Q4 2024 Workhorse Group Inc Earnings Call Transcript
Key Points
- Workhorse Group Inc (WKHS) launched the new W56 208-inch wheel-based truck, receiving positive customer feedback and a purchase order for 13 units.
- The company received approval for the sale of W750 and W56 step van models in Canada, expanding its market reach.
- Workhorse Group Inc (WKHS) achieved significant cost reductions, including headcount and spending cuts, to extend its financial runway.
- The W56 model demonstrated strong performance in real-world tests, achieving high fuel efficiency and reliability.
- Workhorse Group Inc (WKHS) established a national dealer network and service infrastructure, supporting long-term business growth.
- Sales for 2024 decreased to $6.6 million from $13.1 million in 2023, primarily due to lower W4 CC truck sales.
- The company reported a net loss of $101.8 million for 2024, although this was an improvement from the previous year's loss.
- Interest expenses increased significantly due to losses on convertible notes and higher interest rates.
- Workhorse Group Inc (WKHS) executed a reverse stock split to regain compliance with NASDAQ listing requirements.
- The commercial EV market faced regulatory delays and uncertainty, impacting the pace of EV adoption and sales.
Greetings, and welcome to the Workhorse Group's Fourth Quarter and Full Year 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. At this time, I'll now turn the conference over to Stan March. Mr. March, you may begin.
Thank you, Rob. Good morning. We'd like to welcome all of you to Workhorse's 2024 Results Call. Before we begin, I'd like to note that we posted our results for the year ended December 31, 2024, via press release as well as filed our 2024 10-K with the SEC this morning. You can find both of these documents and an accompanying presentation that will form the basis of today's conversation on this call in the Investor Relations section of our website. We'll be tracking along with the presentation during the call.
Joining me on the call today are Rick Dauch, our CEO; and Bob Ginnan, our CFO. For today's agenda, please turn to Slide 3. Following my opening remarks, I'll hand it over to Rick, who will give you
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