Workhorse Group Inc (STU:1WO0)
€ 2.736 0 (0%) Market Cap: 28.10 Mil Enterprise Value: 45.24 Mil PE Ratio: 0 PB Ratio: 0.47 GF Score: 29/100
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Q3 2024 Workhorse Group Inc Earnings Call Transcript

Nov 19, 2024 / 11:00 PM GMT
Release Date Price: €2.74

Key Points

Positve
  • Workhorse Group Inc (WKHS) secured a three-year master framework agreement with FedEx, marking a significant milestone for the company.
  • The company has been awarded a GSA contract, facilitating streamlined procurement processes for federal government agencies.
  • Workhorse Group Inc (WKHS) has expanded its product line with six products currently in production and four new models planned for next year.
  • The company has achieved a reduction in operating expenses, with a 50% reduction in staff and a decrease in cash burn rate to about $3.5 million per month.
  • Workhorse Group Inc (WKHS) has seen increased interest and quoting activity from government-funded fleet opportunities and other major last-mile fleets.
Negative
  • Sales for the third quarter decreased compared to the same period last year, primarily due to the non-recurrence of a sales allowance reversal.
  • The company recorded a net loss of $25.1 million for the quarter, although this was an improvement from the previous year's loss.
  • Workhorse Group Inc (WKHS) had to return eight W-4 CC vehicles, which required adjustments to their accounting policies.
  • The company is operating with limited cash reserves, with only $3.2 million in cash and cash equivalents as of September 30, 2024.
  • There is a need to convert potential customer interest into firm purchase orders to improve revenue and financial stability.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

WKHS.OQ - Workhorse Group Inc
Q3 2024 Workhorse Group Inc Earnings Call
Nov 19, 2024 / 11:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the Workhorse Group Q3 2024 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If you require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce you to your host, Stan, March, Vice President, corporate Development and Communications. Thank you, Stan. You may begin.

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Unidentified_2 [2]
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Thank you Alicia. And
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