WORKHORSE GROUP Reports Strong Earnings for Q2 of FY2023
August 17, 2023
☀️Earnings Overview
WORKHORSE GROUP ($NASDAQ:WKHS) released their financial report for the second quarter of FY2023, which ended on June 30 2023. They reported total revenue of USD 4.0 million, an increase from the 0.0 million of the same quarter in the previous year. Net income was USD -23.0 million, a slightly lower figure than the -21.2 million reported in the same quarter one year ago.
Share Price
On Monday, WORKHORSE GROUP reported strong earnings for the second quarter of fiscal year 2023. The stock opened at $0.9 and closed at $0.9, down by 4.5% from its previous closing price of 0.9. Despite the dip in stock price, WORKHORSE GROUP delivered results that exceeded the expectations of industry analysts.
Further, the company’s operating costs were lower than expected, providing an additional boost to the company’s earnings. The company’s performance appears to be on track for continued growth and success in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Workhorse Group. More…
| Total Revenues | Net Income | Net Margin |
| 10.66 | -122.08 | -1145.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Workhorse Group. More…
| Operations | Investing | Financing |
| -104.16 | -24.83 | 51.31 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Workhorse Group. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 176.93 | 69.54 | 0.52 |
Key Ratios Snapshot
Some of the financial key ratios for Workhorse Group are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 287.5% | – | -1174.1% |
| FCF Margin | ROE | ROA |
| -1186.8% | -73.7% | -44.2% |
Analysis
At GoodWhale, we recently conducted an analysis of WORKHORSE GROUP‘s fundamentals. Based on our Risk Rating, we have determined that WORKHORSE GROUP currently poses a high risk investment in terms of both financial and business aspects. During our review of the company, we detected three separate risk warnings in its income sheet, balance sheet, and cashflow statement. If you would like to review these signals for yourself, please register on goodwhale.com and gain access to our comprehensive analysis. More…
Peers
Workhorse Group Inc. is an American manufacturer of electric vehicles, aircraft, drones and other aerospace technology. Founded in 2007, the company is headquartered in Cincinnati, Ohio, and has over 600 employees. Workhorse has three main divisions: Workhorse Custom Chassis, which manufactures commercial truck and van chassis; Workhorse Parts, which sells aftermarket parts and accessories; and Workhorse Technology, which develops electric vehicles, drones and other aerospace technology. Workhorse’s main competitors are Lordstown Motors Corp, Tesla Inc, Electrameccanica Vehicles Corp Ltd.
– Lordstown Motors Corp ($NASDAQ:RIDE)
The company has a market capitalization of 378.52 million as of 2022. The company’s return on equity is -39.42%. The company manufactures electric vehicles.
– Tesla Inc ($NASDAQ:TSLA)
Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. Tesla’s market cap is $709.36B as of 2022 with a ROE of 20.66%. Tesla designs, manufactures, and sells electric vehicles, and energy storage systems. The company operates through three segments: Automotive, Energy Generation and Storage, and Services. The Automotive segment includes the design, development, manufacture, and sale of electric vehicles. The Energy Generation and Storage segment includes the design, manufacture, installation, sale, and lease of stationary energy storage products and solar energy systems, and the sale of electricity generated by its solar energy systems to customers. The Services segment includes the provision of vehicle maintenance and repair services, as well as the sale of used vehicles.
– Electrameccanica Vehicles Corp Ltd ($NASDAQ:SOLO)
Electrameccanica Vehicles Corp Ltd is a Canadian electric vehicle manufacturer. The company’s market cap as of 2022 is 133.15M, and its ROE is -24.99%. The company produces electric vehicles, including cars, motorcycles, and scooters.
Summary
The WORKHORSE GROUP reported their second quarter FY2023 earnings results with total revenue of USD 4.0 million and net income of USD -23.0 million. This is a slight decrease from last year’s numbers for the same period. The stock price reacted negatively to the news, dropping on the same day.
For investors, this is a sign that the company may not be performing as expected. Analysts should take caution when looking to invest in WORKHORSE GROUP, and keep an eye on their performance over the coming quarters.
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