- Workhorse Group Inc WKHS reported a first-quarter FY22 sales decline of 97.3% year-on-year, to $14.3 thousand, beating the consensus of $10 thousand.
- The decrease in sales was primarily related to the reduction in truck sales volume.
- The cost of sales decreased to $3.9 million from $6.2 million last year. Total operating expenses jumped 48.1% Y/Y to $15.9 million.
- The company's operating loss widened to $(19.8) million in the quarter.
- The company held $167 million in cash and equivalents as of March 31, 2022.
- Net loss narrowed to $(22.1) million from $(120.5) million last year.
- Outlook: Workhorse reaffirmed its commitment to manufacture and sell at least 250 vehicles in 2022 and generate at least $25 million in revenue.
- Price Action: WKHS shares are trading higher by 5.51% at $2.68 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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