Workhorse Group Q2 Sales Surge On Higher Truck Volume; Unloads Majority Stake In Lordstown

Workhorse Group Inc WKHS reported second-quarter FY21 sales of $1.2 million, missing the analyst consensus of $6.41 million. It reported sales of $0.092 million last year.
It delivered a total of 14 trucks in Q2 versus one truck last year.
Gross loss widened to $(13.6) million, versus $(1.42) million last year.
Operating expenses rose 64% Y/Y to $9.1 million.
Operation loss was $(34.4) million versus $(6.98) million the previous year.
Loss per share was $(0.35), versus the consensus estimate of $(0.29).
Net loss for the quarter narrowed to $(43.6) million.
Net interest expense decreased to $10.5 million from $124.3 million last year.
Also, Workhorse reported other losses during the six months ended June 30, 2021, of $148.3 million, related to the decrease in fair value of its investment in Lordstown Motor Corp. RIDE.
As of June 30, 2021, Workhorse owned approximately 16.5 million shares of Lordstown Motors. During July 1-August 6, 2021, Workhorse has sold 11.9 million shares of Lordstown Class A Common Stock at an average price of $6.67 per share for expected net proceeds of $78.8 million. As a result of the sales, the company recorded a loss of approximately $52.1 million.
Price action: WKHS shares traded higher by 2.08% at $10.31, while RIDE traded higher at 0.42% at $5.96 on the last check Monday.

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