Workhorse Group Stock Drops After FY23 Guidance Cut and Mixed Q2, Remains Firm On W56 Production Schedule
Portfolio Pulse from Anusuya Lahiri
Workhorse Group Inc (NASDAQ:WKHS) reported Q2 2023 sales of $3.97 million, missing the consensus of $14.9 million. The company delivered 42 Class 4 vehicles and won purchase orders for 62 vehicles, including the first two for the W56. The gross loss was $4.46 million, and the operation loss was $23.5 million. The company held $62.4 million in cash and equivalents. Workhorse cut FY23 revenue to $65 million - $85 million from the prior $75 million-$125 million. WKHS shares closed lower by 6.78% at $1.10 on Tuesday.
August 08, 2023 | 8:06 pm
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NEGATIVE IMPACT
Workhorse Group reported lower than expected Q2 2023 sales and cut its FY23 revenue guidance. The company's shares closed lower by 6.78%.
Workhorse Group's lower than expected Q2 2023 sales and reduced FY23 revenue guidance are likely to negatively impact investor sentiment, leading to a potential decrease in the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100