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EV maker Workhorse stock dives after big revenue miss, slashed outlook

Clyde Edgerton by Clyde Edgerton
August 8, 2023
in Markets
EV maker Workhorse stock dives after big revenue miss, slashed outlook
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Shares of Workhorse Group Inc.
WKHS,
-9.32%
took a 5.1% dive in premarket trading Tuesday, after the electric vehicle maker reported a big second-quarter revenue miss and slashed its full-year outlook. The net loss for the quarter to June 30 was $23.02 million, or 12 cents a share, after a loss of $21.16 million, or 13 cents a share, in the year-ago period. Net losses increased while per-share losses narrowed because the number of shares used in calculation of per-share results increased to 185.66 million shares from 159.11 million shares. The FactSet consensus for per-share losses was 15 cents. Revenue grew to $3.97 million from $12,555, but missed the FactSet consensus of $14.8 million. For 2023, the company cut its revenue guidance range to between $65 million and $85 million from between $75 million and $125 million. The company said longer-than-expected certification testing may delay the W56 production launch by about 45 days. The stock has rallied 13.5% over the past three months through Monday, while the S&P 500
SPX,
-1.16%
has gained 9.2%.



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