WKHS - Earnings call transcript Q1 2020

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Operator

Ladies and gentlemen, greetings and welcome to Workhorse Group's First Quarter 2020 Investor Conference Call.

As a reminder, this conference call is being recorded.

It is now my pleasure to introduce your host Workhorse, Chief Operating Officer, Dr. Rob Willison. Thank you. Dr. begin. may you Willison

Rob Willison

and to everyone. call. join operator, taking appreciate the time us good you, We morning, you Thank for our

the XX-Q. of the as quarterly issued first we which results is XXXX, market today release Investors of Workhorse Before our Relations filing is the with financial section a a copy its quarter website. ended on well period press for as in Form March our XX, results opened, releasing

turn to through the over a year. for the few an going In our as who CEO, us I'm CFO, update our walk the our businesses, for Schrader, remainder provide well our call of Steve Hughes that, moments, to results will as the Duane on outlook quarter. provide will After financial an

call our I our statements. Safe posted update. is from your to begin, statements for differ our to of our on Harbor the provision cause identifies we factors want content materially part forward-looking Safe quarterly forward-looking of as attention that Harbor Before can risk actual that results provision The website and to

Form detail XXXX factors the and Our to file filings related business. about our risk provide SEC other with the on XX-K further periodic

the that, call And to Schrader. to like I Steve with our CFO, would over turn Steve?

Steve Schrader

thank call. results and of operations to This Rob, our press you joining which today's are the discusses Thanks, the morning, all a us for who release, we issued for quarter.

information Form discussed filed today. get through we as recommend our color materials XX-Q more today. Rob being mentioned, just some Additionally, to both I on going

as many revenue we deliveries virus delayed last meaningful been the four indicated material who we for to shared this moved you second the and first our to quarter. six that on have call, shipments which first the Now no quarter, weeks. in why ended following Those delays is the component COVID-XX to with as to XX, aware, have quarter results you our XXXX, we March of earnings Workhorse are financial

first $XXX,XXX for goods the in of quarter driven costs increase at in C-Series compared recorded million with Cost for of the of first increased the Sales The from million sold XXXX. $XX,XXX $X.X first tooling increase the XXXX. by quarter is primarily in production. to were quarter XXXX of $X.X

increased related increases and general administrative certain from higher last in same acquisition of million expenses, expenses The and administrative selling and was in to to increase $X.X Hackney Engineering consulting $X.X due Selling, the period for ST million in to primarily expenses employee-related million year. general payment $X costs assets. the

million research in first $X.X $X.X for The received of quarter expenses Research the investment Other increase design compared the of our $XXX,XXX C-Series. shares due the due anti-dilution quarter first to was to to $X XXXX. and additional to XXXX, expenses million in LMC related finalizing development the of was provisions. from to in increased the and income development primarily

in price Interest period income value lower of of end mark-to-market to quarter convertible both the in significant this XXXX the The a our issued upon compared to for in fair of due and increase to at year. adjustment to same increased the last note lenders year-end. was stock expense by warrants based $XX.X million, change compared quarter interest million income from with $X.X interest $XX an income million

compared of XXXX. million Finally, net $X.X quarter income million of was net in first $X.X the to a loss

to equivalents of short-term as and million As of million we of December XX, XXXX, cash $XX.X XX, compared investments March $XX.X XXXX. had cash,

as a S-X shelf referred effective. the This to seen Form our we give may registration last raise as had capital statement registration previous ability us is once a to a move procedural offer, the in the to week, S-X You is have filed future expired. commonly statement

matched revolver, previous in As which our with parties capital credit with current production. pursue our ramping truck the a continue best up to the various of need is we call, mentioned we we believe

some turn major overview Duane current now completed, to the an quarter of our discuss year. to the Hughes that, CEO, in our rest the I'll and operational over our for outlook updates the for of call business With and provide

Duane Hughes

and on We everyone. appreciate Well done, you welcome our Steve, this call us joining morning.

today a remarks ago, to a prior briefer a bit than much not been Our our say will is time busy. update little haven't since our over not we call has passed that, be month given year-end which

the sectors, of service, allowing have many we support we deemed provide transportation the to you As period. for delivery been us continue vital an and know, essential safely throughout because infrastructure and working

which completed governance quarter and several At we more elaborate objectives, level, well of line, our time competitive the I as high well positioned on our improve corporate map major all us to positioning, production on plan road in which have long-term fully. a first as execute to

Moving to production.

current pleased at are Steve experienced and QX pandemic disruptions that quarter. we delivery that, said supply chain our As are second track pushed initial mentioned, series the of the time our for to of quarter still date from COVID-XX we outset Having we a expected line. on report to back the

our and customers. key progress are have supply we events our to orders production held Ryder businesses long to on respect total chain industry with XXX are and impacts intact in beginning to-date we remains we forward, partnership we addition, other capabilities states our in the just virus, made delivery obtain the as some like every of other the stay-at-home the successful guidance we've business of under comfort have discussed chain many and limited produced XXX fleet Obviously, that allow as ride-and-drive supply of I'm to reiterating earlier. to financing trucks In still with visibility XXXX, with Steve as Because and going open. states several the

events, of I'm happy when officially stage we production of can showing initial sales factory. now detailed to released production media Systems' social Ryder a plan a those at the and City XXXX result into video We a our and into in deploy website Union XXXX. the our that are starting preparing through As vehicles on of channel share we success final in of recently

excited as XXXX. this well increasing employees up curve our the about in up Our are production as meet targeted ramping year that to and getting learning production units

I now that business hot Drone strong area want a topic for suddenly a Horsefly has to business. and you very us become Delivery on opportunity we our an believe update

we ballooned been become at orders interest COVID-XX year, Over has ground-based in and there to a delivery on virus This system our in a the their with reliant need capabilities the home the impact America interest have that growing drone have our individual the emergency group as help a past general feeling to coordinated privately may vehicles changes on identify last sector. ordering medical in mile and began these select the large. Horsefly working effort online mind health global with some economy integrated permanent at that delivery. stay-at-home delivery a has the due and in increasingly care With of solutions workers this

Center to care scale April, the and UPS Innovative understand tests to cases Virginia's and system to the aerial partnered the the assist response expediting we U.S. ability in to In with evaluating of use support commercial small during late crisis. unmanned health their provide is of systems COVID-XX for use Technology It important drugs. various

House used Horsefly we flew XX sector patented operators private effectively Package Virginia, to being can drone in based missions collected continuing recommendations to determine the launch the and testing patient is be certain review that we Findings our Delivery truck how process. our a supplement feedback work included our System. Data and report During will with emergency in White forward in response look to from on care.

our drone save autonomous We've in deliveries vehicles. believe our aerospace will made technology proprietary national our hundreds capabilities of the years help with We using systems all-electric lives. delivery system combined over low-touch four standoff the delivery last

have understanding drone delivery a of We by a provided the comprehensive speed when counts. benefits

and cases months, beyond and emergency growing seen interest several last use response. the also In significant we've

We this related this transition one are not that more and to believe new that shift there industry intellectual this now we normal. mind, also hearing to protect from property need and in assets a field. in many is is With immediate need temporary a adapt a to our we businesses

top operating delivery aircraft As currently a of may some for vehicles. you Workhorse of patent delivery from know, parcel the holds

earlier components provisional delivery capabilities, its which Unmanned structure. ground we protects Horsefly and or mechanism winch several station, UAS control filed further and patent a and Additionally, Aerial System aircraft including of key systems month, this application, the the

drone our solutions making that delivery electric with strongly workhorse feel available most future vehicles critical today the integrated are economical currently and all capabilities their important in We last-mile option efficient and applications.

accomplish Going partnerships protection leading evaluate forward, we early position strategies as goal. on IP our the and plan build to to and as continue we'll well beneficial

of also through appointment the the two governance our production made automotive veterans to material some oversight Directors. and corporate our we quarter, to industry improvements of Board During

in held at over Products. membership continue across Board have Pamela our the of off-highway, positions including experience We Piston of needs brings various Motorola Dana at years production. global Both her in welcomed to and Workhorse and Mader as scale to a transition leadership board having and Jacqui Group, to key Jacqui as Robert Board. Dedo of non-profit Corporation aftermarket organizations current direct experience industrial decades variety and transportation Bosch experience two to well full areas and automotive, Pamela seat Workhorse Jacqui Cadillac Holding, automotive XX our

manufacturing track proven Pamela industry up a three as well organizations, and units of leading development background companies automotive as in Mader the various P&L $X advisory revenue. Fortune entire over She through has a in billion has record business growth full with for of XXX also services. business in for companies managing major proven responsible to supporting decades responsibilities emerging experience

manager hundreds Pamela vehicles of of General variety including over numerous plant manufacturing she where thousands spent for a in at operations leadership directed Motors of of XX annually. years roles positions

major will Jacqui's to we capacity at from year. structure. managing look and as Fortune of ramp this will the experience to the come half corporate second our combined new our improved look to efforts Pamela's governance up companies be production Workhorse Of ideas fresh We that perspectives during forward and invaluable XXX automotive vehicle

directors. expanded Board has including to independent With their additions, from eight seven six now our

do global while while our we past optimistic supply authorities. will are moving safety ahead, Health the the continue monitor CDC, that rest operate manner the implement other long safety. World world can by too cautiously taking in Organization updates the the government's business we and and to the as Looking proactively latest a all-health we feel on continues this care under we compliant regulatory continuing the the guidelines, an people's essential recommended to point, our At Again and are of spread, chain. good of health disruptions virus we as so guidelines to to as

each key and unusual these during I stakeholders committed customers, to as forward investors of employees, our to times. dedicated and thank deliberately. supporting personally want and move we Workhorse can other carefully we our team as member We best every remain

Generation Delivery a respect I'll program. NDA, to with domain. already always United provide brief to which Postal Under conclusion, Next our do Vehicle able we only In information, public provide comment Service, is the the States Workhorse is in as

be information updates are have has do the process, case as and will at postal the any appreciate As we'll been We updates share or further not issued service. time. the by continued able. throughout this provide interest this market to we receive We any the to we announcements

prepared We you That look remarks. progress we're updating forward your to to concludes ready going morning. Thank this for time the your our questions. now my call all for forward on open and you

instructions. Operator, please the appropriate provide

Operator

Thank with state Our first comes At Greg session. conducting Instructions] be a this you. Lewis your question. from [Operator time, question-and-answer we’ll Please BTIG. question

Greg Lewis

Yes, you everybody. and morning, thank good

Duane Hughes

morning. Good

Greg Lewis

the I Duane just could curious real questions mean, Okay. hoping demand Horsefly. kind is about two was maybe delivery of medical little talk accelerating systems. drone bit -- But you I Hey, clearly the -- here. this a for around more

deliveries. provide that can color accelerating -- that is think being Any would pace that -- around first residential the for is that? you The it's I

through way we line is bit moment. XXXX these And it we're Is how is be of for Like, deliveries I'm XXXX. that not as Really, at think Workhorse benefiting the it maybe a we there about how bottom then in about at in kind should to about the second drone the Workhorse? of maybe this and any part could curious flow credit about increasing to giving just any the think little P&L? think terms thinking more way the right challenging.

Duane Hughes

and appreciate acceleration on I CFO question But our And answer. I drone the Greg. may correct. from a Steve Well, include you this are perspective, here as

commercial mind medical more in clearly will. virus business That and front emergency execution the is While well. has drone the of as needs you really of response the the COVID-XX brought technology to awareness if helpful segment driving the

beginning line we is capability. as As say being from perhaps you And technology of allow America, certain others that's rules and day the more patent a our in the have always enter quickly house last drone we launched today of because every drone the that within know ability mile for on technology. into and a and that That's vehicle sight of us market visual exist to working truck on our really than that own to the a viewed the to a delivery every based distance let's us differentiator single of week.

as sight actually the Now going go themselves make process a through execute in are option. sight. that are through FAA drones ways beyond, visions include with line for FAA that And getting there clear line there to their certification certifications said, beyond another are with to part-XXX well delivery-type happen a that our have is to commercial as package requirement customers visual of of true, the the which visual type

wherewithal years. did things. us audience allowed with we've in in in that last in capability we over and of Virginia included our as that done our flights on course other we've testing the that more And the testing than Virginia the of to as to couple done well demonstrate execute XXX one, So was those the

well you truck-launched from market we the others performance can us how drone and how will, more commercial fleet perspective deliveries, further we drone but of capability. proof demonstrable not separates if say, us But even than of the execute the penetrate advantages can quickly because of I'll provides just,

your As expiating well ask question. responded move before let question Is drone next that acceleration the to far as me nature? -- to I the

Greg Lewis

perfect. That's perfect. That was Yes.

Duane Hughes

us Steve different delivery. very Okay. to ask the of drone in we beginning Good. we it to that continue tied work drone might course here that to have, From we of working business are plans for jump too. and was on always options monetize the development But trucks to the I strategy, right? as

Back ability the support supporting reach individually interest question, side, in truck acceleration scale in that see by Steve, and our on in technology further as yes, we demonstrating do business's commercial's adding want to the believe and... sell now you it to help value jump to in more as end We our us the will differentiators drone sales our drone technology itself. quickly. and trucks but more the

Steve Schrader

Yeah. Greg, to not drone. into XXXX impacts going of we're and XXXX get the obviously

we the by out will very strong themselves a attached say sell think what is, even very I -- based drones there's what the on and more we feel said, that for -- and both, governmental -- customers. what Duane for a truck, actually to I drone commercial case trucks and there have drone to with business the the ability and

hopefully But -- with get you've a seen a market, Sachs has if even actual can future, that $XXX more billion we lot the several-year Goldman it. this -- said there So the that's study. involved a in is out

years ago took think study. I several it was that that place actually

the felt $XXX time at was that was And they billion market. it

And again, do have slice and players there that already all of have certification let we going it that. out a now maybe there the alone small down at a lot just of it's abilities round. to are in a So or figuring not

So hopefully question. that answers your

Greg Lewis

And the the my how be for you would around held to the could at follow-up kind how Thank thinking versus XXX guidance, guess be units. high-end? unchanged color. the we -- I low-end you delivery you of about guess Yeah. should XXX it I

guess that range? challenges need given we're I ongoing Is really next the my continuing -- that it? sort -- maybe about up, pace of start the the where three that going at some be we to something is think -- COVID-XX is around to that ramp in four of that of the terms dictate there low-end QX Is high-end question way to that the is, in months, see that or to the whether to what's over to is now

Steve Schrader

think think Greg, Yeah to about I it's way exactly it. the

starting. of scale, think, up We're making I we're in and be obviously delivering smaller in at ramping just quarter. trucks second kind trucks now. second a will But quarter the just we the here

the being highest of quarter all. fourth the think higher quarter that can third quarter being than of You the in

just deliveries. open. storm. it facilities that testing testing, in on, reactions quarter We've that from any But seen it also out it we some I shouldn't to -- but COVID of seems again, our being had we is world. most in just that vendors there dependent hasn't have the weathered for so money the having the delays the are supply second have -- most far is how the But What too. stop standpoint like think do So part and

which it that revolver We're the -- think facilities to. the there kind a to I the think out well. talking ramping something And and looking in parties we expect on of second is about now and are it we've to credit up have hopefully as perfect we talked quarter we about complement I right and we're talked for earlier

Greg Lewis

the perfect. time. Okay Thank you for all

Steve Schrader

Thank you, Greg.

Operator

Our Partners. next Capital your with ROTH question comes from Craig Please Irwin state question.

Craig Irwin

and thanks families hope taking Good I your of and at for my Workhorse is well everybody course. questions. morning

Duane Hughes

you. Thank

Steve Schrader

Craig. Thanks

Craig Irwin

number color with are guide you EV us? units the the more Can bit your side are using office. Other a The this that XXX and share of this. impressed truck that, you little XXX on year. in kind a saying slowly expectations of little to I processes and was people maintained maybe that moderate moving right are to don't sticky the companies customers of have customer

before reiterating. you with looking You year? hearing your confidence. you're the lower straightforward, was factors original might from or that drive end any higher gives you're what guys could you that at customers Can this if us Obviously, potentially something maybe are the your XXX be share there is guidance, very And XXX of you're that looking to at? we

Steve Schrader

much a Thanks, it's customer a standpoint From side. good our question. Craig. not so It's

first I standpoint, in production them. second and Ryder with with about, place the schedule get DHL. UPS a the a For sales talked one, And think trying working have backlog out with we we already the to on there channel and

not -- soon any positive about if our we customer trucks it's and we're get them. are we seeing anything, can how So more, customers very seeing

back that to actually so, them And and to manufacture that's comes them. and XXX delivering XXX

Duane Hughes

And to about Duane. point your is this -- and

mentioned You say, been essential have home. to home script some us to, And I'll we working having capability as melon make has to lemonades many an on. at idea office with them which of allow started from people working our so be to given we have business earlier, the level deemed from and out us out of by production staff otherwise the in

And do other so, the of here in about half have staff from half home, office. we working our working the

So we, again, been -- we can how things the saying of pushing positive have side forward. looking at and

So do. we're we to meet saying our reiterate can we can guidance going and we're what

Craig Irwin

the That's excellent. That's subjects Corp. call on potential upside the Changing to company, we're to a people at bit. really looking be a on worth little Lordstown right? Like could many a there. hear. over It's kind execution Motor of successful call, lot good of option that a as money

the with would equity anything able payment capital raise come you're potentially the X% raise Workhorse? Lordstown? had, That's shares. on $XXX,XXX, share maybe to to benefit good a kind what P&L at issuing point what, because debt over at them anti-dilution capital. us $XXX,XXX you it raising them you their you thing, on we the from quarter and on In that provision Can And of to points with the expect to

Steve Schrader

a LMC Craig, is we into get is Because this can't private that. corporation, Steve. really

also sale those we'll people -- talk From or whether actually raise at capital LMC to from do that themselves. and -- eventually trucks of on they dependent you is, in or things. to that a again see when of direct that it dependent of any the we the X% the cash any standpoint -- think is I

ask So, a company owner questions, you'd them them. those and of private we're have again, XX% again, to just a being

Craig Irwin

understood. Understood,

guys So to to result successfully them the competitors then you production a costing executing money able the that vehicles from, next a the series that being see from on of of are orders less initiation not lot as levelized come basis. it's catalysts for and knowing likely people just but

level of potential doing, what the orders would have? fertilize you're to in share have there Are maybe that year? yet? end doing customers several commitments you the come for have expect new would customers you conversations potential or not maturity orders from out additional are What us what been you there ground say with And discussion? of from you before to Can these of that these other conversations sort might made the likely

Rob Willison

been Currently, Yes. utilizes This we it's cube will the the is for Willison. orders versions nice probably year for off zone, refrigerated refrigerated, this same solution. single vehicle variant a XXX, which the kicking several begin production. requests that all and We're off with won't starting large we're later for inquiries modular year. now. We -- We've a later and that components XXXX XXXX trucks. XXX from frozen this had and the until Rob effort dual that's but It zone, in have fleets see there's

So appeal solid it's to very beginning broaden last mile platform and fleets to different its deliveries. taking a and

Duane Hughes

them Class our cycle When you because called some electrification, duty traditionally size what fleets the the of of vans them, the the at the expand the to was for to right, in traditional because size properly ability speak of still vehicle, are These the with use not beyond van-type world, but right? who step just step opportunity five hand. ways, to

delivery to other as all So size food are in accommodate so Rob these not of cube XXX delivery companies, retail able to to it's properly, something as cube, said, just types and way the XXXX vehicles of as be sized space last-mile needs on. whether but small up from that other perhaps

Rob Willison

to go pro-masters the they're the or So more one need vehicles not space to day and enough all on are using fleets more out an accommodate XXX they other is And with feet. is XXX-ish trip cubic it's finding space what goods. currently

deliver the the weight is XXX fleet because particular XXX composite cubic foot XXX, in feet operator goods. it's as more metal our all almost so cubic a same And that economical operate gives to at as truck, to

Craig Irwin

that. Great. Thank you for

investors has couple that many you that the you is pandemic the are that chain. the is very constructive at we're looking year. supply the then able to but and on this this year for also last of for able next and execute guys for come at be to weeks range, one issues your with nice of important your ramp up operate the People questions backlog to being in through times So supply chain and

a Can you your getting quarters? bit us a having I actually maybe impede going volumes or over chain of you're given know number out a it's with talk number got allow what and quarters? flavor that deliver supply that's over Is the you to is different the post supply about ability very you little conversations to next to nice of the vehicles the there office, many next anything suppliers? you're of And flex thousands CXXX CXXXX different chain the the that then the But to and to of talking feel do months specifically vehicle.

Steve Schrader

good come think think I in vendors, our I us standpoint the it place. had In supply first a majority for stages on that I the chain, helped the initial from a of from States. think Craig, we United

six So even initial -- on delay of to concentrating that on by components the the couple we were international although U.S. a four had

it think helped lot. us I a

the talked with or will caveat hold stuff already Duane future kind that even orders like can't about, the of some you with what exactly and virus know that. the with of the Now state exactly

have to we comfortable They where pretty feel at. weathered think storm. vendors with the I our seem and they're

that office, of what say with I than a also really he something Regarding that them. signed we've think more anything Duane mentioned can't post that's standpoint we said NDA again, the the from

Craig Irwin

a So limits? you the off can't that the talk capabilities to supply chain post of about office? serve Is

Steve Schrader

post similar trucks it's that I think to would vehicle. would current supply that a supply a chain would supply office

Duane Hughes

the insulate, I chain by about I'll platforms talked earlier. across We supply say, components those repurposing all Yeah.

way significant the So a delivery components What the when allows chains protect all as having for those mentioned board which Rob of amount across a to as van doing XXX or used like supply as as I something say, being separate those to up these repurposing platforms. components pro-master which that for is to best I'll platforms we're mentioned of cube. have ourselves different as cube we're, small XXXX possible, is something he said, across us from all

comfortable moves suppliers doing victory as chain we're to as achieve -- right to seem supply the way we're allow profitability whether us the they -- be the our this that across storm quite well, the in in we're to point, doing board So making we're long as future. for comfortable all Steve's to the to that us

Craig Irwin

Excellent. And RFP just one detail to next that due the is post Is check office then now. Friday correct? the for

Duane Hughes

we're the think publicly the because of and I RFP. post not did NDA -- under announce just Again, post office date the of the --

So back as But online. check about office nothing anything that to to unable and you can discuss go post any it and relates we're the -- RFP response so on.

Craig Irwin

May XX. Okay. Understood. it They did was publicly say

this pushed the progress. strong the doesn't questions. everybody COVID. taking on due Thanks I at Congratulations post office and again So to well get as hope my for that

Duane Hughes

Stay Craig. Thanks healthy.

Operator

next Thank your Jeff Please question. comes state & you. [Operator Instructions] question Company. Osborne from with Our Cowen

Jeff Osborne

I give the if discussions seeking if on my couple you can has $XX if last or memory you a of A is anything wondering an the I over changed end questions could. million If on was right us so month. for were update credit my Steve, revolver.

in sure or changed? relative light lend to interest have corona, banks willingness meaningfully prior call Just to if the of I rates wasn't

Steve Schrader

no there's really change. No,

We are parties in now. interested, are we're them that with finding discussions and

we'll forward So on go that.

Jeff Osborne

a of to or perspective I'm and need something XXX? by get next Do to trying then that on how sense you'll you details to -- think the call, the that's just you have earnings XXX much that execute on

Steve Schrader

so. believe I

to right money through get second the enough have we think quarter. now I

by place of So in -- sort but quarter. second have the some facility I hope to end the of

Jeff Osborne

you there's like companies Got looking pressure case? it. to money publicly have And been looks at Q that PPP the the some it return then the still speaking Is funding. And that. on of traded

Steve Schrader

we have Yes still it.

Jeff Osborne

the didn't think capability in know -- Any to do April's it. in a supplier the discussion having last sort staff month producing Union start you there if update effectiveness call City. innings? the then were that? about said training terms two going delay. of so and could to us of can you and the trucks was a you or just do that share the after that Duane A in on I what runway Got I I a you of from sense ago And as to think day. early of the as you have staff April was of

Duane Hughes

part question still staffed It's Yes, staff units you PPP We're great Jeff. that that fully our about I introduced asking of weather pleased reductions two per meet things to have with it. to and appreciate the might bringing Yes here. go keep have our at of on. that's and part was you We employees PPP on to had not we're you a the A And that. that And if board that the that -- of us as could on storm staff XXX% the we really will. Duane to so through looked day. PPP. different allowed current do layoffs

a video, there. process are volumes a put will We're properly our today staff had have although staffed staff. is showing were from that side-by-side rudimentary of ago so if for in We two course it our comfortable comfortable some that it's ongoing training in the who elements think, City with a and happening advance of training we an will but process but today. We virtually just vehicles I us perspective, out thing building actually of grow do our our we production two on. active suppliers or the units And day. that involved Union the The a number we of to week you increasing side-by-side of purposes are

levels with comfortable question we through to trading day. two staffing process we're more we and hope those have to current units even to the a of So our We're achieve going quickly your currently improve than planned. numbers

Jeff Osborne

different that's something right. my the of That's seatbelt lot question is you're on you That's able if on received and the these authorities the great last in hear. to the keep and month, that to me FMVSS good are of mixing forgive But happened a test or I them The I'm loan. definitely testing up. hear closed you're was testing if had discussion corona the I there down? with think given is last call various to memory tests waiting had Is the last

Duane Hughes

and We but everything be the correct. closed They're And test down. in of XXst reopening the this getting ready back that's shape, had will on our facility done and actually things testing month.

Jeff Osborne

Got it. had. I all Excellent. That

Duane Hughes

we Well appreciate, Stay Jeff. healthy.

Operator

Thank you. concludes session. company's At time, this this question-and-answer the

was you question may taken Investor wkhs@gatewayir.com. at your Relations not team contact Workhorse's If

his like to to back remarks. the I'd closing Mr. Hughes turn over now for call

Duane Hughes

your and for on to our on our thank the in today. updating and we to and I forward through really other interest you Thank time. thanks you, future provide employees, opportunity Workhorse your to really We appreciate appreciate us updates especially our do this operator continued joining We participation guidance. and look calls. everyone call investors, partners want and

Operator

you Workhorse for Thank joining us Group's XXXX for first conference quarter today earnings call.

disconnect. You may now

Workhorse (WKHS) 6 May 202020 Q1 Earnings call transcript