Workhorse's stock takes a hit after big revenue miss and downbeat outlook, but HVIP voucher issue has been resolved

Shares of Workhorse Group Inc. (WKHS) dropped 2.7% in premarket trading Tuesday, after the maker of electric delivery vehicles missed third-quarter revenue expectations by a wide margin and provided a downbeat full-year outlook, as results were "significantly impacted" by delays in clean truck and bus vouchers (HVIP) in California. The net loss narrowed to $30.6 million, or 14 cents a share, from $35.4 million, or 22 cents a share, in the year-ago period. The FactSet consensus was for a per-share loss of 12 cents. Sales jumped 95.5% $3.03 million, but that missed the FactSet consensus of $20.9 million. For 2023, the company now expects revenue of $10 million to $15 million, well below the current FactSet consensus of $63.0 million. Chief Executive Rick Dauch said regarding the HVIP voucher delays: "As of today, I am pleased to report that we have successfully resolved this issue and are moving swiftly ahead." The stock, which closed at a record low of 37.8 cents on Nov. 9, has plummeted 53.4% over the past three months through Monday, while the Global X Autonomous & Electric Vehicles ETF (DRIV) has shed 12.3% and the S&P 500 has slipped 1.7%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

11-14-23 0720ET

Copyright (c) 2023 Dow Jones & Company, Inc.