Workhorse Group, Inc. (NASDAQ:WKHS) shares are trading lower on Thursday after the company reported first-quarter results.
Workhorse registered quarterly earnings per share of $4.68 loss, missing the street view of a $3.44 loss. Quarterly sales of $640,920 missed the analyst consensus estimate of $2.35 million.
Quarterly sales decreased from $1.34 million primarily due to the Aero divestiture and decreased W4 CC and W56 truck sales.
During the three months ended March 31, Workhorse said that an institutional investor converted $5.9 million of principal into common stock, and the company recorded a $3.3 million fair value net loss in interest expense.
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“Thus far in 2025, Workhorse has received purchase orders for a total of 27 W56 step vans, in both 178- and 208-inch wheelbases, as well as six W4 CC/W750 trucks,” said Workhorse CEO Rick Dauch.
“We are also currently negotiating with several potential customers regarding the purchase of additional W56 trucks,” the CEO added.
The company’s gross loss in the quarter under review narrowed to $4.523 million, compared with loss of $6.103 million a year ago.
As of March 31, the company had $2.6 million of cash and cash equivalents and $27.9 million in restricted cash net.
Workhorse said it is working to save cash and extend its financial runway. It plans to sell more trucks in the second quarter of 2025 than it did in all of 2024.
The company aims to cut its monthly cash burn to $2.8 million by end-2024. Cost cuts include major workforce reductions and other savings steps.
Price Action: At last check Thursday, the company’s share price was down 7.36% at 92 cents.
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