Workhorse Group reported Q3 2024 results, with a net loss and decrease in sales.

From GlobeNewswire: 2024-11-19 17:05:00

Workhorse Group Inc. reported financial results for Q3 2024, including a net loss of $25.1 million and $2.5 million in sales. The company secured a three-year agreement with FedEx and received a GSA contract. Workhorse also expanded its product offerings and showcased the reliability of its electric vehicles through testing with FedEx. Additionally, the company is working on conserving cash and extending its financial runway.

In Q3, Workhorse experienced a decrease in sales and a gross loss of $4.1 million. Operating expenses, including SG&A and R&D, decreased compared to the previous year. The company’s net loss was $25.1 million, with $3.2 million in cash and cash equivalents as of September 30, 2024.

Workhorse is focused on providing electric vehicles for last-mile delivery. The company designs and builds high-performance, battery-electric trucks and develops real-time telematics systems. Workhorse aims to optimize energy efficiency and reduce environmental impact. The company’s stockholders’ equity as of September 30, 2024, was $47.3 million, with total assets of $101.4 million.



Read more at GlobeNewswire:: Workhorse Group Reports Third Quarter 2024 Results