The earnings call highlighted significant strides in securing strategic agreements and expanding product offerings. However, financial challenges persist with declining revenue and liquidity concerns. Cost reduction efforts have been substantial, but achieving profitability remains a critical issue.

Company Guidance

During the Workhorse Group Q3 2024 earnings call, the company provided a detailed guidance and outlook. Rick Dauch, the CEO, highlighted the significant milestone achieved with the signing of a 3-year master framework agreement with FedEx, which included an initial purchase order for 15 W56 step vans. This agreement positions Workhorse as a key supplier in FedEx's plan to convert its 150,000-unit fleet to electric vehicles by 2040. Additionally, Workhorse has received 75 new quote inquiries from FedEx Ground contractors and confirmed three purchase orders for the delivery of seven vehicles in Q4. The company also secured a GSA contract, opening opportunities for federal government fleet procurements. Financially, Workhorse is focused on managing its cash burn rate, which has been reduced to approximately $3.5 million per month, and continues to explore financing options, including a sale-leaseback transaction for its Union City facility. Overall, Workhorse aims to secure more orders, deliver superior products, and expand its product portfolio while navigating the current market environment and extending its financial runway.

FedEx Master Framework Agreement

Secured a 3-year master framework agreement with FedEx, marking a major milestone as an approved commercial vehicle supplier in the EV segment.

GSA Contract Award

Awarded a GSA contract after successful site visit and audit, enabling streamlined procurement for federal government agencies.

Successful Vehicle Demonstrations

Completed successful vehicle demonstrations with major last-mile fleet companies and received positive feedback.

Product Line Expansion

Expanded product line to include 6 products in production, with 4 new models to be added next year.

Cost Reduction Measures

Achieved significant cost reductions, including a 50% reduction in staff, resulting in a cash burn rate of $3.5 million per month.

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Workhorse Group (WKHS) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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WKHS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 06, 2018	2018 (Q2)	- / -0.18	-0.26	30.77% (+0.08)	―	―
Nov 07, 2018	2018 (Q3)	- / -0.12	-0.35	65.71% (+0.23)	―	―
Mar 18, 2019	2018 (Q4)	- / -0.30	-0.32	6.25% (+0.02)	―	―
May 07, 2019	2019 (Q1)	- / -0.11	-0.16	31.25% (+0.05)	―	―
Aug 06, 2019	2019 (Q2)	- / -0.61	-0.18	-238.89% (-0.43)	―	―
Nov 08, 2019	2019 (Q3)	- / -0.17	-0.12	-41.67% (-0.05)	―	―
Mar 10, 2020	2019 (Q4)	- / 0.01	-0.3	103.33% (+0.31)	―	―
May 06, 2020	2020 (Q1)	- / -0.03	-0.11	77.27% (+0.08)	―	―
Aug 10, 2020	2020 (Q2)	- / -35.20	-12.2	-188.52% (-23.00)	―	―
Nov 09, 2020	2020 (Q3)	- / -15.60	-3.4	-358.82% (-12.20)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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WKHS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 19, 2024	$1.22	$1.05	-13.93%
Aug 20, 2024	$1.22	$0.96	-21.31%
May 20, 2024	$4.69	$4.26	-9.17%
Mar 12, 2024	$6.33	$5.52	-12.80%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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