- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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