![]() Workhorse lost a potential order from the U.S. In the years 20, the company delivered some of these trucks, but it fell well short of its delivery targets. In 2017, Workhorse announced its plan to develop C-series electric delivery trucks. This gets reflected in the company's quarterly revenue as well as its stock's price in the chart above. That number remained unchanged in 2019, when Workhorse didn't deliver any trucks. By the end of 2018, the company had delivered around 360 such trucks. The company started selling electric and range-extended medium-duty trucks. AMP changed its name to Workhorse Group in 2015. “Bottlenecks within the global supply chain and offshore shipping delays of commodity raw materials and components, as well as our initial stages of production, limited our capacity to produce during the first quarter.Workhorse's history can be traced back to 2013, when AMP Electric Vehicles acquired Workhorse brand and its assembly plant in Union City, California. The takeaway is the company delivered 6 C-series trucks in Q1 and had delivered 38 in the YTD period more than doubling its previous production combined and the ramp in production is only expected to accelerate. The global chip shortage, supply chain, and freight issues that are plaguing the market today put a crimp on production capability but are being worked out. The company’s $0.52 million in revenue is an improvement but fell short of consensus by $1.81 and not just because the company is taking “the additional time” to improve production processes. The Workhorse Group is an example of something we’ve seen throughout the market this earnings cycle and a phenomenon that may keep some sectors from advancing much further: good (growth) companies with great results are not meeting the high expectation of analysts and have seen their share prices suffer for it.Īt face value, Workhorse Group’s 550% YOY increase in revenue is great news but a far cry less than what the analysts were expecting. Although we had planned to have achieved our year-to-date number of trucks produced sooner, we took the additional time to ensure that we were building top-quality vehicles for our customers while improving our production processes,” said Workhorse CEO Duane Hughes. “We have had a step function improvement in production in the last month. The company may not have hit the market’s targets this quarter but it’s only a matter of time until Workhorse Group starts hitting its stride. Workhorse Group started delivering its first vehicles last year and it’s now on the cusp of a major ramp in production. Yes, the fundamental story is still there but no, this company isn’t really making money yet but it will be, it will be. Not because the underlying story in this company is faulty but because the price for the stock was so wildly overinflated. The company rocketed to the top of the EV market last year when it went public, it soared to new highs when it became a contender for the USPS lucrative deal, and then it all came crashing down. The Workhorse Group ( NASDAQ: WKHS) has had a wild year. 7 NFT Related Stocks That Are Helping to Drive This Trend.7 Agricultural Technology Stocks to Buy as Commodity Prices Remain Volatile.7 Dividend Stocks to Buy When Safety is Your Top Priority.7 Stagflation Stocks to Help Navigate Periods of Low Growth.7 Commodities ETFs to Help Build a Hedge Against Inflation.7 Dividend Stocks That Earn 10% Every Month.7 Dividend Aristocrats to Help You Take the Bite Out of the Bear.10 Recession-Proof Stocks That Will Let You Wait Out the Bear.7 Stocks with the Pricing Power to Push Through High Inflation.7 Blue-Chip Dividend Stocks That Won’t be Impacted by Rising Interest Rates.7 Mid-Cap Stocks That Can be the Perfect Fit at Any Time.Activision Blizzard Banks On A Flurry Of New Content.Chipotle Mexican Grill Or Shake Shak? Which Is The Tastier Play.Time To Take A Serious Look At Nikola Stock As Production Starts.Is It Time to Take a Ride on Cedar Fair Stock?.Can FuelCell Energy Surge Higher This Year?.How Does Freeport McMoran Inc Compare to Its Sector Competitors?.3 Hotel Stocks to Consider Checking into After Earnings.BJ’s Wholesale Club Stock Has More Room to Grow.Beyond Meat Is Not Beyond Hope, And It's Cheap.Why Apple Could Be At All-Time Highs By Year End.The Trader's Guide to Equities Research.
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