Workhorse Group Shares Plummet Post Q2 Results

by Shivani Kumaresan, Benzinga Staff Writer

August 9, 2022 12:42 PM | 1 min read | Make a Comment

Workhorse Group Inc WKHS reported second-quarter FY22 sales of $12.6 thousand versus $1.2 million last year due to a decrease in vehicle sales.
Gross loss narrowed to $(3) million versus $(13.6) million last year, as the cost of sales decreased to $3.0 million from $14.8 million last year.
Operating expenses nearly doubled to $18.1 million. Operation loss was $(21.1) million versus $(22.7) million the previous year.
Net loss for the quarter narrowed to $(21.1) million.
The company held $140.1 million in cash and equivalents as of June 30, 2022.
Outlook: Workhorse expects to manufacture and sell 150-250 vehicles in FY22.
It sees FY22 revenue of $15 million - $25 million versus the consensus of $24.09 million.
Price Action: WKHS shares traded lower by 20.25% at $3.57 on the last check Tuesday.