In conclusion, there were just far too many expenses that Workhorse had to deal with and not enough orders. From a profit standpoint, the company was unprofitable prior to 2020. Analysts on the street are estimating revenue of $110.5 million in 2021 and $300.91 million in 2022. However, we do take note of the large order that Workhorse has received this year and are optimistic that the sales growth will continue into the future.

For this reason, it is likely that Workhorse’s revenue for 2021 will be lower than 2020. Unless Lordstown’s stock picks back up this year, this will significantly lower the value of its investment which will ultimately be the tipping point when predicting whether Workhorse will be profitable for 2021. However, year to date, Lordstown’s stock is down over 48%. Lordstown’s stock went public in 2019, which explains the revenue spike in 20. Workhorse’s revenue & profitability is highly dependent on the value of Lordstown Motor Company investments. These vehicles will be delivered over the next five years, with 1800 expected to be delivered to Pride this year. Earlier in January, Pride Group Enterprises, a Canadian-based trucking company placed an order for 6,320 of Workhorse’s C-Series electric delivery vehicles. Workhorse scored its largest order to date this year. Cost of revenue of $254.73 million (+377.1% YoY), yielding a profit of $69.78 million (+287.8% YoY) Vehicle sales accounted for $1,392,519 (+269.8% YoY) of their total revenue, while the Lordstown investment accounted for the remaining $323.11 million (+1938.6% YoY) Breakdown of cost of revenue: cost of vehicle sales accounted for $10.97 million (+90.8% YoY), warranty expenses accounted for $2.1 million (+2177% YoY), operating expenses accounted for $29.31 million (+59.3% YoY) and interest expenses accounted for $190.52 million (+553.6% YoY)

Breakdown of cost of revenue: cost of vehicle sales accounted for $5.75 million (-27.9% YoY), warranty expenses accounted for $92,197 (-98.8% YoY), operating expenses accounted for $18.4 million (-2.5% YoY) and interest expenses accounted for $29.15 million (+1100% YoY)įY 2020 Revenue of $324.51 million (+1899% YoY).

Vehicle sales accounted for $376,562 of their total revenue (-50.6% YoY), while the Lordstown investment accounted for the remaining $15.85 million.

Breakdown of cost of revenue: cost of vehicle sales accounted for $7.98 million, warranty expenses accounted for $7.97 million, operating expenses accounted for $18.88 million and interest expenses accounted for $2.43 million.

Revenue of $763,173, cost of revenue of $37.27 million, yielding a loss of $36.5 million.

It is currently trading at $13.03 as of Wednesday, April 28th’s close, a 70% markdown from its all-time high. After this announcement, Workhorse’s stock collapsed 47%. All the positivity ended dramatically on February 23rd, 2021, when the USPS announced that Workhorse was not awarded the contract. This rally occurred due to speculation that Workhorse would win a contract with the United States Postal Service (USPS), in which the USPS would be using their electric vehicle delivery trucks.Īdditionally, late this past January, the Reddit group WallStreetBets drove the stock higher through a short squeeze as Workhorse was one of a handful of heavily shorted stocks.

Workhorse surged from a March 2020 pandemic low of $1.315 to an all-time high of $42.96 on February 4, 2021, a whopping 3167% increase. Like other electric vehicle stocks, Workhorse rose initially due to investor hype around the electric vehicle space. Workhorse began trading publicly in April of 2015, although this was just a technical name change from the AMP Electric Vehicles brand that debuted on the over-the-counter (OTC) markets in 2010.

Lordstown began trading in 2019, and we will discuss how its investment in Lordstown affects its financials later. Can pick up a package from USPS before delivery? Workhorse also has a 10% stake in Lordstown Motor Company, another electric vehicle automaker founded by Steve Burns, who happens to also be the founder and former CEO of Workhorse. This drone can carry packages up to 10 pounds. The HorseFly is integrated in the C-1000, serving as the last line in delivery if needed. Additionally, they come equipped with Metron, an app that seeks to optimize delivery route efficiency and track fuel costs by monitoring the performance of trucks. Both models have a battery capacity of 70 kWh and have a max speed of 75 mph.

The C-Series trucks come in two varieties: C-650 and C-1000, where the number represents the interior volume of these trucks in cubic feet. Workhorse sells two C-Series electric delivery trucks and a drone delivery system called HorseFly to companies. Nio Stock Forecast : An Analysis of Nio Inc.

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