Workhorse Group, Inc. · NASDAQ:WKHS
Workhorse — Q1 2025 Earnings Presentation
13 slides from Workhorse's earnings presentation, May 15, 2025
Slide 1: Q1 2025 Earnings Call
Q1 2025 Earnings Call May 15, 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 Q1 2025 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: Growing Fleet Momentum & Market Discipline
Growing Fleet Momentum & Market Discipline Momentum in Fleet Orders & Deployments Expanding Dealer, Service & Government ▪ Secured initial W56 order with Gateway Fleets for Channels their vehicle network ▪ Added two new Ziegler Companies dealers: Range Truck ▪ In addition, purchase orders for 27 W56
Slide 6: Real-World Ready: W56 Full-Scale Platform
Real-World Ready: W56 Full-Scale Platform ▪ Only North American OEM producing complete step vans in-house ▪ Six Class 4‒6 EV models in production, four additional variants in development ▪ 208-inch W56 fully certified (FMVSS + CMVSS) and durability tested ▪ 140 kWh reduced range W56 development trac
Slide 7: W56 Field Proven Across 2,400-Mile Journey
W56 Field Proven Across 2,400-Mile Journey ▪ Completed 2,400-mile cross–country trip from Ohio to California ▪ Route spanned nine states, multiple charging networks, and varied terrain ▪ Second long-distance trip following 900-mile Orlando drive in Fall 2024 ▪ Consistently achieved 27 MPGe at highwa
Slide 8: On the Road, Making an Impact
On the Road, Making an Impact ▪ Many EV competitors continue to struggle with field quality issues and timely service concerns and/or delayed product deployments ▪ Workhorse trucks are on the road, in service, and delivering results ▪ Certified vehicles, proven results, backed by trusted and proven
Slide 9: Financial Summary Highlights
Revenue Financial Summary Highlights Sales, net of returns and allowances for the three months ended March 31, 2025, and 2024 were $0.6 million and $1.3 million, respectively. The decrease in sales of $0.7 million was primarily due to the Aero divestiture and lower W4 CC and W56 truck sales in the c
Slide 10: Balance Sheet Highlights
(Unaudited) March 31, December 31, 2024 Balance 2025 Assets Current assets: Cash and cash equivalents $ 2,644,825 $ 4,119,938 Sheet Restricted cash Accounts receivable, less allowance for credit losses of $0.3 million and $0.3 million as of March 31, 2025 and December 31, 2024, respectively 27,946,5
Slide 11: Protecting Our Financial Runway
Protecting Our Financial Runway Continued Actions to Preserve Cash and Extend Financial Runway ▪ Focused on converting finished goods inventory to cash, aim to ship more trucks in Q2 2025 than in all of 2024 ▪ Reduced cash burn rate to $2.8 million per month by year end 2024 ▪ Cost savings through s
Slide 12: Near-Term Priorities
Near-Term Priorities Grow Backlog & Advance Product Roadmaps Strengthen Financial Position ▪ Build & ship key customer orders in Q2 ▪ Maintain lower operating cost environment until the ▪ Win FedEx 2025 PO #2 in Q3 2025 transition to EVs begins to "ramp up" ▪ Continue product demos and earn POs with
Slide 13: Questions?
Questions? © Copyright 2025 Workhorse. Confidential & Proprietary | 13