Shares of Workhorse Group Inc. WKHS were dropping 6% in premarket trading Wednesday after the last-mile electric-vehicle company fell short of expectations with its fourth-quarter revenue and posted a wider quarterly loss than anticipated. The company posted a net loss of $38.7 million, or 24 cents a share, compared with a loss of $156.1 million, or $1.08 a share, in the year-earlier period. The FactSet consensus was for an 18-cent per-share loss, based on five estimates. Revenue came in at $3.4 million, whereas the company posted negative revenue of about $2.0 million a year before. Analysts were expecting $10.8 million in revenue. “During the fourth quarter we executed on our commercial vehicle product roadmaps, advanced our Aero business and Stables & Stalls initiative, completed building out our talented leadership team, resolved key legacy issues and strengthened our financial position,” Chief Executive Rick Dauch said in a release. For 2023, the company anticipates $75 million to $125 million in revenue, while the FactSet consensus called for $111.4 million.
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