Workhorse Earnings Reports

In Q4 2024, Workhorse posted a net loss of $21.2 million on $2.0 million in revenue. Cost reduction efforts and deliveries under new contracts like FedEx helped soften the quarterly loss.

Workhorse Group Inc. reported a net sales of $2.5 million for the third quarter of 2024, compared to $3.0 million in the same period last year. The net loss was $25.1 million, an improvement from the $30.6 million net loss in the same period last year. The company had $3.2 million in cash and cash equivalents as of September 30, 2024.

Workhorse Group reported second-quarter 2024 sales of $0.8 million, a decrease from $4.0 million in the same period last year. The company experienced a net loss of $26.3 million, compared to a net loss of $23.0 million in the prior year. Despite these financial results, Workhorse is optimistic about EV adoption rates in 2025 and is focused on preserving cash and extending its financial runway.

Workhorse Group reported a net loss of $29.2 million on revenue of $1.3 million for the first quarter of 2024. The company has taken steps to reduce costs and secure financing to extend its operational runway.

Workhorse Group reported Q4 2023 financial results, with sales increasing to $4.4 million from $3.4 million year-over-year, driven by higher vehicle sales, Stables by Workhorse, and DaaS revenue. However, the net loss widened to $45.3 million compared to $38.7 million in the same period last year, influenced by increased SG&A expenses and net interest expense.

Workhorse Group Inc. reported a net loss of $30.6 million on revenue of $3.0 million for the third quarter of 2023. The company made progress on its product roadmap, including beginning production of the W56 and increasing production of the W750. However, HVIP voucher delays in California significantly impacted the company's financial results.

Workhorse Group reported a net sales of $4.0 million for the second quarter of 2023, compared to $0.0 million in the same period last year. The net loss for the quarter was $23.0 million, compared to a net loss of $21.2 million in the same quarter last year. The company had approximately $62.4 million in cash and cash equivalents as of June 30, 2023.

Workhorse Group reported an increase in sales to $1.7 million compared to $14.3 thousand in the same period last year, driven by sales volume of the W4 CC. The company is on track to meet its annual sales targets based on firm and forecasted customer orders and reaffirms its outlook to generate between $75-125 million in revenue in 2023.

Workhorse Group reported Q4 2022 sales of $3.4 million, a significant increase from the previous year's $(2.0) million. The company's cost of sales decreased to $21.2 million from $99.9 million year-over-year. Despite these improvements, Workhorse reported a net loss of $38.7 million for the quarter. The company is focused on ramping up production and deliveries of its W4 CC, W750, and W56 product lines.

Workhorse Group reported a net sales of $1.5 million for the third quarter of 2022, compared to $(0.6) million in the same period last year. The net loss was $35.4 million compared to net loss of $81.1 million in the same period last year. The company had approximately $120 million in cash and cash equivalents as of September 30, 2022.

Workhorse Group Inc. reported a decrease in net sales for Q2 2022, with sales of $12.6 thousand compared to $1.2 million in the same period last year. The net loss was $21.2 million, an improvement from the $43.6 million net loss in the same period last year. The company had approximately $140.1 million in cash and cash equivalents as of June 30, 2022.

Workhorse Group reported first quarter results with a net loss of $22.1 million and sales of $14.3 thousand. The company is focused on executing its revised strategic product roadmap and strengthening its financial and operational position.

Workhorse Group reported a decrease in sales and a significant increase in cost of sales, leading to a net loss for the fourth quarter of 2021. The company is focusing on a revised strategic product roadmap and investing in drone operations.

Workhorse Group reported a net loss of $81.1 million for the third quarter of 2021, with sales recorded at $(0.6 million). The company strengthened its balance sheet with equity conversion and onboarded a new management team.

Workhorse Group reported a net loss of $43.6 million for the second quarter of 2021, compared to a net loss of $131.3 million in the same period last year. Sales for the quarter were $1.2 million, an increase from $92,000 in the second quarter of 2020, primarily due to an increase in trucks delivered.

Workhorse Group reported a significant increase in sales for Q1 2021, driven by increased truck deliveries. However, the company experienced a substantial net loss due to a non-cash reduction in the fair value of its investment in Lordstown Motor Corporation. Despite production bottlenecks, Workhorse is taking steps to improve production and solidify its supply chain.

Workhorse Group reported increased sales for Q4 2020, driven by higher truck production and deliveries. The company's investment in Lordstown Motors Corp. significantly boosted other income, leading to a substantial net income. The company is entering the new year in its strongest-ever position, both financially and operationally.

Workhorse Group Inc. reported third-quarter results with increased sales of $565,000 compared to $4,000 in the same period last year. The company's net loss was $84.1 million, primarily due to a significant increase in interest expense. Despite production delays, Workhorse aims to produce approximately 1,800 units in 2021.

Workhorse Group Inc. reported an increase in sales for the second quarter of 2020, alongside a significant rise in interest expense primarily due to non-cash adjustments related to convertible notes and warrants. The company reaffirmed its production and delivery target of 300-400 vehicles for 2020 and highlighted its achievement as the only medium-duty BEV OEM permitted to sell vehicles in all 50 states.

Workhorse Group reported a decrease in sales for Q1 2020, primarily due to lower truck shipments, but achieved a net income of $4.8 million compared to a net loss in the previous year due to other income and interest income.

Workhorse Group reported a net income of $655,000 for the fourth quarter of 2019, a significant improvement compared to the net loss of $17.7 million in the same period last year. The company recorded sales of $3,000, a decrease from $21,000 in Q4 2018. They also completed transactions to focus on electric C-Series delivery vehicles and patented HorseFly drone technology and started production with certifications to deliver vehicles in April.