Workhorse Group, Inc. · NASDAQ:WKHS
Workhorse — Q2 2023 Earnings Presentation
15 slides from Workhorse's earnings presentation, Aug 8, 2023
Slide 1: Q2 2023 Earnings Call
Q2 2023 Earnings Call August 8, 2023 © Copyright 2023 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 plus years of senior finance and • 27 years executive experience experience leadership experience across multiple industrial sectors • 16 years serving in CEO roles •
Slide 3: Agenda
Agenda Introduction Business Update Q2 Financials 2023 Guidance Q3 Priorities / Summary Q&A
Slide 4: Disclaimer
Disclaimer Cautionary Note Regarding Forward Looking Statements The discussions in this document 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 Securities Li
Slide 5: Key Accomplishments in the Second Quarter
Key Accomplishments in the Second Quarter Advancing Commercial Vehicle Programs Positive Developments in Aerospace • Received purchase orders for 62 vehicles, including the first two for the W56, • Signed first commercial drone purchase orders for HorseFlyTM and delivered 42 Class 4 (W4 CC / W750) v
Slide 6: Product Portfolio Plan Update
Product Portfolio Plan Update W4 CC W56 CL4, 5000-lb. payload, 150-mile range CL5-6, 10,000-lb. payload, 150-mile range • Stable production • On track for production in Q3 2023 • Received orders for 60 for Class 4 vehicles and • First two orders received, deliveries in Q4 delivered 42 vehicles to cu
Slide 7: Building Out a Certified Dealer Network
Building Out a Certified Dealer Network • Securing manufacturing licenses and now authorized to sell in 23 key states • Establishing a nationwide certified dealer network, targeting dealer locations in key ‘EV Ready’ markets – Established Burr Truck and Trailer Sales as first distribution and servic
Slide 8: 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 • Expanded route assignments by +20% • Five Class 4 EV units now in the delivery fleet (~50%) • On t
Slide 9: Aerospace Update
Aerospace Update WA4-100 HorseFly WA4-200 Falcon Humanitarian Assistance and Logistics Operations (HALO) • Successfully signed our first commercial drone purchase orders – units under extensive customer application tests • Developed platform in 142 days • Completed demonstrations of simultaneous del
Slide 10: Financial Summary Highlights
Financial Summary Highlights Sales Sales growth was primarily driven by W4 CC sales offset by Second Quarter 2023 Unaudited Results sales allowance recorded in lieu of HVIP voucher ($000s) Quarter To Date - Jun-23 certification. Fav / (Unfav) Actual PY $Δ to PY Gross Revenue 6,366 13 6,354 Cost of S
Slide 11: Balance Sheet Highlights
Balance Sheet Highlights No Debt Second Quarter 2023 Unaudited Results ($000s) Dec-22 Jun-23 $62.4 Million Cash 99,276 62,380 Cash balance Accounts Receivable - Net 17,079 17,837 Total Inventory 8,850 34,624 Increase in Inventory Total Prepaids, Deposits, & Deferrals 14,152 9,451 $25.8 million incre
Slide 12: Financial Summary: 2023 Guidance
Financial Summary 2023 Guidance Revenue in the range between $65M – $85M • Currently no HVIP voucher availability in CA for W4 CC and W750 through GreenPower, working on resolution with CARB • W56 certification testing behind schedule ~45 days • “Production Level Quality” demos required by customers
Slide 13: Q3 Priorities
Q3 Priorities Execute Product Roadmaps Aerospace Progress • Ramp up W750 production • Earn additional P.O.s with select last mile customers • Launch W56 • Successfully complete HALO trials with customers • Complete durability testing • Prepare for low-volume drone assembly • Complete supplier part c
Slide 14: Upcoming Special Meeting
Upcoming Special Meeting Building a Bridge for Continued Growth and Long-Term Value • Special Meeting on August 28 to vote on proposal to increase the number of authorized shares of Workhorse common stock • Currently evaluating a range of options to fund our next phase of production and profitable g
Slide 15: Questions?
Questions?