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Mar 31, 2023
Workhorse Q1 2023 Earnings Report
Workhorse's foundation was rebuilt and the company executed on its product portfolio roadmap.
Key Takeaways
Workhorse Group reported an increase in sales to $1.7 million compared to $14.3 thousand in the same period last year, driven by sales volume of the W4 CC. The company is on track to meet its annual sales targets based on firm and forecasted customer orders and reaffirms its outlook to generate between $75-125 million in revenue in 2023.
Ramped up production of its W4 CC vehicles, currently producing 16 units/week with plans to increase to 25 units/week by Q3.
Expects to begin production of the W750 in Q2 2023.
The W56 program remains on track for start of production in Q3 2023.
Made strides in Aerospace, having successfully completed a number of demonstrations.
Forward Guidance
Workhorse is reaffirming its outlook and expects to generate between $75-125 million in revenue in 2023.
Positive Outlook
- Ramping up production and delivery throughout the rest of the year
- Expecting significant revenue growth in 2023
- Managing cash burn well
- Enhancing systems internally
- Becoming an even more efficient organization
Historical Earnings Impact
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Avg. Return Before/After Earnings
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