Workhorse Q2 2022 Earnings Report
Key Takeaways
Workhorse Group Inc. reported a decrease in net sales for Q2 2022, with sales of $12.6 thousand compared to $1.2 million in the same period last year. The net loss was $21.2 million, an improvement from the $43.6 million net loss in the same period last year. The company had approximately $140.1 million in cash and cash equivalents as of June 30, 2022.
Secured a new purchase agreement for C1000, W4 CC and W750 products, including over 1,000 build slot reservations in 2022 and 2023.
Continued progress in transforming the Union City plant into a world-class manufacturing complex, with renovations complete and upgrades underway.
Signed a three-year contract manufacturing agreement to assemble vehicles for Tropos Technologies in Union City beginning in Q4 2022, with expected volumes of about 2,000 units per year once ramp-up is complete.
Completed the relocation of the Aerospace business into a new 75,000 ft2 facility in Mason, Ohio.
Workhorse
Workhorse
Forward Guidance
Workhorse expects to manufacture and sell between 150-250 vehicles and generate between $15-25 million in revenue for calendar year 2022, assuming current supply chain lead times remain unchanged.