Loading...
•
Dec 31, 2023
Workhorse Q4 2023 Earnings Report
Workhorse's Q4 2023 financial results were reported, showing increased sales but also a higher net loss compared to the same period last year.
Key Takeaways
Workhorse Group reported Q4 2023 financial results, with sales increasing to $4.4 million from $3.4 million year-over-year, driven by higher vehicle sales, Stables by Workhorse, and DaaS revenue. However, the net loss widened to $45.3 million compared to $38.7 million in the same period last year, influenced by increased SG&A expenses and net interest expense.
Sales for Q4 2023 increased to $4.4 million, up from $3.4 million in the same period last year.
Cost of sales decreased to $18.1 million, primarily due to reduced disposal costs from the discontinued C1000 program.
Net loss for the quarter was $45.3 million, compared to a net loss of $38.7 million in the prior year.
The company had $25.8 million in cash and cash equivalents as of December 31, 2023.
Workhorse
Workhorse
Forward Guidance
Workhorse is focused on resolving short-term liquidity issues, maintaining operational excellence, and reducing costs to meet financial targets for 2024. The company will provide updates on its progress as key customer demonstrations unfold in Q1 2024, and will not provide specific annual revenue or unit guidance at this time.
Positive Outlook
- Strong production and delivery capabilities.
- Keen focus on financial discipline.
- Focus on cost control.
- Working hard to resolve short-term liquidity issues.
- Maintaining focus on operational excellence and cost reduction.
Challenges Ahead
- Resolving short-term liquidity issues.
- No specific annual revenue or unit guidance provided.
- Aggressive cost reduction across the organization.
- Reduction in force impacting approximately 20% of the total workforce.
- Executive officers deferring 20% of their cash compensation for at least the next three months.