Workhorse Group Inc. (NASDAQ: WKHS) saw its shares dip in price Tuesday, after revealing financial results for the second quarter ended June 30, 2022.
The Cincinnati-based Workhorse Group is a technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector.
Sales, net of returns and allowances, for the second quarter of 2022 were recorded at $12.6 thousand compared to $1.2 million in the same period last year. The decrease in net sales was primarily due to a decrease in vehicle sales.
Net loss was $21.2 million compared to net loss of $43.6 million in the same period last year. Loss from operations for the second quarter was $22.1 million compared to $22.7 million in the same period last year.
As of June 30, 2022, the Company had approximately $140.1 million in cash and cash equivalents.
Also during the quarter, Workhorse delivered on its stated priorities from the first quarter by enhancing its team and strengthening its financial and operational position in the following key areas:
Hired experienced sales, functional, engineering, and operational talent across the business to complement previous executive appointments.
Hired a new VP Sales & Marketing for Commercial Vehicles, who will join the Company in early September.
The company also onboarded five Principal Engineers with a combined 175-plus years of experience, including a Chief Engineer for the Company’s Aerospace business.
WKHS shares lost 44 cents, or 9.9%, to $4.03.
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