Loading...
•
Dec 31, 2019
Workhorse Q4 2019 Earnings Report
Reported financial results, narrowed focus on C-Series delivery vehicles and patented vehicle-mounted drones, and began production with certifications for customer deliveries.
Key Takeaways
Workhorse Group reported a net income of $655,000 for the fourth quarter of 2019, a significant improvement compared to the net loss of $17.7 million in the same period last year. The company recorded sales of $3,000, a decrease from $21,000 in Q4 2018. They also completed transactions to focus on electric C-Series delivery vehicles and patented HorseFly drone technology and started production with certifications to deliver vehicles in April.
Sold non-core assets and intellectual property to focus on last-mile C-Series delivery vehicles and patented HorseFly drone technology.
Started production and are obtaining certifications to allow for delivery of vehicles to customers in April.
Established a production and delivery target of 300-400 vehicles in 2020.
Recorded non-cash license income of $12.2 million from the Lordstown Motors Corporation (LMC) investment.
Forward Guidance
The company is setting a 2020 production target of 300-400 vehicles and are looking forward to delivering our state-of-the-art truck to our customers.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...