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Workhorse WKHS Q2 2022 earnings


Workhorse C-Collection

Courtesy: Workhorse

Workhorse Group lower its income and supply steerage for 2022 on Tuesday, saying that it might not be capable of ship as a lot of its electrical business autos as deliberate due to ongoing supply-chain points.

Workhorse stated that it now expects to ship between 150 and 250 of its autos for the 12 months, producing between $15 million and $25 million in income. It had stated in Could that it anticipated to ship “not less than 250” autos this 12 months, producing “not less than $25 million” in income.

Workhorse’s shares had been down about 11% in early buying and selling after the information was launched.

Workhorse introduced the steerage modifications as a part of its second-quarter earnings launch. Listed here are the important thing numbers.

  • Income: $12,555 for the quarter, down from $1.2 million within the year-ago interval.
  • Web loss: $21.2 million, versus $43.6 million within the year-ago interval.

Workhorse is within the strategy of transitioning to a brand new product lineup, to be constructed on electric-truck chassis provided by GreenPower Motors. The corporate stated it obtained its first cargo of chassis from GreenPower in July and is on observe to start manufacturing of its GreenPower-based chassis-cab autos by the tip of September, with supply vans following earlier than the tip of 2022.

Workhorse is utilizing GreenPower’s chassis whereas it really works to develop two new electric-truck platforms of its personal. The primary of these, referred to as W56, remains to be on observe to enter manufacturing within the third quarter of 2023, the corporate confirmed on Tuesday, with about 75% of supplies already sourced.

This can be a creating story. Please examine again for updates.



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