Corp 1000

Workhorse stock tumbles after EV maker misses revenue expectations, cuts full-year outlook

Shares of Workhorse Group Inc. tumbled 10.0% in morning trading Tuesday, after the electric vehicle maker reported second-quarter results that missed expectations, as vehicle sales fell, and lowered its full-year outlook. The net loss narrowed to $21.2 million, or 13 cents a share, from $43.6 million, or 35 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 11 cents. Sales dropped to $12,555 from $1.20 million, below the FactSet consensus of $14,500. The company had announced in September 2021 that it suspended deliveries of C-1000 vehicles as it was determined that additional testing and modifications were needed to bring them into full compliance with Federal Motor Vehicle Safety Standards. For 2022, the company said it now expects to make and sell between 150 and 250 vehicles, compared with previous guidance of “at least” 250 vehicles, and said it now expects to generate revenue of between $15 million and $25 million versus previous guidance of “at least” $25 million. The stock has soared 58.5% over the past three months, while the S&P 500 has gained 3.6%.

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