Workhorse Group Inc (NASDAQ:WKHS) shares are trading higher in premarket on Monday after the fiscal year 2024 earnings report.
The company reported a FY24 sales decline of 49.5% year-on-year to $6.616 million, missing the analyst consensus estimate of $7.750 million.
The $6.5 million decrease in sales was primarily due to lower W4 CC truck sales compared with the same period a year ago.
EPS loss of $51.69 missed the analyst consensus loss estimate of $30.44.
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Selling, general, and administrative expenses for the full year 2024 were $42.5 million, a decrease of $13.1 million compared to $55.6 million in 2023.
The decline in expenses were primarily driven by a $8.2 million decrease in employee compensation and related expenses due to a lower headcount.
Loss from operations for the year narrowed to $73.88 million from a loss of $105.3 million last year. The company held $4.64 million in cash and equivalents as of December 31, 2024.
“We took significant cost reduction and other actions throughout 2024 to lower our operating cash burn and executed a financing arrangement with an institutional investor to provide us near term liquidity, as we navigated a weaker than expected demand environment,” said CFO Bob Ginnan.
“Looking forward, we continue to focus on seeking additional opportunities to reduce costs and cash use to ensure we have the financial runway to achieve our strategic goals.”
Price Action: WKHS shares traded higher by 10.8% at $2.149 in premarket at last check Monday.
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