You can find the full disclaimer statement in our Form 10-Q and other periodic filings on file with the SEC as well as in today's press release. As you know, some of the comments that we've made today are forward-looking, and therefore, are subject to certain provisions as well as risks and uncertainties. Please note that in today's press release, we provided a note to specify what we mean when we use the term orders, which refers to a customer's contractual commitment to purchase, as well as defining what we mean by a slot reservation, which means a commitment to make a portion of our production capacity available and which is secured by a customer deposit. Bob will then walk us through our financial results for the quarter and cover our 2022 guidance. Following my opening remarks, I'll hand it over to Rick, who will give you an update on the progress we've made on our strategic and financial priorities for the second quarter of this year. We have a straightforward agenda found on Slide 3. And with that, let's get started.Īs you can see on Slide 2, joining me on today's call are Rick Dauch, our CEO and Bob Ginnan, our CFO. We will be tracking with the posted presentation during the call today, so please follow along either from the link in the press release or through our website directly. We've also filed our second quarter Form 10-Q this morning. You can also find this release as well as an accompanying presentation in the Investor Relations section of our website. Before we begin, I'd like to note that we've posted our results for the second quarter ending June 30, 2022, via press release. Good morning, and welcome to all of you joining us on today's second quarter 2022 results call. It is now my pleasure to introduce your host, Workhorse Group's Vice President of Corporate Development and Communications, Stan March. As a reminder, this conference call is being recorded. Ladies and gentlemen, greetings, and welcome to Workhorse Group's Second Quarter 2022 Investor Call. Richard Dauch - President, CEO & DirectorĬhristopher Souther - B. Stan March - VP, Corporate Development & Communications ( NASDAQ: WKHS) Q2 2022 Earnings Conference Call Aug10:00 AM ET ![]() 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.Workhorse Group, Inc. 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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