This non-recurring income helped Workhorse in swinging to positive net earnings during this year. In 2020, the company reported positive bottom-line results of $69.7m amid an unexpected windfall it received from its investment in LMC following a merger with DiamondPeak Holdings.Īs a result of this operation, Workhorse received 16.5 million shares of the newly formed business that generated positive non-operating income to the company. The firm has produced negative operating results in the past five years at least and net losses have ranged from $19.5m–$37.1m from 2016–2019. The firm is considered a pre-revenue start-up as its products (vehicles) are still prototypes.
Workhorse is an Ohio-based company that specialises in developing and manufacturing electric-powered vehicles, including aircraft and trucks. Interim CFO Greg Ackerson returns to his role as corporate controller and principal accounting officer. On 4 January it announced the appointment of a new chief financial officer, Robert Ginnan, with "20 plus years of senior finance and leadership experience". Meanwhile, these changes come only a few days after the company announced it had decided to suspend the delivery of C-1000 vehicles while it recalled a total of 41 units, citing the need for further testing and modifications to existing vehicles to certify them under the Federal Motor Vehicle Safety Standards (FMVSS). It is important to note that Workhorse appointed Richard F Dauch as its CEO only a few months ago and these changes may have been made following his assessment of the state of the business. Jim Peters was appointed as vice president for purchasing and supply chain andĭave Bjerke was appointed as vice president for product development.Īfter the announcement, the stock has dropped nearly 14% as Wall Street has probably perceived this as a sign of instability in a business that still has much to prove.
Josh Anderson was appointed as chief technology officer Jim Harrington was appointed as chief administrative officer Moreover, it also announced its appointment of multiple top officers, including the following: On 30 September this year, Workhorse announced that Steve Schrader, the company’s chief financial officer (CFO), and Rob Willison, its chief operating officer (COO), had left the company, and that new appointments had been made to replace them.įor the CFO position, the company appointed Greg Ackerson, the firm’s former corporate controller, while the management decided to eliminate the role of COO from its ranks. What can we expect from Workhorse in the future, considering the low price at which the stock is trading? Join us in reviewing Workhorse’s share-price forecast below as we assess the price action and fundamentals of this EV manufacturer to suggest some plausible Workhorse stock projections. Under the newly developed business plans, Workhorse said it expects to manufacture and sell at least 250 vehicles in 2022 "assuming current supply chain visibility remains unchanged, and generate at least $25 million in revenue".
It was also cheered by the earlier announcement of a multi-year supply agreement with the GreenPower Motor Company during which GreenPower will deliver 1,500 EV Star cab and chassis for the new Class 4 W750 step van line starting in July 2022. In the meantime it is reshaping its product roadmap including new releases: the W750 for the third quarter of 2022, the W56 scheduled for third quarter 2023 and the W. The company, which specialises in delivery vehicles for the "final mile" sector, has now said it will discontinue to C-1000 vehicle. Last year it lost out on a multi-billion-dollar contract from the US Postal Service and had to recall its C-1000 delivery van because it failed to meet safety standards. On the downside on 1 March Workhorse reported a net loss of $156m for the fourth quarter of 2021 after having reported profits of more than $280m in the same period the previous year. Other EV stocks have risen in the same period for example Ideanomics ( IDEX) is up 20%, Tesla ( TSLA) is up 25% and Nikola ( NKLA) has gained 38%.Īnd there is a hope perhaps that Workhorse has put the worst behind it and is looking positively to the future. Sentiment has turned towards tech stocks with the Nasdaq Composite rising 8% in that time. With hydrocarbon fuel costs rising dramatically they may also make EV stocks look more attractive. Struggling electric vehicle (EV) maker Workhorse Group ( WKHS) has seen its stock price rise 42% over the last week and today (22 March) is priced at $4.43. Tesla’s EV revolution: Where will the TSLA stock price be in five years?.Read more: XPeng stock forecast 2021-2025: stronger earnings, new EV models, $76m investment from government.US30 US Wall Street 30 (USA 30, Dow Jones)
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