Q2 2024 Workhorse Group Inc Earnings Call Transcript
Key Points
- Workhorse Group Inc (WKHS) made significant progress on their EV product roadmap during Q2 2024.
- The company entered a strategic collaboration with KTS in Kingsburg, California, to supply 141 W4CC cab chassis units in 2024 and 2025.
- Workhorse Group Inc (WKHS) received a major milestone with the award of a Sourcewell contract, expanding their commercial reach to government, education, and non-profit sectors in all 50 states and Canada.
- The company continues to expand its commercial presence, adding three new dealer partnerships in early EV adoption regions of the country.
- Workhorse Group Inc (WKHS) has taken critical actions to reduce expenses, including divesting the aerospace business and reducing headcount, to extend their financial runway.
- The first half of 2024 saw slower than anticipated industry-wide electric vehicle adoption rates, affecting Workhorse Group Inc (WKHS)'s financial results.
- Delays in the CARB HVIP voucher approval process limited the revenue recognized by the company in the second quarter.
- The company continues to operate at a reduced headcount, with a net reduction of approximately 50% of their staff.
- Workhorse Group Inc (WKHS) reported a net loss of $26.3 million for the second quarter, compared to $23 million in the same period last year.
- The company had only $5.3 million in cash as of June 30, 2024, down from $35.8 million at the end of 2023, indicating a significant decrease in liquidity.
Greetings, and welcome to the Workhorse Group Q2 2024 earnings conference call and webcast. At this time, all participants are in a listen-only mode. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Stan March, Vice President, Corporate Development and Communications. Please go ahead, Stan.
Thank you, Kevin. I'd like to welcome all of you to our second quarter 2024 results call. Before we begin, I'd like to note that, we have issued our results for the second quarter ended June 30, 2024 via press release and we filed our 10-Q last evening for that period. You can find the release and accompanying presentation on the Investor Relations section of our website. We'll be tracking along with the presentation during this call.
Also joining on today's call are Rick Dauch, our CEO; and Bob Ginnan, our CFO. For today's agenda, please turn to slide 3. Following my opening remarks, I'll hand the call
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