An additional benefit to our car zero emission EV status, is that going forward Workhorse will now have carbon credit capabilities. Workhorse is the only American, all electric OEM, designing and manufacturing last-mile delivery vehicles to complete all these tests. We are also proud to say that our vehicle designs have been validated by the United States’ Environmental Protection Agency, the EPA and the California Air Resources Board known as CARB. To that end, we successfully completed the Federal Motor Vehicle Safety Standards or FMVSS testing in June. But our C-Series vehicles also have to pass a rigorous standard of federal and state regulators in order to be operated on U.S. “…During the first half 2020, we have all been dealing with the effects of the COVID-19 pandemic.Īs it relates to Workhorse specifically for the most part except for supplier issues in the first quarter and testing facility closings in the second quarter, we have been able to continue towards a ramping up of our production while maintaining all safety precautions for our employees.ĭesigning and building vehicles is certainly highly visible part of what we do. (NASDAQ:WKHS) Q2 2021 Earnings Conference Call Duane Hughes, CEO XTM (OTC: XTMIF) Signs Food Group, Foodtastic With More Than 21 Brands and 712 Locations Nova Mentis (OTC: NMLSF) Completes Production of Psilocybin Microdose Capsules Nextech AR (OTC: NEXCF) Announces Platform and Listing Updates on IPO Spin-Off ARway Terroir Symposium Selects (OTC: XTMIF) XTM’s Today™ Platform for EWA Pay-Out XTM (OTC: XTMIF) Launches an Earned Wage Access Rebrand for Its Growing Today™ Membership Nextech AR (OTC: NEXCF) Receives Large 3D Model Purchase Order From Blue Chip Enterprise Customer Nextech AR (OTC: NEXCF) Launches Groundbreaking AI Powered SaaS Software Platform “Toggle3D” For Rapidly Growing CAD-3D Model Market Nextech AR (OTC: NEXCF) Launches Major Upgrades For Its E-commerce SaaS Platform – ARitize DecoratorĭeepMarkit (OTC: MKTDF) Recaps Successful Climate Week 2022 in New York City Workhorse also said that it onboarded five “principal engineers” including a chief engineer for the company’s aerospace business, and added four “automotive industry veterans in purchasing, transportation and logistics and supplier development roles.Nova Mentis (OTC: NMLSF) Psilocybin Microdose Capsule Formulation to be Submitted in Health Canada Phase 2A Clinical Trial Application Workhorse hired a new vice president of sales and marketing for commercial vehicles, who will start in September, the company said. Selling, general and administrative expenses increased to $13.0 million from $7.0 million in the same period last year, while research and development expenses increased to $5.0 million from $2.1 million in the same period last year, according to Workhorse. An increase in employee compensation and labor costs from a higher headcount led to the notable rise in expenses, the company said. “Our results demonstrate the steady progress our team is making as we execute on our product roadmap, invest prudently in our operations and preserve our financial position, which will allow us to deliver enhanced value to our customers and shareholders,” Workhorse Chief Financial Officer Bob Ginnan said in the company’s earnings release. The company said in the earnings release that the decrease in net sales was “primarily due to a decrease in vehicle sales.” For the quarter, Workhorse posted a net loss of $21.2 million, which was wider than analysts’ expectations of a loss of $18.5 million. Workhorse also reported sales for its second quarter ended June 30 of $12,555, compared with $1.2 million in the same period last year. The stock has fallen 19% in 2022 and 65% in the last 12 months. Shares of Workhorse slid 21% on Tuesday to $3.53.
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