Workhorse reports Q3 net loss of $25.1M; revenue down to $2.5M; FedEx deal progress

Workhorse Group Inc.

2024-Q3 EPS reported -$4.06 revenue$4,691,451

Revenue $2.5M vs $3.0M YoY, decrease due to non-recurrence of $2.3M sales allowance reversal.
Net loss improved to $25.1M from $30.6M; cost reductions in SG&A and R&D.
Cash $3.2M; net interest expense $8.3M from fair value loss on note conversions.
Signed three-year Master Framework Agreement with FedEx; 15 W56 step vans delivered, 7 more orders.
Awarded GSA contract; W56 step van certified for FMVSS and HVIP; extended wheelbase.

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