Workhorse Q2 2020 Earnings Report
Key Takeaways
Workhorse Group Inc. reported an increase in sales for the second quarter of 2020, alongside a significant rise in interest expense primarily due to non-cash adjustments related to convertible notes and warrants. The company reaffirmed its production and delivery target of 300-400 vehicles for 2020 and highlighted its achievement as the only medium-duty BEV OEM permitted to sell vehicles in all 50 states.
Officially began production and delivered three C-series electric step vans to Ryder System, Inc. and Electric Vehicle Fleet Solutions.
Became the first and only medium duty battery electric vehicle (BEV) OEM to receive approvals from both the Environmental Protection Agency (EPA) as well as the California Air Resources Board (CARB), permitting the Company to sell vehicles in all 50 states.
Reaffirmed previous production and delivery target of 300-400 vehicles in 2020.
Workhorse strategic partner Lordstown Motors Corp. will become a publicly listed company on the NASDAQ.
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Forward Guidance
Workhorse is focusing on maximizing efficiency and output as it looks to ramp production throughout the remainder of the year to meet its ambitious delivery campaign goals.