LMP Automotive preliminary estimates of Q2 include revenue to be ~$164M; announces delay of Q2 results

• LMP Automotive (NASDAQ:LMPX) reported Tuesday its preliminary estimates for Q2 2022 where sales is expected to be ~$164M and gross profit to be ~$32M with cash at ~$36M.
• Additionally, LMP Automotive provided a corporate update and announced a delay of its second quarter financial results for the period ended June 30.
• The company said there is significant change in results of operations in Q2 2022 versus results from corresponding period in prior year, primarily as a result of acquisitions that closed during the course of calendar year 2021.
• As it continues its evaluation of proper identification and elimination of intercompany transactions; estimates of chargeback reserves for finance and insurance products; and various financial presentation matters related to the Company’s business it is unable to timely report its financial results for Q2 of 2022.