Workhorse Group misses Q4 EPS, revenue, and faces challenges in the electric vehicle market.
Workhorse Group reported a Q4 EPS of ($1.40) vs. consensus estimate, revenue of $0.84M (vs. $3M expected), a negative net margin of 1,005.23%, and a negative ROE of 138.20%. TD Cowen lowered its target price to $0.25 and set a "hold" rating. The technology company, which designs, manufactures, and sells zero-emission commercial vehicles, faces ongoing challenges in the electric vehicle market, including slower adoption rates, funding incentives delays, and charging infrastructure development issues. Despite these challenges, Workhorse continues to develop new products and cut costs in anticipation of future commercial fleet demand as the EV market matures.
August 21, 2024
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