![]() ![]() Employee, consulting, manufacturing overhead and freight costs all rose. Workhorse wrote down the value of work in process and finished inventory to its market value. The cost of goods sold ballooned to $14.8 million from $1.5 million a year ago because more trucks were sold. The Q2 operating loss was $22.7 million compared to $7 million in the same period last year. ![]() Workhorse's net loss was $43.6 million, compared to a net loss of $131.3 million a year ago. The main difference was booking revenue from delivering 14 trucks versus just one in the year-ago quarter. Q2 sales were $1.2 million compared to $92,000 in the second quarter of 2020. The technology licensed was for an electric pickup that Workhorse at one time took customer deposits for but did not have the funds to build. Workhorse received about $79 million from the stock sale. Burns took Lordstown public through a reverse merger with special purpose acquisition company DiamondPeak Holdings in 2020. He started Lordstown with the purchase of a shuttered General Motors Co. The ouster of Lordstown CEO Steve Burns and Chief Financial Officer Julio Rodriguez in June and federal investigations into allegations of inflated orders for the Endurance pickup have combined to send shares lower.īurns was CEO of Workhorse until being forced out in February 2019. Lordstown (NASDAQ: RIDE) has filed a "notice of going concern" with the Securities and Exchange Commission, saying it might not survive the year without new money. to switch its licensed technology in exchange for a 10% stake in the company. Workhorse sold 72% of its stake in startup electric pickup truck maker Lordstown Motors Corp. "Thankfully are being quite patient with us as we work through our internal design production challenges." "We have a lot of work to do around vehicle design, bill of material cost and vicious lean material operations," he said, adding that he will apply principles of the vaunted Toyota Production System to the Workhorse plant in Union City, Indiana. "Thankfully, are being quite patient with us as we work through our internal design production challenges." The rest of a backlog of 8,000 vehicles will get unknown changes that Dauch plans to work through as part of an overall business review. "The majority of customers need a higher payload vehicle that serves a much larger market segment." We anticipate the remainder will be leased or sold to niche markets within the next 12 months," Dauch said on a call with analysts Monday. "We delivered 14 vans in the second quarter. Workhorse, which proposed all-electric Next Generation Delivery Vehicles, lost the competition to defense contractor Oshkosh Truck Co., which plans a mixture of internal combustion engine and electric trucks for the Postal Service. On the earnings call, Dauch provided no update of Workhorse's challenge to the awarding of a multibillion-dollar contract for new U.S. Workhorse has produced 133 C-Series vans in 650-and 1,000-cubic foot varieties this year. Dauch provided few details other than saying the focus would be on the C-1000 van. ![]()
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