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Workhorse Stock Falls On Weak Q3, DoJ Probe

Benzinga Real-time News ·  2021/11/09 12:20
  • Workhorse Group Inc (NASDAQ:WKHS) reported third-quarter FY21 sales of $(0.57) million, missing the analyst consensus of $1.18 million. The decrease in sales was primarily related to a $1.1 million refund liability associated with the recall of the company's C-1000 vehicles.
  • The cost of sales increased to $11.5 million from $2.8 million last year. Total operating expenses jumped 76.9% Y/Y to $13.4 million.
  • The company's operating loss widened to $(25.5) million in the quarter.
  • The company held $230.4 million in cash and equivalents as of September 30, 2021.
  • Net loss narrowed to $(81.1) million from $(84.13) million last year.
  • EPS of $(0.77) missed the analyst consensus of $(0.35).
  • Related Content: Why Workhorse Is Suspending Production Of Flagship Electric Delivery Truck
  • In a recent regulatory filing, the company disclosed that on November 5, 2021, the Department of Justice orally informed that it has a related open investigation covering the company.
  • The company noted it had not received any subpoena or other request for documents from the DOJ concerning this investigation and is cooperating with the SEC and DOJ investigations.
  • Price Action: WKHS shares are trading lower by 3.77% at $6.63 on the last check Tuesday.
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