Loading...
•
Mar 31, 2024
Workhorse Q1 2024 Earnings Report
Workhorse reported first quarter results, taking strategic actions to position the company for the future.
Key Takeaways
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 received orders for 68 W56 step vans and a purchase order for 141 W4 CC cab chassis.
The company expanded its dealer network to 12 partners, strategically targeting states adopting CARB Clean Fleet standards.
Workhorse entered into a financing agreement for up to $139.0 million in senior secured convertible notes and warrants.
The company completed a 20% reduction in force and temporarily furloughed the Union City plant workforce to conserve cash.
Workhorse
Workhorse
Workhorse Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Workhorse is optimistic about driving additional purchase orders and growing revenues this year.
Positive Outlook
- Successful financing to solidify financial foundation
- Potential sale-leaseback transaction for Union City facility
- Optimistic about driving additional purchase orders
- Expected revenue growth
- Strengthened financial position
Challenges Ahead
- Risks associated with obtaining and executing orders
- Potential supply chain disruptions
- General inability to raise additional capital
- Inability to regain compliance with Nasdaq listing requirements
- Market acceptance for our products