Summary by Moomoo AI
Workhorse Group reported Q3 2024 financial results, highlighting a three-year Master Framework Agreement with FedEx and delivery of 15 W56 step vans. Sales decreased to $2.5M from $3.0M YoY, while net loss improved to $25.1M from $30.6M. The company secured a GSA contract, expanding access to federal agencies.Workhorse's W56 step van demonstrated 31 MPGe efficiency during FedEx testing, significantly outperforming traditional delivery trucks. The company projects a sub-five-year payback period for EV step vans based on operational data. Cost-saving measures implemented earlier in the year are beginning to yield benefits.As of September 30, 2024, Workhorse had $3.2M in cash, $3.7M in receivables, and $43.2M in net inventory. The company continues to focus on extending its operational runway and managing cash flow while working to convert positive customer interactions into firm purchase orders.
