Workhorse stock sinks to 4-year low after losses beat expectations, while revenue jumps but misses forecasts

Shares of Workhorse Group Inc.
WKHS,
-6.27%
sank 5.2% toward a 4-year low in morning trading Monday, after the electric vehicle maker reported a narrower-than-expected loss but revenue that fell short of forecasts, while affirming the full-year outlook. The net loss was $25.0 million, or 15 cents a share, after a loss of $22.1 million, or 15 cents a share, in the year-ago period. The number of shares outstanding used in calculating per-share results increased 10% to 167.14 million. Sales jumped to $1.69 million from $14,299, due to sales volume of the W4 CC cab chassis, but was below the FactSet consensus of $9.9 million. Cost of sales increased 36% to $5.3 million, while research and development expenses grew 80% to $7.2 million. The company affirmed its 2023 revenue guidance range of $75 million to $125 million. “We expect to ramp up production and delivery throughout the rest of the year, which will generate significant revenue growth in 2023,” Chief Financial Officer Bob Ginnan said. The company had $79.1 million in cash and cash equivalents as of March 31. The stock has dropped 43.4% year to date, while the S&P 500
SPX,
-0.19%
has gained 7.4%.