Workhorse Group (WKHS) Reports Q3 Revenue Miss

Workhorse Group (NASDAQ: WKHS) reported Q3 revenue for the quarter came in at $4 thousand versus the consensus estimate of $60 thousand.

"In the third quarter we continued to make considerable progress toward our goal of achieving initial production with our CSeries last-mile electric delivery vehicles," said Workhorse CEO Duane Hughes. "While we are laser-focused on achieving that near-term goal, we are also taking definitive steps, through strategic partnerships and licensing of our IP portfolio, that have us positioned for long-term sustainability and growth. More specifically, through our recently announced IPLA with Lordstown Motors Corp., we have successfully acquired non-dilutive equity with the added potential for meaningful additional revenue streams through licensing, royalties, and engineering services from LMC. Having an affiliated company in LMC, with their level of automotive production capacity, affords Workhorse a footprint unrivaled in commercial electric truck manufacturing. Looking ahead, we remain confident in our ability to begin initial production during the current calendar year with a sequential ramp in production, and delivery, starting in 2020. Put together, Workhorse occupies its strongest position to-date, both operationally and financially."

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

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