Business
Workhorse Group Reports Second Quarter 2024 Results
CINCINNATI, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on
About this update from Workhorse Group, Inc.
[{"type":"text","content":"CINCINNATI, Aug. 20, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today reported financial results for the second quarter ended June 30, 2024. Management Commentary “During the second quarter, we continued to advance our EV product roadmap and worked diligently to gain momentum with prospective customers,” said Workhorse CEO Rick Dauch. “We successfully executed field demonstrations with multiple national fleets, secured new dealer partnerships, and generated local and state governmental interest through our recently awarded Sourcewell contract for procurement in the category of Class 4-8 cab chassis and related equipment, accessories, and services. We are also doing the R&D work we believe is necessary to expand our product offering by introducing the W56 208-inch wheelbase, 1200 cubic feet cargo capacity vehicle. Production for this truck is expected to begin in the fourth quarter of this year, and we’ve already received our first order.” Mr. Dauch concluded, “While we made important progress during the quarter, our financial results reflect that we still have significant work ahead of us to achieve our goals. We continue to have productive conversations with prospective customers and are optimistic that EV adoption rates will accelerate in 2025. At the same time, we are making disciplined and thoughtful decisions to preserve our cash and extend our financial runway. We remain optimistic about the long-term market opportunity for the transition to EV technology in the Class 4-6 work truck segment.” Executing Strategic and Financial Actions Delivering to Customers: During the second quarter, the Company received a purchase order for 141 W4 CC cab chassis vehicles from Kingsburg Truck Sales in California (“KTS”). Workhorse received payment for the first 30 trucks from KTS in the second quarter. However, due to delays in the CARB HVIP voucher approval and payment process, KTS was unable to deliver the trucks to end customers, limiting the revenue recognized by the Company in the second quarter. Workhorse expects to recognize most, if not all, of the $2.3 million in deferred revenue related to the sale of the first 30 W4CC trucks as revenue during the remainder of 2024. In June t...