Workhorse Stumbles: Q2 Losses Deepen As Sales Miss The Mark By A Mile
Portfolio Pulse from Nabaparna Bhattacharya
Workhorse Group, Inc. (NASDAQ:WKHS) reported disappointing Q2 results with a larger-than-expected loss per share and significantly lower sales than anticipated. The company's shares fell by 28.4% following the announcement. Despite the setbacks, Workhorse is focusing on expanding its product line and has received new orders and contracts.
August 20, 2024 | 2:38 pm
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Workhorse Group reported a Q2 loss of $1.40 per share, missing expectations, and sales of $0.84 million, far below the expected $8.43 million. The stock dropped 28.4% as a result. The company is working on expanding its product offerings and has received new orders and contracts.
The significant miss on both earnings and sales expectations has led to a sharp decline in Workhorse's stock price. The company's efforts to expand its product line and secure new orders may provide long-term benefits, but the immediate impact is negative due to the poor financial performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100