Shares of Workhorse Group Inc. (WKHS) dropped 2.7% in premarket trading on Tuesday following disappointing third-quarter results. The maker of electric delivery vehicles reported a significant revenue miss and provided a downbeat full-year outlook, citing delays in clean truck and bus vouchers (HVIP) in California as the primary factor impacting their results.

Narrowing Losses but Missed Expectations

Workhorse Group narrowed its net loss to $30.6 million, or 14 cents per share, compared to a loss of $35.4 million, or 22 cents per share, in the same period last year. However, the company failed to meet the FactSet consensus estimate of a per-share loss of 12 cents.

Revenue Increase Falls Well Short

While sales experienced a significant increase of 95.5% to $3.03 million, it fell considerably short of the FactSet consensus estimate of $20.9 million.

Bleak Outlook for 2023

Workhorse Group's full-year outlook for 2023 is not promising, as the company now expects revenue to range between $10 million and $15 million. This forecast is significantly below the current FactSet consensus estimate of $63.0 million.

HVIP Voucher Delays Resolved

Chief Executive Rick Dauch provided information regarding the HVIP voucher delays, stating that they have successfully resolved the issue and are now moving swiftly ahead.

Stock Performance

Workhorse Group's stock has seen a sharp decline, falling 53.4% over the past three months. The company hit a record low of 37.8 cents on November 9th. In comparison, the Global X Autonomous & Electric Vehicles ETF (DRIV) has experienced a decrease of 12.3%, while the S&P 500 (SPX) slipped 1.7% during the same period.

Grafton Group Reports Strong Revenue Growth

Intermediate Capital Group Reports Strong Half-Year Results

Leave A Reply

Your email address will not be published. Required fields are marked *

Related posts

Pearson's 2023 Financial Performance
News

Pearson's 2023 Financial Performance

Pearson announces remarkable increase in pretax profit for 2023 despite slight sales decline, with strong financial metr...

Stitch Fix Reports Narrowed Losses in Q4
News

Stitch Fix Reports Narrowed Losses in Q4

Stitch Fix reports a narrower loss in Q4, although revenue declined and the active customer base decreased. CEO remains...

Stocks in Asia-Pacific Show Mixed Performance
News

Stocks in Asia-Pacific Show Mixed Performance

Most stocks in the Asia-Pacific region experienced increases, but some markets also saw declines. Hong Kong stocks showe...

Richtech Robotics Inc. Announces IPO Plans
News

Richtech Robotics Inc. Announces IPO Plans

Richtech Robotics Inc. announces its intention to conduct an IPO, offering 3 million shares at a price range of $4 to $6...