Workhorse Group, Inc. · NASDAQ:WKHS
Workhorse — Q3 2024 Earnings Presentation
14 slides from Workhorse's earnings presentation, Nov 19, 2024
Slide 1: Q3 2024 Earnings Call
Q3 2024 Earnings Call November 19, 2024 © Copyright 2024 Workhorse. Confidential & Proprietary | 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+ 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 Q3 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 Recent Accomplishments
Key Recent Accomplishments Expanding Commercial Opportunities Expanding Product Portfolio • Emerging long-term relationship with FedEx (Corporate, Express, Ground) • 13 EV units successfully operating in Stables by Workhorse FedEx – Successful W56 product demo in Q2 2024 Ground routes for >12 months
Slide 6: A Resilient Choice in an Evolving Energy Landscape
A Resilient Choice in an Evolving Energy Landscape ▪ Commercial EVs support a balanced U.S. energy strategy by reducing fleet reliance on fuel price volatility while promoting sustainable operations ▪ Workhorse EVs are optimized for last-mile delivery fleet requirements: – Route distances of 100-150
Slide 7: Executing on Our Product Roadmap
Executing on PROD CT ODE T PE STAT S SOP A AI A E W EE ASE ATTER RA GE CARGO CARGO Our Product FA I S10X Strip Chassis In Prod. Q3 2023 TO Q3 2023 (inches) 178 ( Wh) 210 (miles) 150 O E (ft ) CAPACIT N/A 13,000 Roadmap S12X Strip Chassis In Prod. Q3 2024 Q3 2024 208 210 150 N/A 13,000 ▪ Complete mar
Slide 8: Expanding Our Product Offerings
Expanding Our Product Offerings W56 Extended Wheelbase Step Van ▪ uilds upon the success of the 178” wheelbase step van – 150-mile+ range – 10,000-lb. payload ▪ 208” wheelbase vehicle will be available in both strip chassis and step van variants ▪ 22’ long with cargo capacity volume of 1,200 cubic f
Slide 9: Expanding Commercial Network
Expanding Commercial Network ▪ Workhorse has established a strong, nationwide certified dealer network with service, targeting dealer locations in key commercial EV markets – 13 dealer partners with 17 locations across 10 states – New dealers in the Northwest, Upper Midwest, and Northeast regions, i
Slide 10: Protecting Our Financial Runway
Protecting Our Financial Runway Continued Actions to Preserve Cash and Extend Financial Runway ▪ Reduced cash burn rate to less than $3.5 million per month in the last six months ▪ Cost savings through significant reduction in workforce and other cost saving measures ▪ Furloughed 73 Union City manuf
Slide 11: Financial Summary Highlights
Revenue Sales, net of returns and allowances, for the three months ended Financial Summary Highlights September 30, 2024 and 2023 were $2.5 million and $3.0 million, respectively. The decrease in sales was primarily due to the non- recurrence of a $2.3 million sales allowance reversal related to W4
Slide 12: Balance Sheet Highlights
September 30, December 31, 2024 2023 Assets Current assets: Balance Sheet Highlights Cash and cash equivalents Restricted cash Accounts receivable, less allowance for credit losses of $0.2 and $0.2 million as of $ 3,244,806 $ 25,845,915 — 10,000,000 Third Quarter 2024 Unaudited Results September 30,
Slide 13: Near-Term Priorities
Near-Term Priorities Grow Backlog & Strengthen Financial Advance Product Roadmaps Position ▪ Continue product demos/discussions with key fleets ▪ Maintain lower operating cost environment until sales develop ▪ Earn additional new fleet P.O.s ▪ Maintain supplier relationships and capability ▪ Support
Slide 14: Questions?
Questions?