Shares of Workhorse Group Inc.
WKHS,
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,
has gained 9.2%.
