Workhorse Group (NASDAQ: WKHS) reported Q2 EPS of ($0.12), $0.03 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $3.97 million versus the consensus estimate of $14.8 million.

2023 Guidance:

Based on improved clarity gained from the emerging commercial EV market experience in the first half of the year, Workhorse now expects to generate between $65-85 million in revenue for calendar year 2023 due primarily to two factors: the availability of HVIP vouchers through GreenPower​ Motor Company for the W4 CC and W750 vehicles in the California market as well as longer than expected certification testing which may delay the W56 production launch by approximately 45 days.

“The Workhorse team is ramping up production and deliveries for our products while taking steps to expand our dealer network and ensure we have the financial resources to achieve our strategic goals,” said Workhorse CFO Bob Ginnan. “We have built a strong foundation in all areas of our business and are confident in our ability to deliver continued revenue growth and enhanced shareholder value in the near-term.”

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