11/6/2022 0 Comments Workhorse earnings![]() ![]() GreenPower’s CEO, Fraser Atkinson, had a few critical updates on the Q1 earnings report. With this in mind, GreenPower’s gross profit is 28.8% of revenue. The cost of sales totaled $2.74 million in the first quarter for a gross profit of $1.1 million. The company’s revenue hit $3.85 million, up 29% from Q1 2021. GreenPower’s All-Electric Type D Beast and Type A Nano Beast school buses Source: GreenPower Highlights from GreenPower’s Q1 2022 earnings reportĪlthough GreenPower missed Q1 earnings estimates, it was a productive quarter for the commercial EV maker. Take a look at Greenpower’s most significant highlights from the first quarter below. ![]() The company is already seeing strong demand for its EV models. GreenPower’s Q1 earnings show the EV maker is aggressively expanding its market. Yet there’s a real opportunity for GreenPower and its products to help fix this. Moreover, greenhouse gas emissions have accelerated quicker in transportation than in any other market. The transportation sector contributes about 27% of toxic greenhouse gases, the most of any US sector. GreenPower’s Q1 earnings show the company is leveraging its EV Star platform to grow into high-demand sectors. With an entire pipeline of US-built medium and heavy-duty EVs, GreenPower offers zero emission options for transportation. Since 2010, GreenPower has grown into a leading commercial EV maker. The company’s all-electric school bus, the BEAST, is powered by the largest standard battery pack available in student transportation, supporting a driving range capability of 150 miles. In addition, GreenPower makes electric school buses and low-floor transit bus models. ![]() For example, the EV Star Platform can be used for transit, shuttles, paratransit, hospitals, cargo, and delivery. GreenPower caters to many transportation customers through its flagship model, the EV Star Platform. The first quarter shows GreenPower’s commercial EV platform is in high demand, with a large market awaiting. pure play OEM in medium-duty electrification has been incurring elevated SG&A and R&D costs, which are expected to have ailed operating margins.Commercial EV maker, GreenPower Motor Company, released its fiscal Q1 earnings this morning, highlighting several key milestones achieved in the quarter. Also, the market leader, first mover and only U.S. ![]() Nonetheless, high cost of goods sold due to elevated tooling costs for the C-Series production is anticipated to have dented gross profits. Increasing demand for green vehicles amid favorable government policies and climate change concerns bodes well for the firm’s revenues. These C-series vans are designed for last mile service for delivering packages or cargo to final destinations. Workhorse's new C-Series delivery vans received a federal approval for sales in the United States during the to-be-reported quarter. Sales of $6,000 were recorded in the corresponding quarter of 2019. The year-ago loss was 10 cents per share. The Zacks Consensus Estimate for Workhorse’s second-quarter loss per share has widened by a penny over the past 60 days. The electric vehicle (EV) maker posted better-than-expected results in the last reported quarter. The Zacks Consensus Estimate for the quarter’s loss and revenues is pegged at 12 cents and $300,000, respectively. Workhorse Group, Inc. WKHS is slated to release second-quarter 2020 results on Aug 10, before the opening bell. ![]()
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