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Sep 30, 2021
Workhorse Q3 2021 Earnings Report
Workhorse experienced a net loss, decrease in sales, and increase in cost of sales and SG&A expenses.
Key Takeaways
Workhorse Group reported a net loss of $81.1 million for the third quarter of 2021, with sales recorded at $(0.6 million). The company strengthened its balance sheet with equity conversion and onboarded a new management team.
Strengthened balance sheet with approximately 85% equity conversion of previous $200 million debt obligation.
Onboarded new management team and commenced CFO search.
Additional testing of current C-1000 truck design underway with plans for future reconfiguration.
Strategically withdrew from the USPS lawsuit to pursue opportunities with the federal government.
Forward Guidance
Workhorse anticipates focusing on customers, developing technology, making essential operational decisions, and growing the business, with expectations to deliver best-in-class vehicles for the commercial electric vehicle market starting in 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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