Workhorse Group reported its third quarter 2024 financial results on November 19, 2024. Here are the key highlights:
## Financial Results
– Sales: $2.5 million, down from $3.0 million in Q3 2023[1][6]
– Net loss: $25.1 million, compared to $30.6 million in Q3 2023[1][6]
– Cash and cash equivalents: $3.2 million as of September 30, 2024[1][6]
## Operational Highlights
– Delivered 20 trucks during Q3, including 15 W56 step vans to FedEx[4]
– Secured a three-year Master Framework Agreement with FedEx[1]
– Obtained a General Services Administration (GSA) contract for federal government sales[1]
– Demonstrated significant fuel efficiency with the W56 achieving 31 MPGe compared to 7 MPG for traditional delivery trucks[1]
## Management Commentary
CEO Rick Dauch stated: “We continue to make steady progress on several fronts here at Workhorse. Securing a three-year Master Framework Agreement with FedEx is an extremely important and commercially validating milestone for us as an emerging commercial EV company.”[6]
CFO Bob Ginnan added: “We continue to take steps to extend our operational runway and manage our cash flow efficiently through reducing operating costs and improving our liquidity and working capital requirements.”[6]
The company is focusing on cost management and strengthening its financial position while working to convert positive customer interactions into firm purchase orders[1][6].