NASDAQ$WKHS
Workhorse Group Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Workhorse's foundation was rebuilt and the company executed on its product portfolio roadmap.
Workhorse Group reported an increase in sales to $1.7 million compared to $14.3 thousand in the same period last year, driven by sales volume of the W4 CC. The company is on track to meet its annual sales targets based on firm and forecasted customer orders and reaffirms its outlook to generate between $75-125 million in revenue in 2023.
- Ramped up production of its W4 CC vehicles, currently producing 16 units/week with plans to increase to 25 units/week by Q3.
- Expects to begin production of the W750 in Q2 2023.
- The W56 program remains on track for start of production in Q3 2023.
- Made strides in Aerospace, having successfully completed a number of demonstrations.
Headline financials
Revenue & EPS history
Workhorse · Revenue · Quarterly
$1.69M
Revenue by segment
Workhorse · $4.33M total across 3 segments · Q1 2026
- Vehicles$4.27M—98.7%
- Extended Warranty$29K—0.7%
- Services, Parts and Accessories$26K—0.6%
Forward guidance
Workhorse is reaffirming its outlook and expects to generate between $75-125 million in revenue in 2023.
Tailwinds
- Ramping up production and delivery throughout the rest of the year
- Expecting significant revenue growth in 2023
- Managing cash burn well
- Enhancing systems internally
- Becoming an even more efficient organization
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
-1.3%
Avg return
Earnings day
-5.9%
Avg return
5 days after
-6.4%
Avg return
30 days after
26%
16 / 62 earnings
Positive
+201.1%
Q1 2019
Best reaction
-55.1%
Q1 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.8% | -20.1% | -15.9% | |
| Q4 2025 | +5.8% | -9.6% | -1.0% | |
| Q3 2025 | -1.9% | -21.3% | -30.8% | |
| Q2 2025 | -7.4% | -20.9% | -35.0% | |
| Q1 2025 | -9.8% | -11.8% | -1.5% | |
| Q4 2024 | -5.2% | -30.9% | -43.8% | |
| Q3 2024 | -12.5% | -8.3% | -36.9% | |
| Q2 2024 | -27.9% | -35.7% | -35.9% | |
| Q1 2024 | -11.3% | -10.4% | -60.8% | |
| Q4 2023 | -15.0% | -15.8% | -35.8% | |
| Q3 2023 | +2.5% | -6.5% | -5.0% | |
| Q2 2023 | -12.7% | -23.9% | -48.3% | |
| Q1 2023 | -3.7% | -1.2% | +8.6% | |
| Q4 2022 | -9.0% | -8.3% | -35.4% | |
| Q3 2022 | -3.3% | +1.8% | -31.5% | |
| Q2 2022 | -13.9% | -2.7% | -31.5% | |
| Q1 2022 | -8.7% | +11.0% | +15.7% | |
| Q4 2021 | +21.1% | +17.6% | +59.7% | |
| Q3 2021 | -3.6% | +4.1% | -25.8% | |
| Q2 2021 | +1.7% | -6.8% | -11.8% | |
| Q1 2021 | -14.5% | -16.0% | +75.3% | |
| Q4 2020 | -0.2% | -15.1% | -14.8% | |
| Q3 2020 | +9.8% | +11.2% | +21.7% | |
| Q2 2020 | -7.3% | -7.6% | +43.0% | |
| Q1 2020 | -8.8% | -8.5% | +0.0% | |
| Q4 2019 | -11.6% | -33.2% | -23.2% | |
| Q3 2019 | -8.0% | -16.9% | -8.1% | |
| Q2 2019 | -11.8% | -15.3% | -7.3% | |
| Q1 2019 | +201.1% | +106.8% | +136.4% | |
| Q4 2018 | -10.7% | -11.1% | -40.7% | |
| Q3 2018 | -1.6% | -0.5% | -34.5% | |
| Q2 2018 | -15.3% | -28.0% | -21.0% | |
| Q1 2018 | -8.0% | -8.0% | -19.4% | |
| Q4 2017 | -1.7% | -3.5% | -5.9% | |
| Q3 2017 | +5.7% | +5.0% | +1.5% | |
| Q2 2017 | -0.8% | +4.9% | +33.8% | |
| Q1 2017 | -13.4% | +5.1% | +28.8% | |
| Q4 2016 | -16.8% | -14.2% | -29.6% | |
| Q3 2016 | -1.1% | +2.6% | -6.1% | |
| Q2 2016 | +4.9% | +7.9% | +15.3% | |
| Q1 2016 | -3.5% | — | — | |
| Q4 2015 | -2.1% | — | — | |
| Q3 2015 | +22.7% | — | — | |
| Q2 2015 | +0.0% | — | — | |
| Q1 2015 | +3.4% | — | — | |
| Q4 2014 | -2.7% | — | — | |
| Q3 2014 | +11.4% | — | — | |
| Q2 2014 | +27.7% | — | — | |
| Q4 2013 | +0.0% | — | — | |
| Q3 2013 | +0.7% | — | — | |
| Q2 2013 | -4.0% | — | — | |
| Q1 2013 | +20.5% | — | — | |
| Q4 2012 | +0.0% | — | — | |
| Q3 2012 | -28.0% | — | — | |
| Q2 2012 | -33.3% | — | — | |
| Q1 2012 | -13.8% | — | — | |
| Q4 2011 | -8.3% | — | — | |
| Q1 2011 | -55.1% | — | — | |
| Q3 2011 | +0.0% | — | — | |
| Q2 2010 | +0.0% | — | — | |
| Q4 2010 | +12.5% | — | — | |
| Q3 2010 | -9.7% | — | — | |
| Q1 2010 | — | — | — |
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