Workhorse Group Inc WKHS reported Monday that sales, net of returns and allowances, for the first quarter of 2023 were $1.69 million, beating the consensus of $9.85 million.
Sales increased from the same period last year primarily due to increased W4 CC vehicle sales.
The ross loss narrowed to 3.63 million, and the cost of sales increased to $5.33 million from $3.92 million last year.
The operation loss was 25.55 million versus negative $19.83 million the previous year.
EPS loss of 15 cents beat the analyst consensus of an 18-cent loss.
The company held $79.1 million in cash and equivalents.
CEO Rick Dauch said, "In the first quarter, we continued to advance our commercial vehicle programs. The W4 CC is now in regular production, we completed the W750 pilot builds and expect to start production during Q2 2023. We are on track to meet our annual sales targets based on firm and forecasted customer orders."
The company also remains scheduled to begin production of the all-new W56 step-van and strip chassis units in the third quarter.
The company said it is focused on expanding its CV dealer network and plans to onboard 8-10 new dealers in 2023.
Outlook: WKHS reaffirmed FY23 revenue of $75 million-$125 million versus the consensus of $89.24 million.
WKHS Price Action: WKHS shares were traded higher by 0.23% at 91 cents late Monday morning.
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