Why Technology Company Workhorse Shares Are Sliding Today
Portfolio Pulse from Lekha Gupta
Workhorse Group Inc (NASDAQ:WKHS) shares dropped after reporting Q4 FY23 results with sales of $4.4 million, surpassing consensus but with an EPS loss of $(0.19), missing expectations. The company highlighted increased vehicle sales and contributions from Stables by Workhorse and DaaS, but faced higher SG&A expenses due to legal and professional fees. Despite a challenging liquidity situation, Workhorse is focusing on production, delivery capabilities, and financial discipline for 2024.
March 12, 2024 | 2:45 pm
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Workhorse Group Inc reported Q4 FY23 results with higher sales but a larger EPS loss than expected, leading to a 10.68% drop in share price.
Workhorse Group's share price decline is directly tied to its Q4 FY23 earnings report. While sales exceeded expectations, the larger-than-anticipated EPS loss and the mention of short-term liquidity issues likely contributed to negative investor sentiment. The company's focus on resolving liquidity issues and improving production and delivery capabilities for 2024 may offer some optimism, but the immediate reaction reflects concerns over its current financial health.
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