Shares of Workhorse Group Inc. dropped 7.2% toward a more than 10-month low after, after the electric truck maker swung to a net loss and reported revenue that were less than half what was expected, as the number of trucks produced reached its target later than anticipated. The net loss was $120.5 million, after net income of $4.8 million in the year-ago period. Excluding non-cash adjustments, the operating loss widened to $16.5 million from $9.1 million, while the FactSet loss consensus was $19.8 million. The company did not provide per-share information. Sales rose to $521,060 from $84,300, below the FactSet consensus of $2.3 million. The company produced a total of 38 C-Series vehicles year to date. “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 Chief Executive Duane Hughes. The stock, on track to open at the lowest price seen during regular-session hours since June 26, 2020, has plummeted 74.9% over the past three months through Friday, while the S&P 500 has gained 8.3%.
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