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Sep 30, 2024
Workhorse Q3 2024 Earnings Report
Reported financial results for the third quarter ended September 30, 2024.
Key Takeaways
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.
Secured a three-year Master Framework Agreement with FedEx.
Built and shipped the first 15 trucks under the FedEx agreement.
Announced new purchase orders with independent FedEx Ground contractors.
Awarded a General Services Administration (GSA) contract, enabling federal government agencies to more easily procure Workhorse vehicles.
Forward Guidance
Workhorse is taking steps to extend its operational runway and manage its cash flow efficiently through reducing operating costs and improving its liquidity and working capital requirements.
Positive Outlook
- Confident in generating additional purchase orders.
- Confident in generating additional revenue from customers.
- Strengthening financial position.
- Reducing operating costs.
- Improving liquidity and working capital requirements.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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