Loading...
•
Jun 30, 2024
Workhorse Q2 2024 Earnings Report
Reported financial results, highlighting efforts to advance the EV product roadmap and gain customer momentum.
Key Takeaways
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.
Advanced EV product roadmap and worked to gain momentum with prospective customers.
Executed field demonstrations with multiple national fleets and secured new dealer partnerships.
Generated local and state governmental interest through Sourcewell contract.
Production for the W56 208-inch wheelbase vehicle is expected to begin in the fourth quarter of this year, with the first order already received.
Workhorse
Workhorse
Forward Guidance
Workhorse is optimistic about generating additional purchase orders and revenue while strengthening its financial position, but faces risks related to developing and manufacturing new products, supply chain disruptions, and market acceptance.
Positive Outlook
- Optimistic in ability to generate additional purchase orders
- Optimistic in ability to generate additional revenue from customers
- Strengthening financial position
- Taking diligent steps to strengthen balance sheet
- Taking diligent steps to strengthen liquidity position
Challenges Ahead
- Ability to develop and manufacture new product portfolio
- Ability to attract and retain customers for existing and new products
- Risks associated with obtaining orders and executing upon such orders
- Supply chain disruptions
- Market acceptance for products