Workhorse Group, Inc. · NASDAQ:WKHS
Workhorse — FY2024 Earnings Presentation
13 slides from Workhorse's earnings presentation, Mar 31, 2025
Slide 1: FY 2024 Earnings Call
FY 2024 Earnings Call March 31, 2025
Slide 2: Today's Presenters
Today’s Presenters Rick Dauch Bob Ginnan Stan March CEO CFO Vice President, Corporate Development • 28 years automotive industry • 23+ years of senior finance and • 27 years executive experience across experience leadership experience multiple industrial sectors • 16 years serving in CEO roles • Ref
Slide 3: Agenda
Agenda Introduction Business Update FY 2024 Financials Near-Term Priorities Q&A
Slide 4: Disclaimer
Disclaimer Cautionary Note Regarding Forward-Looking Statements The discussions in this presentation contain forward-looking statements reflecting our current expectations that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the U.S. Private Securitie
Slide 5: Key Accomplishments & Market Conditions
Key Accomplishments & Market Conditions Expanding Sales & Customer Wins Expanding EV Offerings ▪ Secured 13-truck W56 order (208” wheelbase)(WB) for CA- ▪ Launched W56 208” WB strip chassis and step van (1,200 based linen fleet (Q2 2025 delivery, modification of 2024 cu. ft.) order) ▪ Developing 140
Slide 6: Executing on Our Product Roadmap
Executing on Our Product Roadmap ▪ Complete market coverage in Class 4-6 commercial step-van segment – Only NA-based OEM capable of building complete step-vans in-house – Successful product demos at national and independent last-mile fleets in ‘23-’24 ▪ Experienced team of engineers, supply chain, M
Slide 7: Step Vans = Solid Return on Investment
Step Vans = Solid Return on Investment ▪ Workhorse trucks are optimized for last-mile delivery fleet requirements and make good business sense…they just happen to be EVs! – Range of up to 150+ miles, suited for route distances of up to 120 miles – Payload and cargo capacity requirements (3,500-10,00
Slide 8: W56 Delivers Real-World Peak Season Results
W56 Delivers Real-World Peak Season Results Proven reliability and performance across diverse routes, high-mileage demands, and daily dispatches during peak season ▪ 8 W56 step vans ▪ 45 miles/day avg. route ▪ 6 unique CSPs ▪ 88 miles longest route ▪ 4 regions – NorCal, SoCal, ▪ 7 days/wk. dispatche
Slide 9: Financial Summary Highlights
Revenue Sales, net of returns and allowances decreased $6.5 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. The decrease in sales was primarily due to lower W4 CC vehicle sales compared with Financial Summary Highlights the prior year, which was partially
Slide 10: Balance Sheet Highlights
December 31, 2024 2023 Balance Assets Current assets Cash and cash equivalents $ 4,119,938 $ 25,845,915 Sheet Restricted cash Accounts receivable, less allowance for credit losses of $309,313 and $190,724 at December 31, 2024 and 2023, respectively 525,000 537,536 10,000,000 2,326,774 Highlights Oth
Slide 11: Protecting Our Financial Runway
Protecting Our Financial Runway Continued Actions to Preserve Cash and Extend Financial Runway ▪ Reduced cash burn rate to $2.8 million per month by year end 2024 ▪ Focused on converting finished goods inventory to cash ▪ Cost savings through significant reduction in workforce and other measures ▪ P
Slide 12: Near-Term Priorities
Near-Term Priorities Grow Backlog & Advance Product Roadmaps Strengthen Financial Position ▪ Win FedEx 2025 CL5/6 Award in 2025 ▪ Maintain lower operating cost environment until the ▪ Continue product demos/discussions with key fleets transition to EVs begins to "ramp up" ▪ Earn additional new fleet
Slide 13: Questions?
Questions? © Copyright 2025 Workhorse. Confidential & Proprietary | 13