Workhorse Group, Inc. · NASDAQ:WKHS
Workhorse — Q4 2023 Earnings Presentation
17 slides from Workhorse's earnings presentation, Mar 12, 2024
Slide 1: Q4 and FY 2023 Earnings Call
Q4 and FY 2023 Earnings Call March 12, 2024 © Copyright 2024 Workhorse | 1
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 plus years of senior finance and • 27 years executive experience across experience leadership experience multiple industrial sectors • 16 years serving in CEO roles •
Slide 3: Agenda
Agenda Introduction Business Update Full Year 2023 Financials 2024 Overview 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
Key Accomplishments Executing CV Product Roadmap & Launches Advancing Aero & Pivot to DaaS Model ▪ W4 CC and W750 Update: ▪ On-track to secure FAA 44807 certification in Q1 ‘24 ▪ First intermediate vehicle manufacturer to secure CARB HVIP approval ▪ Delivered 5 Horsefly units to USPFF in ‘24 ▪ Compl
Slide 6: W4 CC and W750 Products
W4 CC and W750 Products W4 CC W750 Step Van CL4, 7,000-lb. payload, 150-mile range CL4, 5000-lb. payload, 150-mile range ▪ First repeat orders from dealers in Q4 ‘23 ▪ Production capability currently 4 units/week ▪ Demos with commercial & gov’t fleets ▪ Operating successfully at Stables for 9+ month
Slide 7: W56 Products
W56 Products W56 Stripped Chassis CL5-6, 13,500-lb. payload at 23,000-lb. GVW ▪ >250,000-mile durability & systems testing completed ▪ SORP on August 28th, ramping to 2-3 units/day in Q1 ‘24 – 100% of supplier parts & MFG processes are PPAP’d ▪ First P.O. received and in body upfit for linen supplie
Slide 8: W56 Production
W56 Production W56 Chassis Line W56 Body Line Paint Booth ▪ Running at planned rate ▪ Ramp-rate on track and improving ▪ Ramp-rate on track and improving ▪ Able to produce all four variants in ▪ Able to produce all variants, final ▪ Able to run up to 2,800 vehicles per sequence (178 SC, 178 SV, 208
Slide 9: W56 Demos to P.O.s: Two for Two
W56 Demos to P.O.s: “Two for Two” ▪ First two product demos = two P.O.s! – Industrial linen service – Industrial supplies ▪ Multiple demos underway in Q1 – Global package delivery companies – Industrial linen supplies – Step van lease fleets ▪ Order-to-Delivery in 5-6 weeks – Includes custom upfit,
Slide 10: Established & Growing Dealer Network
Established & Growing Dealer Network Strategic Relationships with Commercial Vehicle Dealers Across the U.S. ▪ To help sell its product, Workhorse has established a strong, nationwide certified dealer network with service, targeting dealer locations in key commercial EV markets ▪ Workhorse has exper
Slide 11: Stables by Workhorse
Stables by Workhorse Continued Execution of Fleet Electrification Initiative to Serve Independent Contractors and Operators ▪ Continuing to provide last-mile package delivery service for FedEx Ground ▪ Seven W750 EV units now in the Class 4 delivery fleet ▪ Adding W56 vehicles to the fleet in Q1 ‘24
Slide 12: Aerospace Update
Aerospace Update WA4-100 HorseFly/WA4-200 Falcon Drones-as-a-Service ▪ Sold & shipped first commercial units to UPS, Valqari ▪ Received both a $500,000 grant as well as $350,000 ▪ FAA 44807 certification flying has been completed for grant from USDA National Conservation Resources suburban environme
Slide 13: Financial Summary Highlights
Financial Summary Highlights Full Year 2023 Audited Results Sales Sales increased $8.1 million to $13.1 million for the full year 2023 compared to $5.0 million in 2022, primarily resulting from an increase For the Years Ended in W4 CC sales volumes. The W750 and W56 products, which December 31, laun
Slide 14: Balance Sheet Highlights
December 31, Balance Sheet Assets Current assets 2023 2022 Highlights Cash and cash equivalents Restricted cash Accounts receivable, less allowance for credit losses $ 25,845,915 $ 10,000,000 4,470,209 99,276,301 - 2,079,343 Full Year 2023 Audited Results Other receivable Inventory, net 45,408,192 -
Slide 15: 2024 Overview
2024 Overview ▪ CARB “Clean Fleet” mandate effective 1/1/24, but not yet being enforced (10% of fleet by 12/31/24) ▪ Workhorse is well-positioned to build & supply safe, high quality, reliable CL4-6 commercial EVs o Qualified, financially stable supply base o Revitalized manufacturing complex o 5,20
Slide 16: Near Term Priorities
Near Term Priorities Advance Product Strengthen Financial Continue Aerospace Roadmaps Position Progress ▪ Earn P.O.s with major fleets ▪ Close new financing package ▪ Complete transition to DaaS model ▪ Ramp production in-line w/ orders ▪ Reduce operating costs by $10- ▪ Secure additional government
Slide 17: Pioneering the Transition to Zero-Emission Commercial Vehicles
Pioneering the Transition to Zero-Emission Commercial Vehicles