Home Top Movers Workhorse Group Inc (WKHS) stock rallied on Wednesday, but Why?

Workhorse Group Inc (WKHS) stock rallied on Wednesday, but Why?

Workhorse Group Inc. (WKHS) shares gained 16.23% in after-market on Wednesday, June 2, 2021, and closed the day at $13.39 per share. Earlier in the morning session, WKHS’s stock gained 19.63% and finish the trading at $11.52 per share. WKHS shares have risen 321.98% over the last 12 months, and they have moved up 41.52% in the past week. Over the past three months, the stock has lost 22.79%, while over the past six months, it has declined 54.59%.

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Let’s see what’s going on with Workhorse Group Inc?

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Financial results announcement

On May 10, 2021, Workhorse Group Inc released financial results for the first quarter ended March 31, 2021.

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Q1 2021 financial highlights

Workhorse Group sales were $521,000for the first quarter of 2021compared to approximately $84,000 in the first quarter of 2020.

The cost of goods sold was $6.2 million in Q1 2021 compared to $1.7 million in the same period last year.

Selling, general and administrative expenses were $6.9 million in Q1 2021 compared to $5.6 million in Q1 2020.

Research and development expenses were $3.9 million in Q1 2021 compared to $1.9 million in the same period last year.

In Q1 2021, net loss was $120.5 million, compared to net income of $4.8 million in Q1 2020.

The company had approximately $205.1 million in cash on March 31, 2021.

Workhorse strategic agreement with EAVX

On May 10, 2021, Workhorse Group Inc entered into a strategic development agreement with EAVX, a subsidiary of J.B. Poindexter & Co. to expand Workhorse’s product line and create solutions for new customer segments.

Partnership with Coulomb Solutions

On May 05, 2021, Workhorse Group Inc entered into a supply agreement with CoulombSolutions, Inc, to provide battery systems for their best-in-class electric delivery vehicles.

CSI battery system CATL will be used in Workhorse’s advanced composite C-650 and C-1000 delivery vans. CSI recently completed the validation of a new 120 kilowatt-hour (“kWh”) Lithium-Iron Phosphate battery system in Workhorse’s C-1000 delivery platform and will be providing production quantities starting in May 2021.

New appointments

On April 26, 2021, Workhorse Group Inc appointed Ryan Gaul to the newly created position of “President – Commercial Vehicles,” effective April 22, 2021.

On April 21, 2021, Workhorse Group Inc appointed John Graber to the newly created title of “President – Aerospace,” effective April 20, 2021.

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Conclusion

Well, as of this writing, there is no recent developments that can justify its rally on Wednesday. It is hard to predict how WKHS will perform in the coming days.

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