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Workhorse Group Inc. (NASDAQ:WKHS) stock has plummeted to a 52-week low, touching down at $1.08. The company, known for its electric delivery vans, has faced a tumultuous market environment, leading to a significant erosion of investor confidence. With a market capitalization of just $5.59 million and revenues of $6.62 million, InvestingPro analysis indicates the company is operating with a significant debt burden while quickly burning through cash. Over the past year, Workhorse’s stock has experienced a precipitous drop, with the total return reaching -96.96%. This decline has brought the stock to its lowest price level in the past year, underscoring the challenges Workhorse faces in a competitive and rapidly evolving electric vehicle market. InvestingPro data reveals 20+ additional key insights about WKHS, including detailed financial health scores and Fair Value analysis, available in the comprehensive Pro Research Report.
In other recent news, Workhorse Group Inc. reported a significant decrease in its 2024 sales, which fell to $6.6 million from $13.1 million in 2023. Despite this drop, the company improved its net loss to $101.8 million, down from $123.9 million the previous year, aided by aggressive cost-cutting measures. Meanwhile, Workhorse successfully regained compliance with Nasdaq’s minimum bid price requirement after implementing a 1-for-12.5 reverse stock split. The company also completed a notable 2,400-mile test drive of its W56 electric step van, demonstrating its reliability and efficiency, and showcased the vehicle at the Advanced Clean Transportation Expo. Additionally, Workhorse secured a contract to supply electric work trucks to California government entities, highlighting its compliance with regulatory standards. The company remains focused on extending its financial runway and securing more commercial EV orders while navigating market challenges. GreenPower Motor Co Inc., another player in the electric vehicle sector, announced its upcoming Annual General Meeting scheduled for May 23, 2025, as part of its regular compliance with SEC regulations.
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