Workhorse WKHS Q2 2022 Results

C Series workhorse

Politeness: Workhorse

The Workhorse Group lowered its 2022 sales and delivery guidance on Tuesday, saying it may not be able to deliver as many of its electric commercial vehicles as planned due to ongoing supply chain issues.

Workhorse said it now expects to deliver between 150 and 250 of its vehicles for the year and generate between $15 and $25 million in revenue. It said in May that it expects to deliver “at least 250” vehicles this year and generate “at least $25 million” in revenue.

Workhorse shares fell about 11% in early trade after the news broke.

Workhorse announced the change in guidance with the release of its second quarter results. Here are the key numbers.

  • Revenue: $12,555 for the quarter compared to $1.2 million in the same period last year.
  • net loss: $21.2 million compared to $43.6 million in the same period last year.

Workhorse is in the process of transitioning to a new range of products to be built on an electric truck chassis supplied by GreenPower Motors. The company announced that it received its first shipment of chassis from GreenPower in July and is on track to begin production of its GreenPower-based chassis and cab vehicles by the end of September, with vans to follow before the end of 2022 will.

Workhorse uses GreenPower’s chassis while working on the development of two of its own new electric truck platforms. The first of these, dubbed the W56, is still on track to go into production in the third quarter of 2023, the company confirmed on Tuesday, with about 75% of materials already sourced.

This is an evolving story. Please check back for updates. Workhorse WKHS Q2 2022 Results

Drew Weisholtz

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