Workhorse(WKHS)2025-03-31 14:00Financial Data and Key Metrics Changes - Sales net of returns and allowances for the full year 2024 were 13.1 million in 2023, primarily due to lower W4CC truck sales, offset by an increase in W56 truck sales and service revenue [43] - Cost of sales for 2024 was 9.5 million from 38.4 million in 2023, driven by lower W4CC vehicle sales and cost-saving initiatives [44] - SG&A expenses decreased to 42.5 million in 2024 from 55.6 million in 2023, primarily due to reduced employee compensation and consulting expenses [45] - R&D expenses for 2024 were 9.1 million, a decrease of 24.5 million in 2023, mainly due to lower headcount and reduced prototype expenses [46] - The net loss for 2024 was 123.9 million in 2023 [48] Business Line Data and Key Metrics Changes - The decrease in sales was primarily attributed to lower W4CC truck sales, while W56 truck sales increased, contributing positively to service revenue [43] - The company launched the new W56 208-inch wheelbase truck, receiving positive customer feedback and a purchase order for 13 units [11] Market Data and Key Metrics Changes - The commercial EV market is experiencing uncertainty due to regulatory pauses and delays in fleet electrification plans, impacting investment decisions by several fleets [8][9] - Despite challenges, some states continue to advance their electrification plans, and Workhorse is positioned to capitalize on these opportunities [9] Company Strategy and Development Direction - The company aims to extend its financial runway while advancing its product roadmap and ramping up production [53] - Workhorse is focused on securing breakthrough high-volume orders with national fleets and smaller orders in states with effective incentive programs [57] - The company emphasizes its commitment to delivering reliable, durable, and capable commercial vehicles that meet the needs of last-mile delivery fleets [38] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that EV adoption in the commercial space is slower than expected due to external factors such as regulatory delays and inadequate charging infrastructure [54] - The company remains optimistic about the fundamentals of transitioning to EVs in the last-mile delivery segment, highlighting the operational benefits of their vehicles [55] Other Important Information - The company executed a one-for-12.5 reverse stock split to increase the market price of its common stock and maintain compliance with NASDAQ listing requirements [48] - Workhorse has established in-house manufacturing capabilities, making it the only North American-based OEM capable of producing complete step vans [20] Q&A Session Summary - No specific questions were recorded during the Q&A session, and the call concluded with management expressing gratitude for the support and commitment to securing necessary orders for future growth [61][62]