Workhorse extends declines on weak deliveries, liquidity concerns

Workhorse

21/08/2024 12:25

** Shares of Workhorse Group  WKHS.O  fall 3.7% to 92 cents
premarket after electric vehicle maker reported Q2 results
before markets opened on Tuesday 
    ** Stock closed ~21% lower and hit record low of 86 cents in
intraday trading on Tuesday after Workhorse Group reported a 79%
y/y drop in revenue, which missed estimates by 80% - LSEG data
    ** Deliveries were weak on delayed shipments to Kingsburg
Truck customers while they wait for vouchers from California
state's Hybrid and Zero-Emission Truck and Bus Voucher Incentive
Project - Roth MKM
        ** Brokerage TD Cowen slashes PT to 25 cents from $3,
says liquidity of ~$5mn end of Q2 raises concerns about
continued dilution and the ability to reach commercial scale
    ** Up to Tuesday's close, stock had fallen ~87% so far this
year

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))