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Dec 31, 2021
Workhorse Q4 2021 Earnings Report
Reported financial results with a net loss of $156.1 million due to increased cost of sales and SG&A expenses.
Key Takeaways
Workhorse Group reported a decrease in sales and a significant increase in cost of sales, leading to a net loss for the fourth quarter of 2021. The company is focusing on a revised strategic product roadmap and investing in drone operations.
Sales decreased due to lower volume and increased vehicle returns related to the C-1000 recall.
Cost of sales increased significantly due to non-cash charges, including inventory reserves and impairment of assets.
SG&A expenses increased due to higher selling costs, legal fees, and employee-related expenses.
Net loss was $156.1 million, compared to net income of $280.5 million in the same period last year.
Forward Guidance
Workhorse expects to manufacture and sell at least 250 vehicles in 2022 and generate at least $25 million in revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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