Workhorse Q4 2020 Earnings Report
Key Takeaways
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.
Increased the backlog to over 8,000 vehicles, including purchase orders from Pritchard Companies and Pride Group Enterprises.
Partnered with Hitachi and Hitachi Capital America to optimize manufacturing, operational, and supply chain capabilities.
Raised $270 million in capital over several financings, with a cash position of $215 million as of March 1, 2021.
Workhorse strategic stake in Lordstown Motors Corp. valued at nearly $320 million based on the February 26th closing price.
Workhorse
Workhorse
Forward Guidance
Workhorse is focused on expanding manufacturing throughput and scaling production to meet multi-year growth plan targets, while addressing supply chain challenges.