Workhorse Q2 sales drop to $0.8M, net loss widens to $26.3M; deferred revenue expected in H2

Workhorse Group Inc.

2024-Q2 EPS reported -$3.26 revenue$2,181,735

Q2 2024 sales $0.8M vs $4.0M YoY; net loss $26.3M vs $23.0M YoY; cash $5.3M at June 30.
Deferred revenue of $2.3M from 30 W4CC trucks due to CARB HVIP delays; expects recognition in H2 2024.
Completed Aero divestiture on June 6, 2024, generating ~$0.4M monthly cost savings.
Regained NASDAQ compliance via 1-for-20 reverse stock split effective June 17, 2024.
Expanding W56 line: 208-in wheelbase model expected Q4 2024; first order received; dealer network at 13.

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