Workhorse Group ( (WKHS) ) has released its Q1 earnings. Here is a breakdown of the information Workhorse Group presented to its investors.
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Workhorse Group Inc. is an American technology company dedicated to advancing zero-emission commercial vehicles, primarily focusing on electric trucks for last-mile delivery and medium-duty operations.
In its first quarter of 2025, Workhorse Group reported a decrease in sales compared to the previous year, alongside strategic advancements in its product offerings and customer base. The company highlighted new orders and partnerships, as well as its efforts to conserve cash and extend its financial runway.
Key financial metrics revealed a net sales figure of $0.6 million, a decline from $1.3 million in the same quarter last year, primarily due to decreased truck sales and the Aero divestiture. Despite the drop in sales, Workhorse reduced its operating expenses significantly, with a notable decrease in selling, general, and administrative expenses. The company also made strides in integrating advanced telematics technology and expanding its dealer network to strengthen its market presence.
Workhorse’s strategic actions included securing purchase orders for its electric trucks, enhancing its vehicle offerings with new technologies, and demonstrating the real-world performance of its W56 electric step van. The company also took measures to regain Nasdaq listing compliance through a reverse stock split.
Looking ahead, Workhorse Group remains focused on executing its strategic roadmap, aiming to increase truck shipments and secure additional orders to drive business growth. The management expresses confidence in capitalizing on the long-term opportunities in the electric vehicle market.