Workhorse Group reported Q2 2024 financial results, with sales decreasing to $0.8M from $4.0M YoY. The company implemented cost-cutting measures, including workforce reductions and executive compensation deferrals. Workhorse completed the divestiture of its Aero business, expecting monthly savings of $0.4M.The company advanced its EV product roadmap, securing new dealer partnerships and a Sourcewell contract for government procurement. Workhorse received an order for 141 W4 CC vehicles from Kingsburg Truck Sales but faced delays in revenue recognition due to CARB HVIP voucher approval issues. The company is developing a new 208-inch wheelbase W56 model, with production expected in Q4 2024.As of June 30, 2024, Workhorse had $5.3M in cash and cash equivalents. The company regained NASDAQ compliance following a 1-for-20 reverse stock split. Management remains optimistic about long-term market opportunities in the Class 4-6 work truck segment, despite current financial challenges.

Workhorse Group reported Q2 2024 financial results, with sales decreasing to $0.8M from $4.0M YoY. The company implemented cost-cutting measures, including workforce reductions and executive compensation deferrals. Workhorse completed the divestiture of its Aero business, expecting monthly savings of $0.4M.The company advanced its EV product roadmap, securing new dealer partnerships and a Sourcewell contract for government procurement. Workhorse received an order for 141 W4 CC vehicles from Kingsburg Truck Sales but faced delays in revenue recognition due to CARB HVIP voucher approval issues. The company is developing a new 208-inch wheelbase W56 model, with production expected in Q4 2024.As of June 30, 2024, Workhorse had $5.3M in cash and cash equivalents. The company regained NASDAQ compliance following a 1-for-20 reverse stock split. Management remains optimistic about long-term market opportunities in the Class 4-6 work truck segment, despite current financial challenges.