Workhorse Group reported today its financial results for the fourth quarter and full year of 2021 plus the outlook for this year. “Our outlook for 2022 reflects our planned progressive ramp in manufacturing, which is backloaded, as we are not expecting to produce any vehicles in the first half of the year,” said Workhorse CFO Bob Ginnan.
Under the newly developed business plans, Workhorse expects to manufacture and sell at least 250 vehicles in 2022, assuming current supply chain visibility remains unchanged, and generate at least $25 million in revenue.
Sales, net of returns and allowances, for the full year 2021 were recorded at $(0.9) million compared to $1.4 million in 2020. The decrease in sales was primarily due to an increase in sales returns and allowances in connection with the recall of C-1000 vehicles announced in the third quarter of 2021. — company stated.
The company also announced that Q4 Net loss was $401.3 million ($3.12 per fully diluted share), compared to net income of $69.8 million ($0.70 per fully diluted share) last year.
Workhorse is a technology company focused on providing drone-integrated electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric vehicles including trucks and aircraft. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency.