Workhorse Group reported Q3 2024 sales of $2.5M, down from $3.0M YoY, with a net loss of $25.1M. The company secured a three-year Master Framework Agreement with FedEx and delivered the initial 15 W56 step vans, with seven additional orders received following the FedEx Forward Service Provider Summit.The company achieved significant operational milestones, including FMVSS certification for its 208-inch extended wheelbase W56 step van and being awarded a General Services Administration (GSA) contract. Field testing demonstrated the W56's superior efficiency with 31 MPGe compared to traditional delivery trucks' 7 MPG, projecting a sub-five-year payback period.As of September 30, 2024, Workhorse maintained $3.2M in cash and cash equivalents, with total receivables of $3.7M and net inventory of $43.2M. The company continues to implement cost-saving measures and improve working capital management while expanding its commercial and government fleet partnerships.

Workhorse Group reported Q3 2024 sales of $2.5M, down from $3.0M YoY, with a net loss of $25.1M. The company secured a three-year Master Framework Agreement with FedEx and delivered the initial 15 W56 step vans, with seven additional orders received following the FedEx Forward Service Provider Summit.The company achieved significant operational milestones, including FMVSS certification for its 208-inch extended wheelbase W56 step van and being awarded a General Services Administration (GSA) contract. Field testing demonstrated the W56's superior efficiency with 31 MPGe compared to traditional delivery trucks' 7 MPG, projecting a sub-five-year payback period.As of September 30, 2024, Workhorse maintained $3.2M in cash and cash equivalents, with total receivables of $3.7M and net inventory of $43.2M. The company continues to implement cost-saving measures and improve working capital management while expanding its commercial and government fleet partnerships.