Workhorse Group Inc WKHS reported Monday that gross sales, web of returns and allowances, for the primary quarter of 2023 have been $1.69 million, beating the consensus of $9.85 million.

Gross sales elevated from the identical interval final 12 months primarily resulting from elevated W4 CC car gross sales.

The ross loss narrowed to 3.63 million, and the price of gross sales elevated to $5.33 million from $3.92 million final 12 months. 

The operation loss was 25.55 million versus destructive $19.83 million the earlier 12 months.

EPS lack of 15 cents beat the analyst consensus of an 18-cent loss. 

The corporate held $79.1 million in money and equivalents.

CEO Rick Dauch mentioned, “Within the first quarter, we continued to advance our business car packages. The W4 CC is now in common manufacturing, we accomplished the W750 pilot builds and count on to begin manufacturing throughout Q2 2023. We’re on monitor to satisfy our annual gross sales targets primarily based on agency and forecasted buyer orders.”

The corporate additionally stays scheduled to start manufacturing of the all-new W56 step-van and strip chassis items within the third quarter.

The corporate mentioned it’s centered on increasing its CV seller community and plans to onboard 8-10 new sellers in 2023. 

Outlook: WKHS reaffirmed FY23 income of $75 million-$125 million versus the consensus of $89.24 million.

WKHS Worth Motion: WKHS shares have been traded greater by 0.23% at 91 cents late Monday morning.