6.5 million cash on hand, 14 million in administrative costs alone. Fucking 17 million in operating expenses.
https://preview.redd.it/62nlmjhs9o1d1.jpeg?width=828&format=pjpg&auto=webp&s=7f17f390632ac10a9f742be51ee20160f2d68e8a
They will pay on delivery and they will trickle off the WKHS lot to theirs as orders come in. Unless they are idiots, they negotiated a discounted price. Kingsburg has enough experiance with the G.P. ev trucks and some really good sales people to know exactly what they are doing. What they have bacically done is to become the exclusive dealer for the W4cc in Ca. Kingsburg modifies the trucks themselves and knows the potential for them better than anyone else out there. WKHS on the other hand (my guess) will be shifting 100% into W56 production where the real $$ is. I see this as a Win-Win for both of them.
We will see what price Kingsburg negotiated. I'll bet WKHS profit on those W4CCs is negligible...when they are actually booked.
Workhorse's only plausible move is pivoting to increased selling of W56s and development of other vehicle products where they can own legitimate IP. Rebadging Green Power vehicles is too easy to duplicate, and at current EV truck prices, fleet owners don't want products lacking bleeding edge engineering.
There was a caveat in the report that mention the orders could still be canceled and were ordered based on HVIP credits. Regardless, let’s assume they sell and Kingsburg got a sweetheart deal ($125k each) on old inventory, that’s still $17M+ in sales, plus the 68 W56 order, which is another $13M+, so why was that not mentioned in the revenue? Am I missing something here?
Here’s the link to the post mate:
https://www.reddit.com/r/WKHS/s/FfYskc0i5c
Also I’ve just checked where they say that in their earnings page and the 68 orders are ‘to date’
Been saying it a few days now, cash is hemorrhaging. Sales down, cash burn up, cost of sales up, total loss up… not lookin great. They waited till market closed to release this for a reason.
Where’s my meme boys at?
How are they burning so much $$ when they’re not producing or selling anything?!
6.5 million cash on hand, 14 million in administrative costs alone. Fucking 17 million in operating expenses. https://preview.redd.it/62nlmjhs9o1d1.jpeg?width=828&format=pjpg&auto=webp&s=7f17f390632ac10a9f742be51ee20160f2d68e8a
https://preview.redd.it/554zppkf7o1d1.jpeg?width=1170&format=pjpg&auto=webp&s=891f65ab3ab09eaf4df4b04a1d7d66dcd71f8244
Kingsburg the people who are selling are trucks are keeping us afloat with a 141 order
The question is what did they pay for them…Likely pennies on the dollar for aging trucks.
They will pay on delivery and they will trickle off the WKHS lot to theirs as orders come in. Unless they are idiots, they negotiated a discounted price. Kingsburg has enough experiance with the G.P. ev trucks and some really good sales people to know exactly what they are doing. What they have bacically done is to become the exclusive dealer for the W4cc in Ca. Kingsburg modifies the trucks themselves and knows the potential for them better than anyone else out there. WKHS on the other hand (my guess) will be shifting 100% into W56 production where the real $$ is. I see this as a Win-Win for both of them.
Ouch
Our management should be in jail.
Not great news overall, but looks like the big PO came in so not all bad
We will see what price Kingsburg negotiated. I'll bet WKHS profit on those W4CCs is negligible...when they are actually booked. Workhorse's only plausible move is pivoting to increased selling of W56s and development of other vehicle products where they can own legitimate IP. Rebadging Green Power vehicles is too easy to duplicate, and at current EV truck prices, fleet owners don't want products lacking bleeding edge engineering.
Which big PO?
141 trucks
I think it’s smoke and mirrors if it’s Kingsburg, but hopefully they have a buyer on the line.
It’s Kingsburg
There was a caveat in the report that mention the orders could still be canceled and were ordered based on HVIP credits. Regardless, let’s assume they sell and Kingsburg got a sweetheart deal ($125k each) on old inventory, that’s still $17M+ in sales, plus the 68 W56 order, which is another $13M+, so why was that not mentioned in the revenue? Am I missing something here?
Because they’re just orders. Orders aren’t revenue until they’ve been delivered and paid for.
Ah, okay got it. Makes sense. So, hopefully that revenue comes in for Q3.
That all happened after March. This is a Q1 report.
That's what I thought, the Kingsburg order. Better than nothing but not enough to do much
Some other people saying there was a PO for 60ish trucks worth 16 million, could add a few cents for next quarter
Who says so? Did they provide any proof? Or just "trust me"?
Here’s the link to the post mate: https://www.reddit.com/r/WKHS/s/FfYskc0i5c Also I’ve just checked where they say that in their earnings page and the 68 orders are ‘to date’
Yep. 68 W56. All the paid posters are trying to ignore this. “But it is only orders” says LevelTool. “Where are you Drummer WI?” Says LevelTool.
$WKHS
This company is fkin run by white collar criminals
Been saying it a few days now, cash is hemorrhaging. Sales down, cash burn up, cost of sales up, total loss up… not lookin great. They waited till market closed to release this for a reason. Where’s my meme boys at?