Workhorse Group reports second quarter results

Workhorse Group reports second quarter results

Workhorse Group reports Q2 2023 results: Orders for heavy-duty vehicles, EV demos, dealer expansion, financial insights.

Workhorse Group, a technology company focused on zero-emission commercial vehicles in the heavy-duty trucking industry, released its financial results for the second quarter of 2023, ending in June. The results were as follows:

Operational Highlights:

  • Received purchase orders for 62 heavy-duty vehicles, including the first two orders for the W56 model.
  • Delivered 42 Class 4 (W4 CC/W750) vehicles to customers, expanding their dealer network.
  • Conducted EV demonstrations, including a W750 field test with the city of Los Angeles and showcased the W56 at an electric vehicle event in Washington D.C.
  • Established certified Workhorse dealers in New York, Georgia, and expanded presence in California.

Product Roadmap:

  • W4 CC/W750: Received orders for 60 vehicles, delivered 42 Class 4 vehicles, and began regular production of the W750 program in Indiana.
  • W56: On track for production in September 2023, secured two purchase orders, showcased at industry events, including in Washington D.C.
  • Stables by Workhorse: Expanded last-mile package delivery service for FedEx Ground, added EV units to the fleet, and considering a second location for EV transition insights.

Financial Results for Q2 2023:

  • Gross sales: $6.4 million (adjusted for $2.4 million allowance for HVIP voucher impact while awaiting CARB’s HVIP eligibility decision).
  • Net sales: $4.0 million (compared to $0.0 million in the same period last year) due to increased W4 CC vehicle sales.
  • Cost of sales: $8.4 million (up from $3.0 million in the same period last year), driven by increased vehicle sales costs and employee compensation.
  • SG&A expenses: $14.0 million (up from $13.0 million in the same period last year) due to various factors, including increased compensation, professional services, and operational expenses.
  • R&D expenses: Consistent at $5.1 million compared to $5.0 million in the previous year.
  • Net interest income: $0.5 million (compared to $0.1 million interest expense in the same period last year), driven by interest earned on investments.
  • Net loss: $23.0 million (compared to a net loss of $21.2 million in the same quarter last year).
  • Cash and cash equivalents: Approximately $62.4 million as of June 30.

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