Workhorse Group (WKHS) Reports Q1 Revenues Miss

Workhorse Group (NASDAQ: WKHS) reported Q1 EPS of $. Revenue for the quarter came in at $521 thousand versus the consensus estimate of $2.61 million.

Management Commentary

“We have had a step function improvement in production in the last month. Although we had planned to have achieved our year-to-date number of trucks produced sooner, we took the additional time to ensure that we were building top-quality vehicles for our customers while improving our production processes,” said Workhorse CEO Duane Hughes. “Bottlenecks within the global supply chain and offshore shipping delays of commodity raw materials and components as well as our initial stages of production limited our capacity to produce during the first quarter. However, our vehicle production numbers in April in comparison to the last few quarters are encouraging as are the proactive steps we are taking to build our volumes and ensure consistent production.”

“More specifically, we’ve solidified our inspection processes for quality control, grown our production workforce significantly, bolstered our supply chain with the addition of another battery supplier in CSI/CATL, and made enhancements to our customer service processes through an improved, end-to-end approach. Though we are certainly making steady progress in improving our vehicle manufacturing throughput, we are adjusting our 2021 production estimate to 1,000 units. Our deliberate approach to growth will ensure we are well-positioned to deliver the increased volumes we expect in 2022 and beyond.”

For earnings history and earnings-related data on Workhorse Group (WKHS) click here.

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