Workhorse Q2 2021 Earnings Report
Key Takeaways
Workhorse Group reported a net loss of $43.6 million for the second quarter of 2021, compared to a net loss of $131.3 million in the same period last year. Sales for the quarter were $1.2 million, an increase from $92,000 in the second quarter of 2020, primarily due to an increase in trucks delivered.
Appointed Richard F. “Rick” Dauch as Chief Executive Officer and board member.
Produced 133 C-Series vehicles year to date, which included 14 deliveries in the second quarter.
Entered into a strategic development agreement with EAVX to expand Workhorse’s product line.
Subsequent to the end of the second quarter, the Company sold 72% of its RIDE shares, providing expected net proceeds of nearly $79 million.
Workhorse
Workhorse
Forward Guidance
Workhorse is making the transition from an advanced technology start-up to a leading manufacturer of pure electric powered last mile delivery solutions. A new, long-term strategic roadmap to address and improve trucks and operational capabilities is expected by the fourth quarter of this year.