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

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