Workhorse reports Q4 net loss $45.3M, cuts 20% of workforce, seeks financing

Workhorse Group Inc.

Q4 2023 sales $4.4M (up 29% YoY), net loss $45.3M vs $38.7M loss a year ago.
Full-year 2023 net loss $123.9M on sales $13.1M; cash $25.8M at Dec 31.
Reducing ~20% of non-direct-labor workforce; executives deferring 20% of cash comp for 3 months.
Transitioning Aero to Drones-as-a-Service; halting drone production and design.
Negotiating financing for liquidity; Union City sale/leaseback expected to close May 2024.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Workhorse Group Inc. reported financial results for the quarter and year ended December 31, 2023.

Period: the quarter and year ended December 31, 2023
Result: reported results

Exact text from the filing

On March 12, 2024, Workhorse Group Inc. (the "Company") issued a press release regarding its financial results for the quarter and year ended December 31, 2023.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

Workhorse Group Inc. filing history →

Source: SEC EDGAR

accession 0001425287-24-000070

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