![]() ![]() In another analyst consensus report that I read, 1 analyst says strong buy, 2 say buy, 1 says neutral, 0 say sell, and 0 say strong sell. Workhorse Group Stock (NASDAQ: WKHS): Should You Buy It Now? And now Workhorse has approximately $105 million of cash availability. Workhorse recently set up $70 million in financing and the exercising of previously issued stock warrants and options. A better indication of operating performance would be loss from operations which was $7.0 million this quarter compared to $4.1 million in the second quarter of 2019.” Due primarily to these non-cash adjustments, our net loss was $131.3 million compared to a net loss of $20.1 million in the second quarter of 2019. These large adjustments were the result of a stock price of $17.39 on June 30th compared to $1.81 on March 31st. “Both of these GAAP adjustments are non-cash and primarily dependent on the underlying stock components of financial instruments. “It should be noted that this significant increase of $108.4 million in interest expense was almost exclusively due to the change in fair value of our convertible note and the mark-to-market adjustment for some non-dilutive warrants issued to a lender,” added Workhorse CFO Steve Schrader. And R&D expenses increased to $1.6 million from $1.2 million in the second quarter of 2019 due to increases in engineering, staffing, and consulting expenses related to the design of the C-Series. The selling, general, and administrative expenses increased to $3.9 million from $2 million in the same period last year due primarily to increases in consulting expenses, higher employee-related costs, and incentive stock expenses. This was due to driven by increases in labor and materials related to C-Series production. The cost of goods sold increased to $1.5 million from $930,000 in Q2 2019. We are now focusing on maximizing our efficiency and output as we look to ramp production throughout the remainder of this year to meet our ambitious delivery campaign goals.” Widening our sales funnel through tax incentives, government programs, and strategic partnerships, all of which we now have, will allow us greater opportunities to build on our growing backlog. “Additionally, after acquiring the requisite various state and federal approvals in recent months, we are now the only medium duty BEV OEM permitted and able to sell and deliver our vehicles in all 50 states, which should allow us to further distance ourselves as the first movers in the last-mile EV space. “In the first half of this year we accomplished a series of major operational and EV industry milestones, culminating in the first official deliveries of our C-Series trucks to Ryder just a few weeks ago,” said Hughes in a statement. The $92,000 in sales for the second quarter is up from $5,500 in Q2 2019. The company is considered revenue, which is why the sales were under $100,000. You can learn more about the Workhorse stock price surge in this interview with Workhorse CEO Duane Hughes:įor the quarter, Workhorse saw a loss of $1.76 per share off of $92,000 in sales for the second quarter. And BTIG analyst Gregory Lewis increased the price target of Workhorse from $10 a share to $26. Along with the plant assets, the company made an exclusive arrangement with UpTime Parts for logistical and spare parts support and the 400+ network of dealers provided AMP with unequaled nationwide support for their vehicles.ĭue to those factors, Cowen analyst Jeffery Osborne increased the price target of Workhorse from $11.50 to $20 per share (Buy rating for Workhorse also maintained). This made the company an OEM and enabled it to manufacture a new medium-duty truck chassis in the 14,500 to 23,500 GVW class. And AMP also bought the Workhorse Custom Chassis assembly plant in Union City, Indiana in March 2015. from Workhorse Custom Chassis LLC, which was a wholly owned affiliate of Navistar International. In 2013, AMP entered into an agreement to buy the Workhorse brand, logo, intellectual property, patents, etc. The first vehicle was delivered to Navistar in August 2012 and it passed the company’s requirements and performance test. As part of the development agreement, the initial project was to re-power a 1,000 cubic foot delivery van. AMP Electric Vehicles went public in 2010 under the OTC market with the symbol “AMPD.” AMP pivoted away from passenger vehicles and started focusing on electrifying commercial vehicles shortly after and this led to a development agreement with Navistar. Around that time, AMP started experimenting with adding battery-electric power to two-seat roadsters. ![]() In 2007, the AMP Electric Vehicles brand was established as a developmental-stage vehicle electrification company.
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