Electric vehicle manufacturer Workhorse Group Inc. reported higher first-quarter revenue yet remained unprofitable as cost of sales soared and operating expenses climbed by more than $1 million, compared with a year earlier.
For the period ended March 31, Workhorse reported a net loss of $7.9 million, or 24 cents per share, compared with a net loss of $4.4 million, or 23 cents, a year earlier.
Revenue jumped to $1.8 million compared with $236,000 in the year-earlier period.
“As we continue to deliver our battery-electric medium-duty trucks to our customers, we are experiencing a wide adoption of this innovative technology that we believe will transform the industry," CEO Steve Burns said in a statement. "We will continue to ramp up production and execute delivery of customer orders on a fast pace, and we are receiving great feedback and accolades for our product's efficiency and user experience."
Cost of sales increased to $4.3 million compared with $464,000 in the 2016 period.
Operating expenses climbed to $5.3 million, up from $4.1 million a year earlier, the Loveland, Ohio-based company said.