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Sep 30, 2023
Workhorse Q3 2023 Earnings Report
Workhorse experienced an increase in sales driven by reversal of sales allowance and made progress in its commercial EV, drone, and last mile delivery product roadmaps. However, HVIP voucher delays significantly impacted financial results and outlook for the year.
Key Takeaways
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.
Began production of W56 stripped chassis and step van models.
Increased production and completed customer demonstrations of W750 step van.
Added two new certified dealers to the commercial vehicle network.
Received IRS approval as a qualified manufacturer for the Commercial Clean Vehicle Credit.
Workhorse
Workhorse
Forward Guidance
Workhorse now expects 2023 full year revenues to be in the range of $10 million to $15 million.
Positive Outlook
- Positive resolution of the HVIP voucher issue.
- Meaningful momentum exiting 2023.
- Advanced discussions with third parties to obtain additional financing.
- Evaluating other options to strengthen our liquidity position.
- CARB Clean Fleet mandates in 2024 and beyond.
Challenges Ahead
- Financial results and outlook for the year were significantly impacted by the HVIP voucher delays.
- Market disruption due to HVIP voucher delays.
- Delayed timing for access of our products to the California market.
- Significantly reducing our revenue outlook for the remainder of 2023.
- Need to strengthen financial position and ensure runway to execute strategic and future product plans.