Workhorse Group ( (WKHS) ) has released its Q4 earnings. Here is a breakdown of the information Workhorse Group presented to its investors.
Workhorse Group Inc., a technology company specializing in zero-emission commercial vehicles, is committed to advancing the transition to electric vehicles with a focus on last-mile delivery and medium-duty operations. The company recently reported its financial results for the full year 2024, highlighting significant strides in expanding its electric vehicle portfolio and strategic market entries.
In 2024, Workhorse Group made notable progress by launching the W56 208-inch wheelbase truck, which offers increased cargo capacity and has been well-received by customers. The company secured several purchase orders, including a significant order from a national provider of uniforms and workplace supplies, and expanded its reach into the Canadian market with Transport Canada’s approval of its W4 CC and W56 models. Additionally, Workhorse was awarded a General Services Administration contract, facilitating easier procurement for federal agencies.
Financially, Workhorse reported a decrease in sales to $6.6 million from $13.1 million in 2023, primarily due to lower sales of the W4 CC truck. However, the company managed to reduce its cost of sales and operating expenses significantly, resulting in a net loss of $101.8 million, an improvement from the previous year’s loss of $123.9 million. The company also executed a reverse stock split to maintain its Nasdaq listing and secured a financing arrangement to bolster liquidity.
Looking ahead, Workhorse Group remains optimistic about the long-term opportunities in the electric vehicle market, particularly in the Class 4-6 work truck segment. The company plans to continue executing its product roadmap and exploring cost reduction strategies to ensure financial stability and create long-term value for shareholders.