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Sep 30, 2022
Workhorse Q3 2022 Earnings Report
Financial results reported for the third quarter ended September 30, 2022.
Key Takeaways
Workhorse Group reported a net sales of $1.5 million for the third quarter of 2022, compared to $(0.6) million in the same period last year. The net loss was $35.4 million compared to net loss of $81.1 million in the same period last year. The company had approximately $120 million in cash and cash equivalents as of September 30, 2022.
Workhorse built and sold first Class 4 vehicles during the quarter.
The company is renovating facilities for higher production levels in 2023.
Workhorse launched a new business platform, ‘Stables & Stalls’ to address the unmet needs of small fleet operators making the transition to electric vehicles.
Company reaffirms its revenue guidance and expects to generate between $15-25 million in revenue for calendar year 2022.
Workhorse
Workhorse
Forward Guidance
Workhorse is reaffirming its revenue guidance and expects to generate between $15-25 million in revenue for calendar year 2022, while tightening the range of vehicles expected to be manufactured and sold to between 100-200.
Positive Outlook
- Prudently investing in people, product portfolios, facilities, and operations as we ramp up production at both our Commercial Vehicles and Aerospace operations.
- Further building out sales team
- Further building out aftermarket infrastructure and capabilities
- Launching the Stables & Stalls initiative.
- On track to achieve our outlook for 2022 and look forward to delivering enhanced value to our customers and shareholders
Challenges Ahead
- Ability to develop and manufacture new product portfolio, including the W750, W56 and W34 platforms
- Ability to attract and retain customers for existing and new products
- Risks associated with obtaining orders and executing upon such orders
- Supply chain disruptions, including constraints on steel, semiconductors and other material inputs and resulting cost increases
- Inability to raise additional capital to fund operations and business plan