat quarter also range of beyond XXXX above our and targets in out timing. million or XX% the million
on our in create release As you transitional will through site. the I detail you can and aspects found a out our be More results. lot noise, all are press of deck walk as I earnings aware, the our which call XXXX IR of
recognition reaching resulting of deliveries certification of we the in QX, the revenue three in customer vehicles period. Endurance, Upon began in
As the of were I of and the of months quarter, first the last commercial fourth reported sales, we some explained XXXX. in X cost of on would R&D begin start in sales reporting SG&A which for with call, our or earnings production
of Fourth $XX sales year full totaled quarter approximately and reported cost million.
to breaks However, how it’s that understand important down.
warranty to direct production and and margin zero The the value, sales is NRV represents goes net on write tooling of excess we what result Endurance. the NRV. in connection our included $X.X related that take in of realizable inventory equates with adjustment continue inventory consumption. sales can million material of launch-related heart detail accrual, a a of and Our down the The The remaining are inventory inventory the our during to our million depreciation that primarily acquired costs costs. it cost to cost direct we period sales took notes charge hand. related production to production the financial vehicles were to and is delivery and address $XX.X of excess equipment included another sold, in the More which to a cost which of charge charge after to taken million through in NRV materials represents because price of we the order be found supplier charges The $XX small was statements manufacturing, inventory $XXX,XXX, XX-K. on amount quantities excess for purchases write-down, minimum on the anticipated for to own
million in start the XXXX, of fourth and the for in quarter, SG&A including to accelerated million and XX%, year, a and Our professional in $XX.X non-cash software and royalty million million and accruals. down the has items professional $XX.X stock the significant the million the fees costs includes prepaid litigation premiums; and insurance remaining million write-off for $X.X were The fees; million comp $X.X $XXX.X XXXX. were down of for fourth and due $XX.X expenses services, that for million Compared were of total a $X.X quarter $X.X quarter R&D primarily and million. other been consulting support marketing trending reduction to of since expenditures. fees $X.X personnel personnel and legal in were SG&A in
to compared premiums, which insurance were carry Outside selling almost legal in a quarter year down well XX% a ‘XX. Other as continue decrease our primarily of compared the in were activity. trend the prior in QX to to They significant as marketing ramp costs spend, XX% to annual XX%. costs, led reduction down And will forward. higher renewals we
For $XXX.X year, were million. expenses the fiscal SG&A
outside launch million as personnel $XX.X that $XX.X fees to late higher improvement accruals, year-over-year these in for build we of was as legal million $X.X insurance million in and fees, XXXX. by the comp. stock and in-house. in for reporting $XX.X months consisted prepaid professional for expenditures the sales of and marketing and of services, of Partially a $XX.X remaining $X.X consulting in of for renewal capabilities higher The million driven increase charges However, in $XX.X X includes insurance first expenditures. with services before net million timing million were write-off $XX.X and and premiums; the fees; litigation $X.X of and cost million items other offsetting million the marketing million Endurance, SG&A an of other and royalty the software costs of of personnel a accelerated The in for premium, along NRV expenses; professional representing legal decrease higher XXXX we $XX.X prepare million
compares representing million decreases of XXXX outlooks. in third $XX.X trend R&D and non-plant $X.X $XX.X XX%, development $XX.X as and the XXXX, costs quarter in million million and were comp; quarter million of and overhead. and stock This the personnel quarter, down testing the personnel and XX% $XX.X in including fourth other expenditures approaching consulting consulting as Endurance previously costs; services of in million and expenses $X.X in in software, million the to related discussed of accelerated of launch, our respectively,
the were For and million costs flat QX relatively to the XXXX ‘XX. same of freight quarter reason, of down $X.X third also versus
$XXX.X R&D year, in XXXX. compares number For to million of headline the million the full $XXX in
trends $XX.X all prior testing XX% XX% XXXX the and Endurance PPV by However, million The $X lower an reflects in reimbursement down totaled compared in due XXXX are XXXX of from launch. the personnel received from million fees million ultimately, from or progression include and in R&D in to these Foxconn to were million million component Freight million XXXX, almost versus to to million beta amounts development $XX.X sale XXXX. in incurred of million, costs in XXXX, representing and of also and plant-related remaining XX%. transition to amount launch. In the The were $XXX in XXXX builds tied May was million an XXXX. professional to the expenses XXXX. parts $XX.X in as $XX Prototype $XXX decrease sale. $XX.X part $XX.X Again, expenditures
items totaled operating million, representing a year Other assets. impairment our the long-lived $XXX.X for on non-cash
move to which, evaluate charge approximately of course, fluctuates highlighted $XX or triggered last million value approximately the QX. net The metric is value, a stock quarter, decline the price liabilities. quarter our use into As production during price, The of review QX. the cash fair primary and incremental million position with our commercial to primary our and impairment impairment was we $XX for contributor in stock in fourth assets a in enterprise of the
XX-K of consumed balance the wrote found value the being represents for right down related impairment. of certain assets to also be General detail the total More do Motors to the for we Endurance, inventory not the by quantities are prepayments these anticipate can including of parts, on access in that which We each footnote. the
of approximately $XXX change cash than in operations, in the and million, inclusive almost used for short-term XXXX, quarter end $XX.X million cash $XX cash of third At investments higher the were consists The capital purchased $X.X of of XXXX. of a million of $XX.X preferred the by asset net in stock, million expenditures, million cash $X.X $XX.X the from $XX investment; proceeds capital and Foxconn. issuance proceeds; common million including in working million and in sale million
and in chain the million $XX The beat cash issues stock decision $XX represented and mentioned $XX sales outperformance. as much in capital, cost approximately Supply of to and will impact the $XX into Endurance inventory. first inventory of purchases in CapEx into million pull the The fourth quarter entirely with less of of million containment, due not and contributed excluding to was I production almost The which benefit related XXXX. earlier forward along under $XX.X a the million, was million shift ATM, than timing the lower working was million CapEx quarters benefit. and to buys inventory $X second lower the
trade-offs And and a what Endurance, a we plan, we Turning we the making on more partner, where to will to business strategic spend require Scaling durable have. commercial substantial model the improved, even raised expect Foxconn need more under while reach cover investment and planned preferred will sales. for agreement, certification, predevelopment stock $XXX the million new program work we additional be will capital. homologation to vehicle in to in we XXXX. continue operational will the we our execution funds our outlook, defined is execute OEM capital while capital-constrained Significantly, the business when has and funding
In addition, could be contingencies our material. litigation
now we variables highly the XXXX. the providing production EV won’t upon the first and with guidance of to confining with Foxconn, that parts first we is moving quarter program dependent several timing joint the be outlook almost to With our program and are Endurance of Moreover, discussed factors. out point earlier sale margin, again Ed material direct to matters will cost prior I NRV essentially zero inventory taken sales and the advanced buys. that given entirely the resolve is reflects other to due a
However, other associated costs manufacturing we and recalls, have will with delivery, production incremental costs. warranty
depreciation. as We future NRV well additional periods charges as expect also to on in inventory acquired take
to offsetting write-downs, with accruals QX end of we and contingent with to expect modestly excluding decline $XXX accelerated additional compensation, as to We equity in R&D new without development the activity, Foxconn million SG&A larger decrease and XXXX XXXX, Relative the increases funding, short-term or anticipate aggregate litigation asset partially any investments, to SG&A. cash in and other of $XXX slightly first liabilities. stock program million sales the R&D quarter
We to I expect CapEx the be consume higher is reasons capital modestly working likely and for to mentioned cash. earlier, less
achieving down million tranche tranches of common as from follows: $XX agreement, million $XXX remaining The purchases and cannot second are milestones $XX are milestones million million followed a broken discussed We Foxconn investments at the earlier conditions or following to subject stock, when conditions. satisfaction agreed of by of stock each under predict achieved. of be and investment will that approximately $XX this if preferred stage development other mutually satisfying those of
of reminder, the the will stock development an preferred fund As of a advances. our investments share increasing new as program costs
limits use the the Lastly, the from investment of preferred solely stock program. agreement new proceeds the for
is and cost Endurance highly Ecosystem. new with deliveries EV developing Foxconn lower and resuming the and team with collaboration focused the Our our production on program in structure
With open line questions. the that, please for operator,
