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| Statement |
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| Driving this decision was Aero’s continued ability to win additional grant awards from the USDA to support National Resources Conservation service |
| We executed peak season extremely well with Q4 '23 revenue up more than 90% compared to Q4 of '22, including the benefit of organically adding 20% of our signed routes at the request of FedEx |
| On Slide 9, we continue to have strong customer interest in the W56 |
| We believe we will emerge as a segment winner in this once-in-a-generation powertrain technology transition |
| At the same time, we've taken actions to strengthen our financial positions so that we can continue delivering on our commitment to advancing our commercial EV product roadmap, building, demand, and selling our trucks |
| According to customers, the W56 is a superior truck with innovative technology |
| From a manufacturing and customer service demand perspective, we have built strong capabilities |
| I'm particularly excited by the significant expansion of our dealer network using our strict selection criteria |
| We'll talk about all of this in detail in a moment, but I want to pause and acknowledge that I'm extremely proud of the hard work and dedication of our outstanding team here at Workhorse |
| On Slide 11, within our stable operations, we continue to electrify our delivery fleet, which is operating multiple delivery routes here in the Cincinnati area for FedEx Ground, organically gaining new route assignments due to our superior performance |
| I'm incredibly proud of the Workhorse team and great for those for contributions of all of our employees, including those whose jobs are impacted by the difficult but necessary actions we are taking to reduce our operating costs |
| Every OEM and the major Upfitters proudly display their future zero emission Class 3 to 7 commercial vehicle product lineups |
| And many fleets in California, they have a very good handle on how many trucks they have in the state |
| We have received extremely positive driver and fleet manager feedback reflecting the vehicle's strong performance in the field, as recently as last week, at the NTA show and from one of the largest package delivery companies in the country |
| We were able to do this by demonstrating the strength of our service, warranty and delivery network and complete care options for customers purchasing any Workhorse badge product |
| Workhorse is entering 2024 with the strong production and delivery capabilities as well as a keen focus on financial discipline and cost control |
| Importantly, we are taking major strengths to strengthen our financial position |
| Based on the demos we've had to date, we are optimistic about the prospects for the W56 as well as our W750 and W4CC products |
| Our focus is on strengthening our financial position, while we continue advancing our product roadmaps and ramp-up production as we secure orders for our commercial EVs |
| At the same time, we will continue to evaluate opportunities to strengthen our financial position |
| We believe we can |
| We have the products, supplier and dealer partners, engineering capabilities, business systems, and manufacturing processes in place to emerge as a winner in the Class 4 to 6 segment |
| More broadly, our strategic view for the Aero business remains underway to ensure we are unlocking the most value for Workhorse shareholders while also best positioning our Aero business to capture and fund future growth opportunities as they see them |
| We expect to emerge a winner in the space, and we look forward to continuing to do the work to get ourselves there |
| And just in case you are wondering, this is a robust and I mean a really robust vehicle based on the comments we are hearing back from our customers on these field demonstrations |
| Here at Workhorse, after 2.5 years of backbreaking work, we feel that we are on the precise of success that we can and we will find a path forward |
| Over the year, we will maintain our focus on operational excellence and cost reduction as we increase production, expand delivery of our commercial vehicles to meet our financial targets for 2024 |
| We successfully added new certified dealers, bringing our network to 11 dealers nationwide with a twelfth pending and soon to be announced |
| We secured initial fleet orders for the W56 step vans and strip chassis, and we organically grew the stables business |
| The W750,W56 products, which launched in the second of 2023 as well as stables by Workhorse and our Drone as-a-service offering also contributed to the increase in revenue |
| Statement |
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| And while our results for the year were affected by issues that slowed us down, we never stopped driving forward to create a viable and profitable EV OEM company |
| The commercial truck industry is uncertain on how to proceed with the transition to EVs |
| Progress in this nascent commercial EV industry is not linear, and we know we will need to continue to address challenges as they pop up |
| Most fleets, both big and small, are reluctant to make large investments on the necessary infrastructure to make the shift to either natural gas or electric power vehicles if the CARB mandates might get delayed or revised |
| With enough finished inventory in place, we have temporarily paused production of these products, shifting our workforce over to focus on the ramp-up of the W56 production in the first quarter |
| And we're not sure there's a whole lot of people left to fulfill that demand |
| SG&A expenses for the full-year 2023 were $55.6 million, a decrease of $17.6 million compared to $73.2 million in 2022 |
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