Workhorse Group (WKHS) Reports Q1 Revenues Below Estimates

Workhorse Group (NASDAQ: WKHS) reported Q1 revenue for the quarter came in at $364 thousand versus the consensus estimate of $1.6 million.

Management Commentary

"In the first quarter of 2019, we continued to make considerable progress in our transition from a development-oriented organization to a production-focused electric vehicle manufacturer," said Workhorse CEO Duane Hughes. "Through our ongoing strategic relationship with Duke, we now have the ability to create an even more cost-competitive alternative, which also addresses one of the biggest issues preventing large scale electric fleet adoption: infrastructure needs. In the more immediate term, we remain focused on our 'Trucks First' initiative, which has enabled us to make significant advances in all phases of the manufacturing process. Most notably, our renewed partnership with Prefix Corporation has us in solid positioning to begin producing fully-redesigned vehicles that now incorporate additional features that will streamline cost and increase production efficiency. We remain on schedule with respect to manufacturing and delivery of the new N-GEN, which should commence in the fourth quarter of this year."

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

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