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Jun 30, 2023
Workhorse Q2 2023 Earnings Report
Workhorse demonstrated progress on its path forward to grow and further position for success.
Key Takeaways
Workhorse Group reported a net sales of $4.0 million for the second quarter of 2023, compared to $0.0 million in the same period last year. The net loss for the quarter was $23.0 million, compared to a net loss of $21.2 million in the same quarter last year. The company had approximately $62.4 million in cash and cash equivalents as of June 30, 2023.
Received purchase orders for 62 vehicles and delivered 42 Class 4 vehicles to customers.
Received first commercial drone purchase order for HorseFly™ and finalized preparation for drone assembly.
W56 program remains on track for start of production in September 2023.
Signed its first commercial drone purchase order and sales for HorseFly.
Forward Guidance
Workhorse expects to generate between $65-85 million in revenue for calendar year 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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