8-K: Workhorse Reschedules Third Quarter Earnings Call Amidst 10-Q Filing Delay

Workhorse Group Inc. has rescheduled its third quarter 2024 earnings call to November 19, 2024, due to a delay in filing its Form 10-Q.

Summary

• Workhorse Group Inc. has announced a rescheduling of its third quarter 2024 earnings conference call to Tuesday, November 19, 2024, at 10:00 a.m. Eastern Time.
• The company will release its financial results in a press release prior to the call.
• The rescheduling is due to a delay in filing the company's Form 10-Q for the third quarter of 2024.
• Workhorse intends to file a Form 12b-25 with the SEC to provide more detail about the delay.
• The company also plans to file the Form 10-Q by November 19, 2024.
• During the third quarter, Workhorse delivered 20 trucks, including an initial order of 15 W56 step vans to FedEx.
• The company is also reporting positive conversations with prospective customers and recent purchase orders.

Sentiment

Score: 4

Explanation: The sentiment is moderately negative due to the delay in the 10-Q filing and the rescheduling of the earnings call, despite positive comments about deliveries and customer engagement. The delay raises concerns about the company's financial reporting and internal controls.

Positives

• Workhorse delivered 20 trucks in the third quarter, including the initial FedEx order of 15 W56 step vans.
• The company has received recent purchase orders from customers.
• Workhorse is having positive conversations with prospective customers.
• The company is focused on managing costs and strengthening its financial position.

Negatives

• The company has delayed the filing of its Form 10-Q for the third quarter of 2024.
• The earnings call was rescheduled due to the delay in the 10-Q filing.

Risks

• The delay in filing the Form 10-Q could raise concerns among investors.
• The company's financial position needs to be strengthened.
• The company is subject to risks and uncertainties that could cause actual results to differ materially from forward-looking statements.

Future Outlook

Workhorse management looks forward to providing an update on the company's momentum on November 19, and is focused on managing costs and strengthening its financial position.

Management Comments

• Workhorse CEO Rick Dauch stated, 'We look forward to providing an update on the important momentum across Workhorse on November 19.'
• Rick Dauch also mentioned, 'We're encouraged by the delivery of 20 trucks during the third quarter, including the initial FedEx order of 15 W56 step vans, as well as the recent purchase orders we've received from customers, and the positive conversations we are having with prospective customers.'
• Rick Dauch further stated, 'We continue to demonstrate the reliability, durability, and real-world capabilities of our EV trucks. At the same time, we remain laser focused on managing costs across the organization and strengthening our financial position for the future.'

Industry Context

The announcement comes as the electric vehicle industry is under scrutiny for production and delivery timelines, making Workhorse's delivery of 20 trucks a notable achievement, while the delay in the 10-Q filing is a concern.

Comparison to Industry Standards

• The delivery of 20 trucks, including 15 to FedEx, is a positive sign for Workhorse, as many EV companies are struggling to meet production targets.
• However, the delay in filing the 10-Q is a negative signal, as timely financial reporting is a key expectation for public companies.
• Companies like Rivian and Lordstown Motors have faced similar challenges in scaling production and meeting financial reporting deadlines, highlighting the difficulties in the EV sector.

Stakeholder Impact

• Shareholders may be concerned about the delay in the 10-Q filing and the potential implications for the company's financial health.
• Customers may be encouraged by the delivery of 20 trucks and the positive conversations with prospective customers.
• Employees may be affected by the company's focus on managing costs and strengthening its financial position.

Next Steps

• Workhorse will file a Form 12b-25 with the SEC to explain the delay in the 10-Q filing.
• The company will file its Form 10-Q by November 19, 2024.
• Workhorse will host its third quarter 2024 earnings call on November 19, 2024.

Key Dates

Keywords

earnings call, Form 10-Q, rescheduled, electric vehicles, Workhorse, WKHS, delivery, SEC, Form 12b-25, financial results