Not counting returns and allowances, Q1 sales rose to $1.7 million compared to $14,300 in the same period last year as the company was in the midst of halting production of the C-1000 vans, which it tried to improve before ultimately canceling the project. Workhorse shares closed at 88 cents Monday, a few pennies above its 52-week low. “After almost two years of hard work, Workhorse is ready to run,” Dauch told analysts on an earnings call Monday. It expects 40 more vehicles to be delivered this quarter. Workhorse delivered 10 upgraded GreenPower-based W4 CC chassis cabs to a customer. Spent $50 million to makeover Workhorse’s shabby plant in Union City, Indiana.Įarly buds of progress from these and other moves showed up in the first quarter despite Workhorse posting a net loss of $25 million compared to $22.1 million in the same period last year. A Class 4 homemade product arrives in 2025. The new Workhorse W56 Class 5 van will be ready n Q3. as a stopgap product to generate revenue. Used company shares to pay off a hedge fund, leaving the company debt free.Ĭanceled the C-1000 electric stepvan program found to be insufficiently durable to last the 15-20 years required of delivery vans.Īrranged to purchase 1,800 Class 4 chassis from Canada’s GreenPower Motor Co. Since he joined the company in August 2021, he has:įired several top executives, replacing them with automotive industry veterans and veteran automotive engineers.
The Cincinnati-based company is slowly emerging from an extensive and expensive overhaul led by CEO Rick Dauch. But it made progress toward ramping up Class 4 electric stepvans and chassis cabs.
Workhorse Group reported a larger loss in the first quarter and is short on cash. You’ll receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself.Workhorse Group lost $25 million in the first quarter but made progress on a company overhaul. Simply Wall St has no position in any stocks mentioned. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. We aim to bring you long-term focused analysis driven by fundamental data. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. This article by Simply Wall St is general in nature. Alternatively, email editorial-team (at). Have feedback on this article? Concerned about the content? Get in touch with us directly. For instance, we've identified 4 warning signs for Workhorse Group (1 shouldn't be ignored) you should be aware of. Risk Analysisĭon't forget that there may still be risks. The company's shares are down 15% from a week ago. Performance of the American Auto industry. on average during the next 3 years, compared to a 18% growth forecast for the Auto industry in the US. Looking ahead, revenue is forecast to grow 76% p.a. Earnings per share (EPS) exceeded analyst estimates by 16%. Workhorse Group EPS Beats Expectations, Revenues Fall Short
0 kommentar(er)
