Workhorse Plummets On Q4 Earnings Miss

Workhorse Group Inc WKHS reported that sales, net of returns and allowances, for the fourth quarter of 2022 were $3.4 million, missing the consensus of $12.30 million.
Sales increased from $(2.0) million in the same period last year primarily due to increased W4 CC vehicle sales.
Gross loss narrowed to $(17.76) million, and the cost of sales decreased to $21.2 million from $99.9 million last year.
Operation loss was $(39.3) million versus $(120.4) million the previous year.
EPS loss of $(0.24) missed the analyst consensus of $(0.18).
The company held $99.3 million in cash and equivalents as of Dec. 31, 2022.
Outlook: WKHS sees FY23 revenue of $75 million - $125 million versus the consensus of $117.83 million.
Price Action: WKHS shares traded lower by 12.3% at $1.8050 on the last check Wednesday.

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