Workhorse(WKHS)2025-03-31 11:00Financial Performance - Workhorse reported net sales of 13.1 million in 2023, primarily due to lower W4 CC truck sales[5] - Total net sales for 2024 were 13,094,752 in 2023[26] - Workhorse's net loss for 2024 was 123.9 million in 2023[14] - The net loss for 2024 was 123,919,189 in 2023, reflecting a decrease of 17.9%[26] - Gross loss for 2024 was 25,255,793 in 2023, indicating an improvement[26] Expenses - Cost of sales for 2024 was 38.4 million in 2023, driven by lower W4 CC vehicle sales and cost-saving initiatives[6] - SG&A expenses decreased by 23.5% to 55.6 million in 2023, mainly due to reduced employee compensation and consulting expenses[7] - R&D expenses for 2024 were 24.5 million in 2023, reflecting lower headcount and reduced prototype expenses[8] - Total operating expenses decreased to 80,042,673 in 2023, a reduction of 35.4%[26] - Research and development expenses were 24,467,933 in 2023, a decrease of 62.7%[26] Cash and Assets - Cash and cash equivalents decreased significantly from 4,119,938 in 2024, a decline of 84.1%[23] - Total assets decreased from 93,840,769 in 2024, a reduction of 33.8%[23] - Current liabilities decreased from 45,235,937 in 2024, a decrease of 15.1%[23] Liquidity and Financing - The company issued a convertible note of 30.6 million held as restricted cash[10] - Workhorse's total working capital as of December 31, 2024, was 4.6 million in cash and cash equivalents[14] Market Activity and Product Development - The company secured an order for 13 W56 208-inch wheelbase trucks from a national provider, indicating growing customer interest and demand[4] - Workhorse expanded its EV offerings with the launch of the W56 208-inch wheelbase truck, which has a cargo capacity increase of 20% to 1,200 cubic feet[4] - The company entered the Pacific Northwest market with a purchase order for two W4 CC electric work trucks from the City of Tacoma[4] Risks and Challenges - The company is facing risks related to supply chain disruptions, regulatory changes, and competition, which could materially affect future performance[20] - The company reported a significant increase in interest expense, netting 8,731,247 in 2023[26]