Workhorse Stock Is Getting Hammered Today: Here's Why

Workhorse Group Inc WKHS shares are trading lower after the company reported second-quarter earnings results and cut 2022 electric vehicle delivery guidance.

What Happened?

Per Workhorse, sales, net of returns and allowances, for the second quarter of 2022 were recorded at $12.6 thousand compared to $1.2 million in the same period last year. The decrease in net sales was primarily due to a decrease in vehicle sales.

Workhorse Group now expects to manufacture and sell between 150-250 vehicles and generate between $15M-25M in revenue for calendar year 2022.

What Else?

"Our critical strategic initiatives remain on time and on budget," said Workhorse CEO Rick Dauch.

"The recent actions we've taken include building out our leadership team; transforming our manufacturing operations; establishing strategic relationships with industry-leading suppliers; and executing on our product roadmaps for both Commercial and Aerospace vehicles. We secured a new purchase agreement for our C1000, W4 CC and W750 products, which includes over 1,000 build slot reservations in 2022 and 2023. We remain confident in the solid foundation we are putting in place to deliver electric vehicles that our customers want and need."

See Also: Why Cronos Stock Is Getting Hammered Today

According to data from Benzinga Pro, Workhorse has a 52-week high of $10.68 and a 52-week low of $2.11.