The following is a summary of the Workhorse Group Inc. (WKHS) Q1 2024 Earnings Call Transcript:
Financial Performance:
Workhorse reported Q1 2024 sales of $1.4 million, marking a decrease from $1.7 million during the same period last year.
The cost of sales increased to $7.4 million due to an increase in various expenses, leading to a net loss of $29.2 million, higher than the previous year.
As of March 31, 2024, the company had $6.7 million in cash and cash equivalents.
Business Progress:
The company made notable strides in product development, strategic planning, and financial position improvement.
Received substantial orders for its W56 and W4 CC trucks, and is working towards a transition to a capital-light drones-as-a-service business model.
Successfully divested its Aero business for increased financial flexibility and continues to expand its EV fleet.
Plans to increase production and workforce for better catering to customer demands.
Sees increasing orders indicating acceptance of EV adoption and is dedicated to winning despite the challenges in the transition to EV.
More details: Workhorse IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.