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Dec 31, 2024
Workhorse Q4 2024 Earnings Report
Workhorse reported Q4 2024 results with improved cost control and stable product momentum, despite continued losses.
Key Takeaways
In Q4 2024, Workhorse posted a net loss of $21.2 million on $2.0 million in revenue. Cost reduction efforts and deliveries under new contracts like FedEx helped soften the quarterly loss.
Secured GSA contract and began shipments under the FedEx Master Agreement.
Delivered 15 W56 trucks to FedEx and received 7 additional orders.
Q4 revenue estimated at $2.0 million, with a narrowed net loss of $21.2 million.
Strong traction for new 208-inch W56 model, certified under FMVSS and HVIP programs.
Revenue by Geographic Location
Forward Guidance
Workhorse expects continued momentum in 2025 through expanded fleet orders, new product variants, and international certifications.
Positive Outlook
- Launch of 208-inch W56 with 1,200 cu. ft. capacity.
- Expansion into Canadian market with certifications in place.
- Growing dealer and service network, including Sourcewell and GSA partnerships.
- Multiple demos and quoting processes underway with major fleets.
- Operational data from Stables shows sub-5 year EV payback window.
Challenges Ahead
- Revenue remains constrained due to HVIP voucher timing.
- Cash position remains low with high burn rates.
- Continued net losses due to low sales volume and financing expenses.
- Market adoption of EV trucks slower than anticipated.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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