Q1 2025 Workhorse Group Inc Earnings Call Transcript
Key Points
- Workhorse Group Inc (WKHS) has successfully booked purchase orders for 27 W56 step vans, indicating growing demand for their products.
- The company has established a new partnership with Gateway Fleets, which is expected to grow into a long-term relationship.
- Workhorse Group Inc (WKHS) has expanded its dealer and service networks, adding new partners in key metro markets to ensure reliable service.
- The company has received CMVFS certification for importing and selling W56 and W-750 vehicles in Canada, broadening its international footprint.
- Workhorse Group Inc (WKHS) has reduced operating expenses by $9.3 million year-over-year, demonstrating strong financial discipline.
- Sales for the first quarter of 2025 decreased to $600,000 from $1.3 million in the previous year, primarily due to decreased truck sales.
- The company is facing challenges with fleet adoption delays, shifting government incentives, and gaps in charging infrastructure.
- Interest expense increased significantly to $5.3 million in Q1 2025, driven by higher outstanding convertible note balances.
- Workhorse Group Inc (WKHS) had only $2.9 million in cash and cash equivalents as of March 31, 2025, indicating limited liquidity.
- The company did not provide specific annual revenue guidance due to uncertainty in the EV landscape, which may concern investors.
Greetings and welcome to the Workhorse Group Q1 2025 earnings conference call and webcast. At this time, all participants are a listen-only mode. [Operator Instructions]. It's not my pleasure to turn the call over to Stanley March. Please go ahead, Stan.
Thank you very much, Kevin. Good morning. We'd like to welcome all of you to Workhorse's Q1 2025 results call.
Before we begin, I'd like to note that we posted our results for the first quarter, which ended March 31, 2025 via press release this morning and you can find the press release and an accompanying investor presentation that will form the basis of today's call in the investor relations section of our website. We'll be tracking along with the presentation during the call.
Joining me on today's call are Richard Dauch, our CEO, and Robert Ginnan, our CFO. For today's agenda, please turn to slide 3.
Following my opening comments, I'll hand the call over to Rick, who'll give an update
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