Workhorse Group, Inc. · NASDAQ:WKHS
Workhorse — Q1 2024 Earnings Presentation
13 slides from Workhorse's earnings presentation, May 24, 2024
Slide 1: Q1 2024 Earnings Call
Q1 2024 Earnings Call May 24, 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 of automotive industry • 23+ years of senior finance and • 27 years of executive experience experience leadership experience across multiple industrial sectors • 16 years of serving in CEO ro
Slide 3: Agenda
Agenda Introduction Business Update Q1 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 Advancing Product Roadmap Divesting Aerospace Business • Received orders for 68 W56 step vans and 141 W4 CC cab • The Company is working with a third party to complete the chassis, with deliveries scheduled for the coming quarters divestiture of the Aero business in the se
Slide 6: Advancing Our Product Roadmap
Advancing Our Product Roadmap W4 CC W750 Step Van W56 Stripped Chassis W56 Step Van CL4, 7,000-lb. payload, CL4, 5000-lb. payload, CL5-6, 13,500-lb. payload CL5-6, 10,000-lb. payload, 150-mile range 150-mile range at 23,000 lbs. GVW 150- to 170-mile range at GVW ▪ Received purchase order for 141 ▪ C
Slide 7: Expanding Dealer Network
Expanding Dealer Network Strategic Relationships with Commercial Vehicle Dealers Across the U.S. ▪ Workhorse has established a strong, nationwide certified dealer network with service and support, targeting dealer locations in key commercial EV markets, including states adopting CARB “Clean Fleet” a
Slide 8: ACT Expo
ACT Expo Key Observations ▪ Conversations have shifted from strategic to operational with increased inquiries about availability, upfitting options, battery capacity, and payload, particularly from California-based fleets ▪ New consulting services and platforms are emerging to specialize in incentiv
Slide 9: Strengthened Financial Position
Strengthened Financial Position Actions Taken to Preserve Cash and Extend Financial Runway ▪ Entered into an agreement on the terms of financing transactions that will deliver up to $139 million to Workhorse, providing liquidity in both the short term and over time ▪ This financing to support contin
Slide 10: Financial Summary Highlights
Revenue Financial Summary Highlights Sales, net of returns and allowances, for the first quarter of 2024 were $1.3 million compared to $1.7 million in the same period last year. The First Quarter 2024 Unaudited Results decrease was primarily due to lower W4 CC vehicle sales compared with the same pe
Slide 11: Balance Sheet Highlights
Balance Sheet Highlights First Quarter 2024 Unaudited Results ($ millions, except shares) March 31, 2024 December 31, 2023 $6.7 Million Assets Cash balance Current assets Cash and cash equivalents $6.7 $25.8 Restricted cash Accounts receivable, net $1.8 $10.0 $4.5 Capital Spending Inventory, net 49.
Slide 12: Near-Term Priorities
Near-Term Priorities Advanced Product Roadmaps Strengthen Financial Position Divesting Aerospace ▪ Earn additional purchase orders for ▪ Reduce operating costs by $10-12 ▪ Complete divestiture of Aero EV trucks and ramp up production million per year business correspondingly ▪ Generate increased rev
Slide 13: Questions?
Questions?