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Workhorse | 10-Q: Q2 2024 Earnings Report

Workhorse | 10-Q: Q2 2024 Earnings Report

Workhorse | 10-Q:2024財年二季報
美股SEC公告 ·  2024/08/19 13:53

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Workhorse reported Q2 2024 revenue of $0.8M, down 79% from $4.0M in Q2 2023, with a net loss of $26.3M. The company's gross loss widened to $6.5M from $4.5M year-over-year, while operating expenses decreased to $14.1M from $19.1M due to cost reduction initiatives. Cash and equivalents stood at $5.3M as of June 30, 2024.The company has undertaken significant cost-cutting measures, including a 20% workforce reduction, executive compensation deferrals, and employee furloughs. Workhorse also completed the divestiture of its Aero business in June 2024, expected to generate monthly cost savings of $0.4M. The company secured up to $139M in convertible notes through a Securities Purchase Agreement, with $22.3M issued as of June 30.Management expressed substantial doubt about the company's ability to continue as a going concern, citing slower-than-anticipated electric vehicle adoption rates and infrastructure rollout. Workhorse is working to extend vendor payment terms and exploring additional financing options, while focusing on its core electric vehicle business including the W4CC and W56 product lines.
Workhorse reported Q2 2024 revenue of $0.8M, down 79% from $4.0M in Q2 2023, with a net loss of $26.3M. The company's gross loss widened to $6.5M from $4.5M year-over-year, while operating expenses decreased to $14.1M from $19.1M due to cost reduction initiatives. Cash and equivalents stood at $5.3M as of June 30, 2024.The company has undertaken significant cost-cutting measures, including a 20% workforce reduction, executive compensation deferrals, and employee furloughs. Workhorse also completed the divestiture of its Aero business in June 2024, expected to generate monthly cost savings of $0.4M. The company secured up to $139M in convertible notes through a Securities Purchase Agreement, with $22.3M issued as of June 30.Management expressed substantial doubt about the company's ability to continue as a going concern, citing slower-than-anticipated electric vehicle adoption rates and infrastructure rollout. Workhorse is working to extend vendor payment terms and exploring additional financing options, while focusing on its core electric vehicle business including the W4CC and W56 product lines.
Workhorse報告2024年第二季度營業收入爲80萬,較2023年第二季度的400萬下降79%,淨虧損爲2630萬。公司的毛虧損同比擴大至650萬,較450萬增加,而營業費用因成本削減措施而減少至1410萬,前一年爲1910萬。截至2024年6月30日,現金及現金等價物爲530萬。該公司採取了顯著的削減成本措施,包括減少20%的員工、推遲高管薪酬和員工休假。Workhorse還在2024年6月完成了其航空業務的剝離,預計每月可節省40萬的成本。該公司通過證券購買協議獲得了高達13900萬的可轉換票據,截至6月30日已發行2230萬。管理層對公司能否持續經營表示嚴重懷疑,指出電動車的採用率和基礎設施建設速度低於預期。Workhorse正在努力延長供應商付款期限,並探索額外的融資選項,同時專注於其核心電動車業務,包括W4CC和W56產品線。
Workhorse報告2024年第二季度營業收入爲80萬,較2023年第二季度的400萬下降79%,淨虧損爲2630萬。公司的毛虧損同比擴大至650萬,較450萬增加,而營業費用因成本削減措施而減少至1410萬,前一年爲1910萬。截至2024年6月30日,現金及現金等價物爲530萬。該公司採取了顯著的削減成本措施,包括減少20%的員工、推遲高管薪酬和員工休假。Workhorse還在2024年6月完成了其航空業務的剝離,預計每月可節省40萬的成本。該公司通過證券購買協議獲得了高達13900萬的可轉換票據,截至6月30日已發行2230萬。管理層對公司能否持續經營表示嚴重懷疑,指出電動車的採用率和基礎設施建設速度低於預期。Workhorse正在努力延長供應商付款期限,並探索額外的融資選項,同時專注於其核心電動車業務,包括W4CC和W56產品線。
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