Fly News Breaks for January 30, 2020
Jan 30, 2020 | 17:02 EDT
BTIG analyst Gregory Lewis initiated coverage of Workhorse Group with a Buy rating and $6 price target. The analyst cites the company's position as a "leading US commercial electric vehicle original equipment manufacturer" as well as its expected benefits from the ongoing secular trend toward ESG investing. Lewis adds that Workhorse Group is among the finalists in the ongoing multi-billion dollar USPS Next-Generation Delivery Vehicle program, stating that winning even a part of it would be "transformational".
News For WKHS From the Last 2 Days
May 10, 2021 | 09:08 EDT
Net loss was $120.5 million, compared to net income of $4.8 million in the same period last year. Excluding non-cash adjustments, operating loss for the first quarter of 2021 was $16.5 million, compared to $9.1 million in the same period last year. As of March 31, the Company had approximately $205.1 million in cash. "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."