Workhorse Group (NASDAQ: WKHS) reported Q1 EPS of $, versus ($0.14) reported last year. Revenue for the quarter came in at $600 thousand versus the consensus estimate of $500 thousand.

• Sales for the first quarter of 2018 were recorded at $0.6 million, down from $1.6 million in the same period of 2017 as well as from a record performance in Q4 2017 where the company demonstrated our improved production capability.
• Selling, general and administrative expenses increased 26% to $2.4 million from $1.9 million in the same period last year. The increase in selling, general and administrative expenses was due primarily to increases in legal and consulting expenses for the planned SureFly spinoff as well as employee salaries and benefits due to increased headcount during the period.
• Research and development expenses decreased 28% to $2.3 million from $3.2 million in the same period last year. The decrease in research and development expenses was due primarily to decreases in prototype expenses for both the United States Postal Service (USPS) Next Generation Delivery Vehicle (NGDV) and SureFly.
• Total operating expenses decreased 8% to $4.7 million from $5.1 million in the first quarter of last year. The decrease in total operating expenses was due to decreases in prototype expenses for both the USPS NGDV and SureFly, which was offset by increases in legal and consulting expenses for the planned SureFly spinoff as well as employee salaries and benefits due to increased headcount during the period.
• Net loss was $6.4 million, compared with a net loss of $7.9 million in the same period last year. This is due primarily to more favorable gross profit.

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