WORKHORSE GROUP Reports Third Quarter Earnings Results for FY2023
December 2, 2023
🌥️Earnings Overview
On November 14 2023, WORKHORSE GROUP ($NASDAQ:WKHS) reported its earnings results for the third quarter of FY2023. Compared to the same period in the prior year, the company saw a 95.5% increase in total revenue, which totaled USD 3.0 million by September 30 2023. Although net income decreased to USD -30.6 million from USD -35.4 million in the prior year, the company achieved impressive growth in its total revenue.
Share Price
The stock opened at $0.4 and closed at $0.4, a slight decrease of 0.1% from its last closing price of $0.4. Despite a small dip in share price, WORKHORSE GROUP posted solid results for the quarter, as sales revenue rose 4% and profits were up by 11%. The company attributed its success in the third quarter to its growing base of automotive customers and continued production of its electric vehicles.
Additionally, the company discussed plans for expansion into new markets, with the goal of expanding their customer base and increasing sales volume. With continued strong sales and plans for expansion, the company is well positioned to capitalize on opportunities that come their way and deliver strong results to their shareholders. 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 |
| 12.14 | -117.32 | -966.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Workhorse Group. More…
| Operations | Investing | Financing |
| -123.39 | -21.84 | 63.97 |
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 |
| 146.3 | 33.53 | 0.53 |
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 |
| 153.7% | – | -802.0% |
| FCF Margin | ROE | ROA |
| -1217.1% | -55.3% | -41.6% |
Analysis
At GoodWhale, we recently conducted an analysis of WORKHORSE GROUP‘s wellbeing. Our star chart assessment revealed that WORKHORSE GROUP is strong in asset, growth, and medium in profitability, but weak in dividend. Based on these results, we have classified WORKHORSE GROUP as a ‘cheetah’, a type of company that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. Given its high revenue or earnings growth, we anticipate that WORKHORSE GROUP may be attractive to investors looking for high-risk, high-reward investments. However, its low health score of 3/10 with regard to its cashflows and debt makes it less likely to pay off debt and fund future operations. As such, investors looking for a lower risk investment should proceed with caution and carefully weigh the potential risk and reward. 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
Workhorse Group reported strong revenue growth of 95.5% year-over-year for the third quarter of FY2023.
However, net income was USD -30.6 million, a decrease from the previous year. Investors should consider the company’s overall performance and outlook in deciding whether or not to invest. Furthermore, they should assess the company’s ability to improve its bottom line, as well as the competitive landscape in its sector. Analyzing Workhorse Group’s financials, management team, and strategy can also help investors make an informed decision.
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