Workhorse Group Inc (WKHS) 2023 Q1 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Workhorse Group's First Quarter 2023 Investor Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Workhorse Group's Vice President of Corporate Development and Communications, Stan March. Sir, you may begin.

女士們，先生們，大家好，歡迎來到 Workhorse Group 的 2023 年第一季度投資者電話會議。提醒一下，這次會議正在錄製中。現在我很高興向您介紹主持人，Workhorse Group 的企業發展和傳播副總裁 Stan March。先生，您可以開始了。

Thank you, Darryl. Good morning, and welcome to all of you joining us on today's first quarter 2023 results call. Before I begin, I'd like to note that we posted our results for the first quarter ending March 31, 2023, via press release. You can also find this release as well as an accompanying presentation in the Investor Relations section of our website. We've also filed our first quarter Form 10-Q this morning. We will be tracking to the posted presentation during today's call, so please follow along either from the link on the press release or through the website directly.

謝謝你，達里爾。早上好，歡迎大家參加今天的 2023 年第一季度業績電話會議。在開始之前，我想指出，我們通過新聞稿發布了截至 2023 年 3 月 31 日的第一季度業績。您還可以在我們網站的投資者關係部分找到此新聞稿以及隨附的演示文稿。我們今天早上還提交了第一季度 10-Q 表格。我們將在今天的電話會議中跟踪發布的演示文稿，因此請通過新聞稿上的鏈接或直接通過網站進行操作。

And with that, let's get started. Joining me on today's call are Rick Dauch, our CEO; and Bob Ginnan, our CFO. The agenda for today's call can be found on Slide 3. Following my brief opening remarks, I'll hand the call over to Rick, who will give you an update of the progress we've made on our strategic and operational priorities during the quarter. Bob will then walk us through our financial results for the quarter and cover our 2023 guidance. We'll then take your questions.

有了這個，讓我們開始吧。與我一起參加今天電話會議的還有我們的首席執行官 Rick Dauch；和我們的首席財務官 Bob Ginnan。今天電話會議的議程可以在幻燈片 3 上找到。在我簡短的開場白之後，我將把電話會議交給里克，他將向您介紹本季度我們在戰略和運營重點方面取得的最新進展.然後鮑勃將向我們介紹本季度的財務業績並涵蓋我們的 2023 年指導方針。然後我們會回答你的問題。

Our disclaimer can be found on Slide 4. Some of the comments that will be made today are forward-looking and, therefore, are subject to certain provisions as well as risks and uncertainties. You can find the full disclaimer statement in our Form 10-Q and other periodic filings on file with the SEC as well as in today's press release.

我們的免責聲明可以在幻燈片 4 上找到。今天將要發表的一些評論是前瞻性的，因此受某些規定以及風險和不確定性的約束。您可以在我們向美國證券交易委員會存檔的 10-Q 表格和其他定期文件以及今天的新聞稿中找到完整的免責聲明。

With that, I'll now turn the call over to Rick Dauch. Rick?

有了這個，我現在將電話轉給 Rick Dauch。瑞克？

Thanks, Stan. Good morning, everyone. Thank you all for taking the time to join us today. Before I jump into the details of our Q1 performance, I want to spend a moment or to discuss in the primary market segment that Workhorse serves, The North American, Class 4 to 6 commercial, electric vehicle business, true work trucks. These are challenging times for nearly every company competing in this segment, both start-ups and well-established OEMs. The generational technology transition from ICE to EV powered commercial vehicles is a true paradigm shift and it's not an easy one.

謝謝，斯坦。大家，早安。感謝大家今天抽出時間加入我們。在詳細介紹我們第一季度的業績之前，我想花點時間討論 Workhorse 服務的主要細分市場，即北美、4 至 6 級商用、電動汽車業務、真正的工作卡車。對於幾乎所有在這一領域競爭的公司，無論是初創企業還是成熟的原始設備製造商，現在都是充滿挑戰的時期。從 ICE 到 EV 動力商用車的世代技術轉變是真正的範式轉變，而且並不容易。

The ICE/EV transition will occur over decades and will require significant investment in electric charging infrastructure, power generation, vehicle and component engineering and R&D, supplier tooling, factory conversion or new factory construction. Not all of those trying to establish themselves in the commercial EV space will make it. There will be casualties along the way and likely a consolidation of competitors in the segment, at both the OEM and supplier levels.

ICE/EV 的轉變將持續數十年，需要對充電基礎設施、發電、車輛和零部件工程與研發、供應商工具、工廠改造或新工廠建設進行大量投資。並非所有試圖在商用電動汽車領域站穩腳跟的人都能成功。一路上會有人員傷亡，並且可能會在 OEM 和供應商層面整合該細分市場的競爭對手。

Make no mistake, Workhorse is one of the pioneers in the commercial EV industry, specifically in the step van segment. We are not a SPAC funded startup company. We are not doing EV retrofits of internal combustion engine vehicles. We are a company that rich and long heritage in the EV steadfast space. While the industry transition challenges sound ominous, here at Workhorse, we have an executable plan to emerge as winners.

毫無疑問，Workhorse 是商用電動汽車行業的先驅之一，特別是在輕便貨車領域。我們不是 SPAC 資助的初創公司。我們不對內燃機車輛進行電動汽車改造。我們是一家在 EV 領域擁有悠久歷史的公司。雖然行業轉型挑戰聽起來不祥，但在 Workhorse，我們有一個可執行的計劃來成為贏家。

First and foremost, we have assembled the right team. We brought in experienced, capable leaders and operators from the automotive, commercial truck and military service, who are armed that can do, get it done spirit and mentality. The manufacturing complex at Union City has been upgraded and expanded. It is ready to roll and is now in production. We have the foundational plant, warehouse and battery storage facilities capable of producing up to 10,000 vehicles a year by 2025, 2026. Very few of our start-up competitors can make that claim or actually show you an operating production facility. Ask them if you can go visit their plant.

首先，我們已經組建了合適的團隊。我們從汽車、商用卡車和軍事服務領域引進了經驗豐富、能幹的領導者和操作員，他們武裝起來可以做到，完成它的精神和心態。 Union City 的製造中心已經升級和擴建。它已準備就緒，現已投入生產。我們擁有基礎工廠、倉庫和電池存儲設施，到 2025 年、2026 年每年可生產多達 10,000 輛汽車。我們的初創競爭對手中很少有人能做出這樣的聲明或實際向您展示正在運行的生產設施。問他們是否可以去參觀他們的工廠。

Our new product road map is fully defined. We have a family of industry-leading EV-powered Class order 6 commercial vehicles being launched over the next 3 years with 3 new products alone in 2023.

我們的新產品路線圖已完全確定。我們將在未來 3 年推出一系列行業領先的電動汽車 6 級商用車，僅 2023 年就有 3 款新產品。

We have strategically selected proven financially stable supply chain partners we can count on to supply our critical component needs. So we have or we will soon have the family of products necessary to compete in the emerging EV Class 4 to Class 6 market. The W56 family of vehicles we are launching in Q3 this year are completely new vehicles from the ground up, internally designed, tested, tooled and launched in less than 2 years with less than 50 engineers and technicians. I'm really proud of them.

我們從戰略上選擇了經過驗證的財務穩定的供應鏈合作夥伴，我們可以依靠這些合作夥伴來滿足我們的關鍵組件需求。因此，我們擁有或即將擁有在新興的 EV 4 級至 6 級市場中競爭所必需的產品系列。我們在今年第三季度推出的 W56 系列車輛是全新的車輛，經過內部設計、測試、加工，並在不到 2 年的時間內推出，工程師和技術人員不到 50 人。我真的為他們感到驕傲。

We are moving quickly to establish a commercial dealer network and secure the necessary manufacturing licenses to serve commercial fleets from coast to coast as they make their own transition to EV power trucks. These deals are excited by the W56 family of products. We are well positioned to capture the wave of market momentum emerging for commercial EV vehicles.

我們正在迅速採取行動建立商業經銷商網絡並獲得必要的製造許可證，以便在他們自己過渡到 EV 動力卡車時為從一個海岸到另一個海岸的商業車隊提供服務。這些交易是由 W56 系列產品引起的。我們已做好充分準備，抓住商用 EV 汽車新興的市場動力浪潮。

On all fronts, we are pushing the boundaries and overcoming real challenges as we create a successful commercial EV OEM. I'd like to tell our team here at Workhorse that they are true pioneers in that we are on the precipice of success.

在創建成功的商業 EV OEM 的過程中，我們在各個方面都在突破界限並克服真正的挑戰。我想告訴我們在 Workhorse 的團隊，他們是真正的先驅，因為我們正處於成功的邊緣。

Moving to Slide 6. The generational shift to EV powered vehicles is now underway and it continues to pick up speed, ramping up specifically in 2024. The easiest way to illustrate this is a quick review of the 2-pronged regulatory efforts underway in California. The state's Advanced Clean Truck Rule forecast focuses on commercial vehicle OEMs and mandates the percentage of 0 emission vehicles that those companies must build and sell in the state by the OEMs. The corollary to the clean truck mandate is the California Advanced Clean Fleet Rule. This new regulatory mandate targets commercial fleet owners aiming for a fully 0 emission fleet throughout the state by 2024 -- 2025, excuse me. It won't surprise you that California's municipal governments, with both small and large fleets were common guests in our booth at the ACT show last week in Anaheim.

轉到幻燈片 6。向電動汽車提供動力的世代轉變正在進行中，並且繼續加快速度，特別是在 2024 年加速。說明這一點的最簡單方法是快速回顧加州正在進行的兩管齊下的監管工作。該州的 Advanced Clean Truck Rule 預測側重於商用車原始設備製造商，並規定了這些公司必須在該州由原始設備製造商生產和銷售的零排放車輛的百分比。清潔卡車強制要求的必然結果是加州高級清潔車隊規則。這項新的監管授權針對商業車隊所有者，他們的目標是到 2024 年 - 2025 年在全州實現完全零排放的車隊，對不起。上週在阿納海姆舉行的 ACT 展會上，擁有小型和大型車隊的加利福尼亞市政府是我們展位的常客，這不會讓您感到驚訝。

They have a clear mandate and they have the funding available to move to EV powered vehicles starting in 2024.

從 2024 年開始，他們有明確的授權，並且有可用資金轉向電動汽車。

And we will have the types of vehicles they need across the Class 4 to 6 segment. These 2 new car generate rules essentially reset the state's supply and demand minimums for commercial EV requirements over the next two decades, and where CARB leads, other states follow.

我們將擁有他們需要的 4 至 6 級車輛類型。這 2 項新車生成規則實質上重置了該州未來 20 年商用電動汽車需求的最低供需要求，CARB 領先的地方，其他州將效仿。

On Slide 7, you can see the graphical version of this regulation, which kicks in on January 1, 2024, at 9% in Class 4 to 8 vehicles. As you can see, the requirement ramps to 50% by 2030 with a 75% requirement for OEM sales percentage of 0 emission by 2035. This is exactly the segment where our products are targeted.

在幻燈片 7 上，您可以看到該法規的圖形版本，該法規將於 2024 年 1 月 1 日生效，在 4 至 8 類車輛中為 9%。正如您所看到的，到 2030 年，要求將增加到 50%，而到 2035 年，OEM 銷售百分比的 75% 要求為零排放。這正是我們產品的目標細分市場。

On Slide 8, you can see the other states that are following the California mandates. It includes 13 more states in the District of Columbia with 5 of those states adopting the regulations in the ensuing 3 years. This is the definition of a target-rich environment for an EV industry pioneer.

在幻燈片 8 上，您可以看到其他遵守加利福尼亞州規定的州。它包括哥倫比亞特區的另外 13 個州，其中 5 個州在隨後的 3 年內採用了該法規。這是對 EV 行業先驅的目標豐富環境的定義。

Turning now to highlights for the quarter on Slide 9. Over the past 21 months, we have rebuilt Workhorse's Foundation, following our stabilized, fixed and grow turnaround framework. We completed building out our experience engineering, operations, administrative and leadership teams, transformed our, Union City facility into a world-class manufacturing complex and made tangible progress on our new product portfolio road maps. In 2023, we remain laser-focused on execution, specifically the production and delivery of world-class trucks and drones.

現在轉向幻燈片 9 本季度的亮點。在過去的 21 個月中，我們按照穩定、固定和增長的周轉框架重建了 Workhorse 的基礎。我們完成了經驗豐富的工程、運營、行政和領導團隊的建設，將我們的聯合城工廠轉變為世界級的製造綜合體，並在我們的新產品組合路線圖上取得了切實進展。 2023 年，我們將繼續專注於執行，特別是世界級卡車和無人機的生產和交付。

We made important progress on all fronts in the first quarter. First, we advanced our commercial vehicle programs. We ramped up production of the W4 CC vehicles. We completed the initial builds of the -- the pilot builds of W750 step van. We successfully unveiled the W56 vehicle at multiple industry events, which was well received by prospective customers. While behind after Q1, we feel we are on track for our full year W4 CC and W750 delivery targets and look forward to beginning production of W56 in the third quarter. We also assembled and shipped 18 Tropos vehicles as part of our 3-year contract with that company and are continuing to ramp up shipments of these unique vehicles in the coming months.

一季度，我們在各方面都取得了重要進展。首先，我們推進了商用車項目。我們提高了 W4 CC 車輛的產量。我們完成了 W750 步進廂式貨車的初步構建。我們在多個行業活動中成功發布了W56車輛，受到了潛在客戶的好評。雖然在第一季度之後落後，但我們認為我們正在按計劃實現全年 W4 CC 和 W750 交付目標，並期待在第三季度開始生產 W56。作為我們與該公司 3 年合同的一部分，我們還組裝並運送了 18 輛 Tropos 車輛，並將在未來幾個月繼續增加這些獨特車輛的出貨量。

We also made significant strides in our aerospace business, and saw continued strong interest in both our HORSEFLY and FALCON Drones. We performed a large number of flight demonstrations with prospective government and commercial customers during the first quarter. We are ready to ramp production in the factory and have the parts on hand to build initial orders. The Air Force's North Spark Defense laboratory based at Grand Forks Air Force Base in North Dakota is working to finalize its purchase of one of our Falcon drones and our suite of supporting systems. Qualifying to sell to the United States Air Force is no small thing.

我們在航空航天業務方面也取得了重大進展，並看到人們對我們的 HORSEFLY 和 FALCON 無人機的持續濃厚興趣。第一季度，我們與潛在的政府和商業客戶進行了大量的飛行演示。我們已準備好在工廠中提高產量，並準備好零件來建立初始訂單。位於北達科他州大福克斯空軍基地的空軍北方火花防禦實驗室正在努力完成對我們的一架獵鷹無人機和我們的支持系統套件的購買。有資格出售給美國空軍可不是一件小事。

We continue to execute our Stables & Stalls package, delivery routes for FedEx's ground, and we expect to electrify our fleet by the end of the second quarter. We are also continuing to look at the best options for expansions into a second Stables & Stalls site in either incentive-based state and/or possibly at a federal government-owned location. Additionally, we completed facility improvements at our drone engineering technical design and production facility in Mason, Ohio, and we are on track to install the end-of-the-line dynamometer, assembly and paint lines at Union City ahead of the W56 launch in Q3.

我們繼續執行我們的馬厩和攤位包裹，聯邦快遞地面的送貨路線，我們預計在第二季度末使我們的車隊通電。我們還在繼續尋找最佳選擇，以擴展到基於激勵的州和/或可能在聯邦政府擁有的地點的第二個馬厩和攤位站點。此外，我們完成了位於俄亥俄州梅森的無人機工程技術設計和生產設施的設施改進，並且我們有望在 W56 於Q3.

Turning to Slide 10. I want to provide some additional details on the important progress we're making on our commercial vehicle product road maps. Starting with our Class 4 offerings, the W4 CC and W750. After receiving the Green Power chassis units at the end of December of 2022, Workhorse worked hard, modify and upgrade these base units to fully meet Workhorse quality centers in Q1. These upgrades took longer than expected to work through as we experienced delivery issues on a few key components tied primarily to tooling and production ramp-up of a handful of parts, specifically related to light vessels, cab heaters, back panel covers and liners.

轉到幻燈片 10。我想提供一些額外的細節，說明我們在商用車產品路線圖上取得的重要進展。從我們的 Class 4 產品開始，W4 CC 和 W750。在 2022 年 12 月底收到 Green Power 底盤單元後，Workhorse 努力工作，對這些基礎單元進行修改和升級，以完全滿足第一季度 Workhorse 質量中心的要求。這些升級花費的時間比預期的要長，因為我們遇到了一些關鍵部件的交付問題，這些部件主要與少數部件的工具和生產爬坡有關，特別是與輕型容器、駕駛室加熱器、後面板蓋和襯里相關。

As a result of these specific parts issues, we were only able to deliver 10 trucks during the first quarter. However, we exponentially resolved these issues and the company is currently shipping an additional 40 W4 CC trucks to fulfill a fully executed purchase order.

由於這些特定零件問題，我們在第一季度只能交付 10 輛卡車。但是，我們以指數方式解決了這些問題，公司目前正在運送額外的 40 輛 W4 CC 卡車，以履行完全執行的採購訂單。

With the chassis delivery and W4 CC supply issues now behind us, we remain on track to meet our full year 2023 W4 CC delivery targets for the year. As mentioned earlier, the initial W750 pilot builds are complete. We are working through a handful of design and supplier tooling changes on this vehicle, but initial production remains on track to start in the second quarter.

由於機箱交付和 W4 CC 供應問題現已過去，我們仍有望實現 2023 年全年 W4 CC 交付目標。如前所述，最初的 W750 試點版本已經完成。我們正在對這款車輛進行一些設計和供應商工具更改，但初始生產仍有望在第二季度開始。

Turning to Slide 11. The W56, which is the first new Workhorse fully designed and purpose-built chassis platform, it remains on track to start production in Q3 '23. Importantly, this quarter, we successfully unveiled the new step van vehicle of an NTEA, Work Truck Show in Indianapolis and had a fully subscribed ride and drive chat session at the ACT Expo in Anaheim, California last week, both of which garnered significant positive feedback from prospective customers. As I have mentioned in the past, the W56 is a foundational lifeblood product for Workhorse.

轉到幻燈片 11。W56 是第一個全新的 Workhorse 完全設計和專用底盤平台，它仍有望在 23 年第三季度開始生產。重要的是，本季度，我們在印第安納波利斯的 NTEA Work Truck Show 上成功推出了新的步進廂式貨車，並在上周於加利福尼亞州阿納海姆舉行的 ACT 博覽會上進行了一次完全訂閱的乘車和駕駛聊天會議，這兩項活動都獲得了顯著的積極反饋來自潛在客戶。正如我過去提到的，W56 是 Workhorse 的基礎命脈產品。

Moving on to the WNext Vehicle. This is our longer-term project. We plan to combine our previous Class 3 and Class 4 vehicle experience to develop a next-generation vehicle with an accessible low [floor] frame, improve ride and handling, efficient lightweight systems and advanced safety technology. We will focus on prototype design, test and build in '23 and '24, and we expect to begin production of the WNext in 2025.

轉到 WNext 車輛。這是我們的長期項目。我們計劃結合我們之前的 Class 3 和 Class 4 車輛經驗來開發下一代車輛，該車輛具有可接近的低 [地板] 框架，改善乘坐和操控性，高效的輕量化系統和先進的安全技術。我們將在 23 年和 24 年專注於原型設計、測試和構建，我們預計將在 2025 年開始生產 WNext。

Moving to Slide 12. As we announced during the first quarter, Workhorse is developing a certified dealer network to meet end customer needs across the U.S. As you can see on the slide, we have already identified and begun or have completed the onboarding of dealers in the light blue shaded states. This process includes prospective dealers visiting the Union City plant, meeting with and being trained by our field service and warranty teams.

轉到幻燈片 12。正如我們在第一季度宣布的那樣，Workhorse 正在開發一個經過認證的經銷商網絡，以滿足美國各地的最終客戶需求。正如您在幻燈片中看到的那樣，我們已經確定並開始或已經完成了經銷商的入職淺藍色陰影狀態。此過程包括潛在經銷商參觀聯合市工廠，與我們的現場服務和保修團隊會面並接受培訓。

Feedback from these dealer day events have been universally positive. As part of the dealer agreement process, the dealers signed up for initial stocking orders on W4 CC and W750s. We plan to onboard 8 to 10 new dealers in 2023, many with multiple locations across 22 states.

這些經銷商日活動的反饋普遍是積極的。作為經銷商協議流程的一部分，經銷商簽署了 W4 CC 和 W750s 的初始庫存訂單。我們計劃在 2023 年加入 8 到 10 個新經銷商，其中許多在 22 個州設有多個地點。

Several states require us to have manufacturing licenses in order to sell vehicles and each state's application process is different, and some are quite cumbersome. A few of our officers, including me, have had to go and get fingerprinted and have background checks completed in multiple states in order to secure these licenses. As of today, we now have 13 of the 22 manufacturing license required to sell vehicles in our targeted states.

有幾個州要求我們必須有製造許可證才能銷售車輛，每個州的申請流程都不一樣，有些還很繁瑣。為了獲得這些許可證，我們的一些官員，包括我，不得不去多個州採集指紋並完成背景調查。截至今天，我們現在擁有在目標州銷售車輛所需的 22 個製造許可證中的 13 個。

On Slide 13, a few words about our Stables & Stalls initiative launched last year. This fleet electrification initiative provides services and charge the infrastructure to support small fleet operators with EV power fleets. We recently renewed our contract to deliver last mile packages for FedEx Ground in Ohio, and have continued to execute our package delivery routes throughout the first quarter. We expect to electrify the 11 in Ohio fleet by the end of Q2 '23 and are currently exploring opportunities to establish 1 to 2 additional sites in incentive-based state and our federally-owned location.

在幻燈片 13 上，簡單介紹一下我們去年推出的馬厩和攤位計劃。該車隊電氣化計劃提供服務並為基礎設施充電，以支持擁有 EV 動力車隊的小型車隊運營商。我們最近續簽了為俄亥俄州 FedEx Ground 運送最後一英里包裹的合同，並在整個第一季度繼續執行我們的包裹運送路線。我們希望在 23 年第二季度末為俄亥俄州的 11 個機隊電氣化，目前正在探索在基於激勵的州和我們的聯邦所有地點建立 1 到 2 個額外站點的機會。

The Stables & Stalls initiative is expected to provide some valuable insights into the owner-operator business model and how we can provide a meaningful advantage to further boost the transition to EV platforms, especially for smaller fleets.

Stables & Stalls 計劃有望為業主運營商商業模式提供一些有價值的見解，以及我們如何提供有意義的優勢以進一步推動向電動汽車平台的過渡，尤其是對於較小的車隊。

Moving on to our Aerospace Business on Slide 14, which had a very busy start to the year. We advanced the development and testing of our drones to target 2 compelling growing markets, package delivery and agricultural and infrastructure, data acquisition and data use. We conducted demonstrations of simultaneous package deliveries by multiple HORSEFLY aircraft to 2 prospective last-mile delivery clients and a potential industry partner. In addition, we successfully completed demonstrations of both the Horsefly and the Falcon drones for the U.S. Military, multiple branches.

轉到幻燈片 14 上的航空航天業務，今年開局非常忙碌。我們推進了無人機的開發和測試，以瞄準 2 個引人注目的增長市場、包裹遞送和農業和基礎設施、數據採集和數據使用。我們通過多架 HORSEFLY 飛機向 2 個潛在的最後一英里交付客戶和一個潛在的行業合作夥伴進行了同時交付包裹的演示。此外，我們還成功地為美國軍方多個分支機構完成了 Horsefly 和 Falcon 無人機的演示。

As a reminder, our HORSEFLY platform is an all-electric multipurpose uncrewed aerial system designed to tackle a variety of commercial applications. It uses a winch delivery system to provide safe, reliable and precise last-mile delivery in various conditions and carry up to 10 pounds or 10 miles to 45-minute flight time. Our other drone is our humanitarian aid and logistics operations or HALO aircraft, which we've internally called the FALCON. It has the same airframe, propulsion system and set of navigational capabilities at the HORSEFLY, but has a longer, a lower gross weight, so we can carry more payload across a longer distance.

提醒一下，我們的 HORSEFLY 平台是一種全電動多用途無人駕駛航空系統，旨在應對各種商業應用。它使用絞車投遞系統在各種條件下提供安全、可靠和精確的最後一英里投遞，最多可承載 10 磅或 10 英里至 45 分鐘的飛行時間。我們的另一架無人機是我們的人道主義援助和後勤行動或 HALO 飛機，我們在內部將其稱為 FALCON。它具有與 HORSEFLY 相同的機身、推進系統和一組導航能力，但具有更長、更輕的總重量，因此我們可以攜帶更多的有效載荷跨越更遠的距離。

This drone is designed to use an austere, difficult training conditions. We are about to secure our first purchase order for the Falcon from the U.S. government and are close to landing additional new orders for this top duty drone.

這種無人機旨在使用簡樸、困難的訓練條件。我們即將獲得美國政府的第一份獵鷹採購訂單，並且即將獲得這款頂級無人機的更多新訂單。

Our team has another large demo with the U.S. government agencies next week, and we hope to build on our success to the U.S. Air Force. We completed scanning land in Arkansas and Mississippi with the U.S. Department of Agriculture's government's second grant in support of underserved farmers and ranchers. We are actively exploring additional opportunities for collaboration with both the federal and state government agencies. The initial feedback we are receiving from USDA is very encouraging. In their words, the data we are providing is game-changing in terms of detail and timeless versus the current data collection methods employed across not only farmland but other larger federally owned areas across the country.

我們的團隊下週將與美國政府機構進行另一場大型演示，我們希望在美國空軍取得成功的基礎上再接再厲。我們利用美國農業部政府的第二筆撥款完成了對阿肯色州和密西西比州土地的掃描，以支持服務欠缺的農民和牧場主。我們正在積極探索與聯邦和州政府機構合作的更多機會。我們從美國農業部收到的初步反饋非常令人鼓舞。用他們的話說，我們提供的數據在細節和永恆方面是改變遊戲規則的，而目前的數據收集方法不僅適用於農田，而且適用於全國其他較大的聯邦所有地區。

Overall, we are pleased with our progress in Aero and look forward to announcing additional appeals or government grants in the coming months.

總的來說，我們對我們在 Aero 方面取得的進展感到滿意，並期待在未來幾個月內宣布更多的呼籲或政府撥款。

With that, I'll now turn the call over to Bob to discuss our financial results for the quarter.

有了這個，我現在將電話轉給鮑勃，討論我們本季度的財務業績。

Thanks, Rick. Let's turn to Slide 15 to discuss our first quarter financial results. Our first quarter results demonstrate the team's focus on operational execution and financial discipline. As Rick stated, we are ramping up the production and delivery of vehicles and expect that to continue throughout the rest of the year. We expect this will generate significant revenue growth in 2023. At the same time, we are managing our cash burn well and enhancing our back-office systems to make us an even more efficient organization.

謝謝，里克。讓我們轉到幻燈片 15 來討論我們第一季度的財務業績。我們第一季度的業績表明該團隊專注於運營執行和財務紀律。正如 Rick 所說，我們正在加快車輛的生產和交付，並希望在今年餘下的時間裡繼續這樣做。我們預計這將在 2023 年帶來顯著的收入增長。與此同時，我們正在妥善管理我們的現金消耗並加強我們的後台系統，使我們成為一個更有效率的組織。

Turning now to results. Sales net of returns and allowances for the first quarter of 2023 were $1.7 million compared to $14,000 in the same period last year. The increase in net sales is primarily due to sales volume of the W4 CC. As Rick explained earlier, getting suppliers tooled up and launched on key components required to upgrade the W4 CC product took longer than expected. It impacted our throughput and sales in Q1. We expect to make up those units across the balance of 2023.

現在轉向結果。 2023 年第一季度扣除退貨和折讓後的銷售額為 170 萬美元，而去年同期為 14,000 美元。淨銷售額的增加主要是由於 W4 CC 的銷量。正如 Rick 之前解釋的那樣，讓供應商配備工具並啟動升級 W4 CC 產品所需的關鍵組件所花費的時間比預期的要長。它影響了我們第一季度的吞吐量和銷售額。我們預計將在 2023 年剩餘時間內完成這些單元。

Cost of sales increased to $5.3 million from $3.9 million in the same period last year, primarily due to the $900,000 increase in costs related to direct materials and a $1.1 million increase in employee compensation and related expenses to support vehicle sales during the period. The increase in cost of sales was partially offset by a $400,000 decrease in inventory reserve expenses and a $200,000 decrease in other related overhead costs.

銷售成本從去年同期的 390 萬美元增加到 530 萬美元，這主要是由於與直接材料相關的成本增加了 900,000 美元，以及員工薪酬和支持車輛銷售的相關費用增加了 110 萬美元。銷售成本的增加部分被庫存儲備費用減少 400,000 美元和其他相關管理費用減少 200,000 美元所抵消。

Selling, general and administrative expenses increased to $14.7 million from $11.9 million in the same period last year. The increase in SG&A expenses was primarily driven by a $3.1 million increase in employee compensation and related expenses primarily due to increased headcount and noncash stock-based compensation expense.

銷售、一般和行政費用從去年同期的 1190 萬美元增加到 1470 萬美元。 SG&A 費用的增加主要是由於員工薪酬和相關費用增加了 310 萬美元，這主要是由於員工人數增加和非現金股票薪酬費用增加所致。

Research and development expenses increased to $7.2 million compared to $4 million in the same period last year. The increase in R&D expense was primarily driven by a $1.7 million increase in prototype expense related to the continued development of the company's expanded product road map, including the HORSEFLY, FALCON, W56 and W750 vehicle programs, an increase of $700,000 employee compensation-related expenses as the company increased headcount and a $300,000 increase in consolidating expenses.

研發費用從去年同期的 400 萬美元增至 720 萬美元。研發費用的增加主要是由於原型費用增加了 170 萬美元，這與公司擴展產品路線圖的持續開發有關，包括 HORSEFLY、FALCON、W56 和 W750 車輛計劃，以及 700,000 美元的員工薪酬相關費用增加由於公司增加了員工人數，合併費用增加了 300,000 美元。

Net interest income was $600,000 compared to a negative $2.2 million in the same period last year. Net interest income in the current period is driven by interest earned on the cash in our money market investment account. Net interest expense in the prior period was primarily related to fair value adjustments, contractual interest expense and a loss on the conversion of the company's former convertible notes due 2024. The entire outstanding aggregate principle of these notes were exchanged for the shares of the company's common stock during 2021 and 2022.

淨利息收入為 60 萬美元，而去年同期為負 220 萬美元。本期的淨利息收入是由我們的貨幣市場投資賬戶中的現金賺取的利息驅動的。前期淨利息支出主要與公允價值調整、合同利息支出和公司 2024 年到期的前可轉換票據的轉換損失有關。這些票據的全部未償還總本金被換成公司普通股的股份2021 年和 2022 年期間的庫存。

Turning to Slide 16 to discuss our balance sheet. We are continuing to operate debt-free. And as of March 31, 2023, we had approximately $79.1 million in cash and cash equivalents. In addition, we have our at the market program in place. And during the first quarter, we issued 14.4 million shares under the ATM for net proceeds of $18.6 million. You might have noticed that we recently filed a $150 million shelf registration statement with the SEC. I just want to point out this was a normal renewal of the former shelf's 3-year term was expiring. The former shelf had approximately $143 million remaining on it.

轉到幻燈片 16 討論我們的資產負債表。我們將繼續無債經營。截至 2023 年 3 月 31 日，我們擁有大約 7910 萬美元的現金和現金等價物。此外，我們還制定了市場計劃。在第一季度，我們在 ATM 下發行了 1440 萬股股票，淨收益為 1860 萬美元。您可能已經註意到，我們最近向美國證券交易委員會提交了價值 1.5 億美元的貨架登記聲明。我只想指出，這是對前貨架 3 年期即將到期的正常續展。原來的貨架上還剩下大約 1.43 億美元。

We believe our existing capital resources and capital availability will be sufficient to support our current and projected funding requirements through 2023. If the opportunity arises and market conditions are appropriate, we will raise additional financing in 2023, including through a continuance of our at-the-market offering.

我們相信，到 2023 年，我們現有的資本資源和可用資本將足以支持我們當前和預計的資金需求。如果機會出現且市場條件合適，我們將在 2023 年籌集額外資金，包括通過繼續我們的 at-the -市場報價。

Turning to Slide 17. We are reaffirming our guidance as we expect to ramp up production and delivery throughout the rest of the year. We are now shipping W4 CC vehicles to customers and production is ramping up to 5 units per day by the end of Q2 as component suppliers stabilize their own production. Start of W750 production is on track to begin later this quarter and the W56 is on schedule to launch in Q3. We continue to expect revenue to be in the range of $75 million to $125 million for calendar year 2023, assuming current supply chain lead times remain unchanged.

轉到幻燈片 17。我們重申我們的指導方針，因為我們預計將在今年餘下時間提高產量和交付量。我們現在正在向客戶運送 W4 CC 車輛，隨著零部件供應商穩定自己的生產，到第二季度末，產量將增加到每天 5 輛。 W750 的生產有望在本季度晚些時候開始，而 W56 則按計劃在第三季度推出。假設當前的供應鏈交貨時間保持不變，我們繼續預計 2023 年的收入將在 7500 萬至 1.25 億美元之間。

Securing state manufacturing license and onboarding our new dealers is critical to our success over the next 2 quarters. At the same time, we are managing our cash burn well and enhancing our systems' intro to make us even more efficient organization. We are confident that the actions we are taking now will allow us to deliver on our goals and generate value for our shareholders.

獲得國家製造許可證和加入我們的新經銷商對我們在接下來的兩個季度取得成功至關重要。與此同時，我們正在很好地管理我們的現金消耗並加強我們的系統介紹，使我們的組織更加高效。我們相信，我們現在採取的行動將使我們能夠實現我們的目標並為我們的股東創造價值。

I'll now turn it back to Rick to wrap up the call.

我現在將其轉回給 Rick 以結束通話。

Thanks, Bob. I want to briefly discuss some of our key second quarter priorities, which are outlined on Slide 18. Above all else, we are focused on advancing our product -- new product road map and keep them on time and on budget. Specifically, we are continuing to ramp up production and delivery of our W4 CC in the second quarter and expect to deliver significantly more vehicles than in Q1. We are on track to begin production of the W750 vehicles in Q2. The W56 program remains on track as well, and we will continue to showcase the new step van vehicle to prospective customers ahead of starting production in Q3.

謝謝，鮑勃。我想簡要討論我們第二季度的一些關鍵優先事項，這些在幻燈片 18 中有所概述。最重要的是，我們專注於推進我們的產品——新產品路線圖，並按時按預算完成。具體來說，我們將在第二季度繼續提高 W4 CC 的產量和交付量，並預計交付量將比第一季度多得多。我們有望在第二季度開始生產 W750 車輛。 W56 計劃也仍在進行中，我們將在第三季度開始生產之前繼續向潛在客戶展示新的 step van 車輛。

These trucks are now in the critical vehicle durability, component and system testing phase, which we expect to complete in June and July time frame. When the testing is complete, we will put safe, reliable demo trucks in the hands of our large last mile delivery fleets and worked to secure future purchase orders for Q4 '23 and '24 and beyond.

這些卡車現在正處於關鍵的車輛耐久性、部件和系統測試階段，我們預計將在 6 月和 7 月的時間框架內完成。測試完成後，我們會將安全、可靠的演示卡車交到我們龐大的最後一英里交付車隊手中，並努力確保未來 23 年第 4 季度和 24 年及以後的採購訂單。

We're also continuing to electrify our fleet under our Stables & Stalls program, first with the W750 in the second quarter and then with the W56 vans in the third quarter. During the second quarter, we intend to earn more customer orders, grow our sales and further build out our CV dealer network. We are making steady progress building out our CV dealer network with plans to onboard 8 to 10 new dealer groups in 2023.

我們還繼續根據我們的馬厩和攤位計劃使我們的車隊電氣化，首先是第二季度的 W750，然後是第三季度的 W56 貨車。在第二季度，我們打算贏得更多客戶訂單，增加銷售額並進一步建立我們的 CV 經銷商網絡。我們正在穩步建立我們的 CV 經銷商網絡，計劃在 2023 年加入 8 到 10 個新的經銷商集團。

I'll be on the road myself the next 2, 3 weeks, meeting with targeted dealers and fleets around the country, and we have our third dealer day set up at Union City later this month on May 31. On the aerospace front, we are excited to be on the cusp of having our initial purchase order from the U.S. Air Force, and we'll continue completing flight testing and demonstration with prospective customers. We expect to earn additional significant work with the USDA also in Q2. Finally, we will continue executing on our common systems plans in the second quarter, including transitioning to a new ERP system, which will help drive operational efficiencies as we ramp up production of our products. We expect to complete the ERP transition in Q3 this year.

接下來的 2、3 週我將親自上路，與全國各地的目標經銷商和車隊會面，我們將於本月晚些時候 5 月 31 日在聯合城設立第三個經銷商日。在航空航天方面，我們很高興即將收到美國空軍的初始採購訂單，我們將繼續與潛在客戶一起完成飛行測試和演示。我們希望在第二季度也能與美國農業部進行更多的重要合作。最後，我們將在第二季度繼續執行我們的通用系統計劃，包括過渡到新的 ERP 系統，這將有助於在我們提高產品產量的同時提高運營效率。我們預計將在今年第三季度完成 ERP 轉型。

Before we turn the call over to Q&A, I want to re-emphasize a few important takeaways from our call today. First, with few exceptions, most notably transition to the new ERP system and establishing a nationwide dealer network, we have completed rebuilding the foundations of our company. We have an incredibly talented team of functional experts and business leaders with extensive automotive, commercial vehicle and aviation industry experience, great team here at Workhorse.

在我們將電話會議轉為問答環節之前，我想再次強調今天電話會議的一些重要內容。首先，除了少數例外，最顯著的是過渡到新的 ERP 系統和建立全國經銷商網絡，我們已經完成了公司基礎的重建。我們擁有一支由職能專家和商業領袖組成的才華橫溢的團隊，他們在汽車、商用車和航空行業擁有豐富的經驗，在 Workhorse 擁有一支優秀的團隊。

Second, we have state-of-the-art manufacturing engineering facilities and equipment in which to execute our new product road maps for both our commercial vehicles and aerospace drones. We are focused on execution, execution and execution. We are finishing the design and testing phase, ramping up production for our vehicles, trucks and drones and delivering safe, reliable and efficient vehicles to customers.

其次，我們擁有最先進的製造工程設施和設備，可以執行我們的商用車輛和航空航天無人機的新產品路線圖。我們專注於執行、執行和執行。我們正在完成設計和測試階段，提高我們的車輛、卡車和無人機的產量，並為客戶提供安全、可靠和高效的車輛。

Most importantly, we expect to generate profitable contribution margins on every vehicle we produce and ship going forward. We remain confident in the market opportunities ahead of in our industry to deliver value to our customers, shareholders and other stakeholders.

最重要的是，我們希望在未來生產和運輸的每輛車上都能產生有利可圖的邊際利潤。我們對行業中的市場機會充滿信心，可以為我們的客戶、股東和其他利益相關者創造價值。

The transition to EV-powered commercial vehicles is significantly progressing and there are strong market demand and government support for EV, UAVs and infrastructure to make them work.

向電動商用車的過渡正在取得顯著進展，市場需求強勁，政府支持電動汽車、無人機和基礎設施，以使其發揮作用。

And finally, we have the necessary access to cash and capital resources to execute on our go-forward plan. We will continue to monitor our financial position, investments and future capital needs to support our business strategy. The Workhorse team is highly experienced. We know that we still have significant work ahead of us, and we are ready to meet head on the challenges we will encounter on our EV journey.

最後，我們有必要獲得現金和資本資源來執行我們的未來計劃。我們將繼續監控我們的財務狀況、投資和未來資本需求，以支持我們的業務戰略。 Workhorse 團隊經驗豐富。我們知道我們還有很多工作要做，我們已經準備好迎接我們在 EV 之旅中將遇到的挑戰。

We're encouraged by the progress we are making. The solid foundation is now in place and the positive feedback we are receiving from our current and prospective partners. We're confident in our portfolio of EV products. After almost 2 years of hard work, Workhorse is ready to run and establish ourselves as a winner in the transition to commercial electric vehicles, both on the ground and in the air.

我們對正在取得的進展感到鼓舞。堅實的基礎現已到位，我們從當前和潛在的合作夥伴那裡收到了積極的反饋。我們對我們的電動汽車產品組合充滿信心。經過近 2 年的努力，Workhorse 已準備好運行並確立自己在向地面和空中商用電動汽車過渡過程中的贏家地位。

That concludes our prepared remarks. Thank you all again for your time this morning. We're now ready to open the call for your questions. Daryl, please provide the appropriate instructions.

我們準備好的發言到此結束。再次感謝大家今天早上的時間。我們現在準備好開始徵求您的問題。 Daryl，請提供適當的說明。

(Operator Instructions) Our first questions come from the line of Colin Rusch with Oppenheimer.

（操作員說明）我們的第一個問題來自 Colin Rusch 與 Oppenheimer 的合作。

Congrats on getting the trucks out. Can you talk a little bit about how much rework you had to do on those vehicles before you got them out and how the operating software is performing now that you've got them on the road?

恭喜你把卡車開出來了。您能否談談在將這些車輛運出之前您必須對這些車輛進行多少返工，以及在您讓這些車輛上路後操作軟件的性能如何？

Yes, a couple of things. I think when we initially started the process with Green Power, we were talking about putting 14 or 15 parts on the trucks. I think we're now up to 75 and 90 parts on the trucks. There were a couple of parts that required us to go out and tool up some suppliers. I think we told you in the last earnings call that we put out a few trucks in December. We got some initial feedback both from the dealer customers and the upfitters that are putting the backs or custom bodies that they wanted a different back panel.

是的，有幾件事。我想當我們最初開始使用 Green Power 的過程時，我們正在談論在卡車上放置 14 或 15 個零件。我想我們現在卡車上有多達 75 和 90 個零件。有幾個部分需要我們出去並裝備一些供應商。我想我們在上次財報電話會議上告訴過你，我們在 12 月推出了幾輛卡車。我們從經銷商客戶和安裝後背或定制車身的改裝商那裡得到了一些初步反饋，他們想要一個不同的後面板。

That was our biggest challenge in the first quarter. We had to go out tool up a supplier in North Carolina, designed the part, tooled up, get the prototypes and then we had to change the liners. That was a big issue for us in the first quarter. We got that done towards the end of the quarter, and that's now in production. So longer than we thought, but based on -- that's -- I guess I would say while that's disappointing to us in the first quarter. It does show how fast our team was able to turn on a dime and go find a solution in less than 75 days. Not 6 months, 75 days from the time we are identified the issue in early January to the time we had parts going on trucks in the middle of March.

這是我們在第一季度面臨的最大挑戰。我們不得不去北卡羅來納州的一家供應商那里安裝工具，設計零件，安裝工具，獲得原型，然後我們不得不更換襯裡。在第一季度，這對我們來說是一個大問題。我們在本季度末完成了這項工作，現在正在生產中。比我們想像的要長，但基於——那是——我想我會說，雖然這在第一季度讓我們感到失望。它確實顯示了我們的團隊能夠在不到 75 天的時間內快速啟動並找到解決方案。從我們在 1 月初發現問題到 3 月中旬我們將零件裝上卡車，這不是 6 個月，而是 75 天。

So I want to thank our CTO and our engineering team and our supply chain team, they did cartwheels to get that done in the first quarter. Operating systems, so far, so good. We've done a lot of testing on the truck up at Union City, we don't see any issues.

所以我要感謝我們的首席技術官、我們的工程團隊和我們的供應鏈團隊，他們在第一季度做了側手翻來完成這項工作。到目前為止，操作系統非常好。我們在聯合城對卡車進行了大量測試，沒有發現任何問題。

Okay. Perfect. And then with the drone, I'm just trying to get a sense of how close you guys are to like material revenue for the company. How should we be thinking about that revenue opportunity for you guys, particularly on the agriculture side?

好的。完美的。然後用無人機，我只是想了解你們有多接近喜歡公司的物質收入。我們應該如何考慮你們的收入機會，尤其是在農業方面？

So on the agricultural side, I think we're progressing pretty quickly there and have some good programs in place, and I think we'll continue to see that growth. So I feel like that's on track. On the drone side, obviously, it's a tough market and bringing it to market has been longer than we had hoped, but I think we have the technological breakthroughs. And now it's about building that market network and distribution so that we can start selling those here in the latter half of the year.

所以在農業方面，我認為我們在這方面進展很快，並且有一些好的計劃，我認為我們會繼續看到這種增長。所以我覺得這是在軌道上。在無人機方面，顯然，這是一個艱難的市場，將其推向市場的時間比我們希望的要長，但我認為我們已經取得了技術突破。現在是關於建立市場網絡和分銷，以便我們可以在下半年開始在這裡銷售這些產品。

Yes. I'll add some color, too. I think the commercial part, the last mile delivery of packages is we got to get through with the FAA, and we got to make sure that UPS and FedEx and others really want to use these drones. We bounce back and forth from taking them off the trucks to doing it from ground stations, warehouses. We have some more demos we're going to do here in the quarter, second quarter.

是的。我也會添加一些顏色。我認為商業部分，包裹的最後一英里交付是我們必須通過美國聯邦航空局，我們必須確保 UPS 和 FedEx 和其他人真的想使用這些無人機。我們從將它們從卡車上取下到從地面站、倉庫取下來回跳動。我們將在第二季度的第二季度在這裡進行更多演示。

I think the good decision we made over 18 months ago is can we go after use the LiDAR systems and camera systems. We're finding traction with the USDA, which also owns the Forest Department or Forest Natural Resources. So there's opportunity -- there's a lot of land that needs to be scan. The way they're doing things right now is with horses and 4-wheelers, right? We can scan literally hundreds of acres in just a few hours. And in DoD, we've taken the FALCON out to multiple branches, and we think there's an opportunity there, too. So I think we're going to grow faster on the government side than we are on the commercial side. And hopefully, we'll get that ramped up faster.

我認為我們在 18 個月前做出的正確決定是我們能否繼續使用 LiDAR 系統和攝像頭系統。我們正在尋找 USDA 的吸引力，它也擁有林業部或森林自然資源部。所以有機會——有很多土地需要掃描。他們現在做事的方式是用馬和四輪車，對吧？我們可以在短短幾個小時內掃描數百英畝的土地。在國防部，我們已經將 FALCON 帶到了多個分支機構，我們認為那裡也有機會。所以我認為我們在政府方面的增長速度將快於在商業方面的增長。希望我們能更快地提高速度。

Our next questions come from the line of Jeff Osborne with TD Cowen.

我們的下一個問題來自 Jeff Osborne 與 TD Cowen 的對話。

A couple of questions on my side. Rick, I think one of the themes of both the Work Truck Show and the ACT show was the challenges with trucking being integrated with charging and the time to get the charging infrastructure in place. What level of confidence do you have in terms of the ability to work with the dealers to -- with potential customers to sort of push that along and avoid an air pocket between expected delivery of the trucks and when that infrastructure is in place?

我這邊有幾個問題。里克，我認為工作卡車展和 ACT 展的主題之一是卡車運輸與充電相結合所面臨的挑戰，以及建設充電基礎設施的時間。在與經銷商合作的能力方面，您有多大的信心 - 與潛在客戶一起推動這一點，並避免在卡車的預期交付和基礎設施到位之間出現氣穴？

That's a good question. The larger dealers we're meeting with have already started putting in their own charging systems at their locations. Several of these dealers run large rental fleets and so they're looking at some of the areas we use the W4 CC or the step van specifically where they're using that. We've gone out to a couple of interesting locations, one in L.A. company. I won't mention their name right now, but they put in a large charging station area. They've got multiple EV trucks they purchased and they're leasing them to the little fleets in L.A. right now, and they're going to expand that program to multiple cities across the United States, including New York, Houston, Atlanta, et cetera, in Florida.

這是個好問題。我們會見的較大的經銷商已經開始在他們的位置安裝他們自己的充電系統。這些經銷商中有幾家經營著大型租賃車隊，因此他們正在尋找我們使用 W4 CC 或 step van 的一些區域，特別是他們使用它的地方。我們去了幾個有趣的地方，一個在洛杉磯公司。我現在不想提他們的名字，但他們有一個很大的充電站區域。他們購買了多輛電動卡車，現在將它們出租給洛杉磯的小車隊，他們打算將該計劃擴展到美國多個城市，包括紐約、休斯頓、亞特蘭大等等等，在佛羅里達州。

So some people are out there on the cutting edge, I'll say. On the back side, last week in Indianapolis, we met with a distribution company has 800 trucks. And he said, basically, I need help. Can you help me chart the path to EV? I need your kind of trucks, Class 4 and Class 5, 6 step van, specifically. He's got 800 trucks, 100 above the -- in Canada and 7 in the United States at multiple locations. He needs an education on fast charging, slow charging, how often you charge them, what's the route availability, how does the batteries handle the charging and the cold weather, hot weather. That's exactly what we're learning on Stables & Stalls. We can give you a lot of data now for over a year of how to run an [ICE] fleet with old trucks, but it costs to repair them, fuel them, staff them, and we're going to soon have that same data for the EVs and we electrify the Stables & Stalls.

所以有些人站在最前沿，我會說。在背面，上週在印第安納波利斯，我們會見了一家擁有 800 輛卡車的配送公司。他說，基本上，我需要幫助。你能幫我規劃通往 EV 的道路嗎？我需要你那種卡車，特別是 4 級和 5 級 6 步廂式貨車。他在多個地點擁有 800 輛卡車，其中 100 輛在加拿大，7 輛在美國。他需要有關快速充電、慢速充電、充電頻率、路線可用性、電池如何處理充電以及寒冷天氣、炎熱天氣的教育。這正是我們在 Stables & Stalls 上學到的東西。我們現在可以為您提供一年多來如何使用舊卡車運行 [ICE] 車隊的大量數據，但修理它們、給它們加油、為它們配備人員需要成本，我們很快就會有相同的數據對於電動汽車，我們為馬厩和攤位通電。

We'll be able to help those fleets that need to make the conversion. I'll also tell you that, that distribution company is owned by a European company, and he was given a mandate to convert at least 50 of this 800 trucks this year to EV before the end of the year. And that wasn't a choice, you've got to go do it. Now you've got to find the right OEMs, the right charging system. So we do get a lot of questions about who are the right charging partners. We've done some work with ChargePoint, we've done some work with ABB. We've done some work with Shell. So we have some good information about that.

我們將能夠幫助那些需要進行轉換的機隊。我還要告訴你，那家分銷公司屬於一家歐洲公司，他受命在今年年底前將這 800 輛卡車中的至少 50 輛改裝為電動汽車。那不是一個選擇，你必須去做。現在你必須找到合適的原始設備製造商，合適的充電系統。所以我們確實收到了很多關於誰是合適的充電合作夥伴的問題。我們和 ChargePoint 做了一些工作，我們和 ABB 做了一些工作。我們已經用 Shell 做了一些工作。所以我們有一些很好的信息。

So -- but I do think it's going to take time, right? So the federal governments put the money behind, putting in the charging infrastructure and then the big fleets are starting to put their own money into it as well. And there's a cottage industry, Jeff, that's popping up of people who can go in and help secure the land and tie the grids in there. And there's programs specifically in California with the San Diego Power Light and the guys out West are doing some charging systems there. So lots of work to be done that's for sure.

所以——但我確實認為這需要時間，對吧？所以聯邦政府把錢放在後面，投入充電基礎設施，然後大型車隊也開始把自己的錢投入其中。傑夫，家庭手工業正在湧現，這些人可以進入並幫助保護土地並在那裡系上電網。並且有專門在加利福尼亞使用聖地亞哥電力燈的項目，西部的人正在那裡做一些充電系統。可以肯定的是，還有很多工作要做。

Got it. And then just 2 other quick ones here. The other revenue broken out of roughly $339,000, is the majority of that affiliated with the 18 Tropos vehicles that you assembled? Or is there something else moving that line item?

知道了。然後這裡只有 2 個其他快速的。其他收入約為 339,000 美元，其中大部分與您組裝的 18 輛 Tropos 車輛有關嗎？還是有其他因素在移動該訂單項？

No. The majority of that is going to be the revenue from the Stables & Stalls in package delivery. A little bit of a Tropos, but most of it is Stables & Stalls.

不會。其中大部分收入將來自馬厩和攤位的包裹遞送收入。有點像 Tropos，但大部分是馬厩和攤位。

Got it. And then Rick, in your concluding remarks, you made reference to positive contribution margins with every vehicle delivered going forward or produce going forward. I forget how you phrased it. Were you intending to say that in 2Q, you would be gross margin positive? Or that's just the objective?

知道了。然後里克，在你的結束語中，你提到了未來交付的每輛車或未來生產的正邊際貢獻。我忘記你是怎麼表達的了。您是否打算說在第二季度，您的毛利率將為正？或者這只是目的？

That's a little bit early good. No, I think at a truck contribution level, they are positive, but positive gross margin will be a factor of volume as we start to cover the fixed cost. So that -- no, that will not be the case in Q2.

早一點就好了。不，我認為在卡車貢獻水平上，它們是積極的，但隨著我們開始支付固定成本，積極的毛利率將成為銷量的一個因素。所以 - 不，第二季度不會出現這種情況。

Yes. This company has a history of designing some pretty unique trucks and selling them for about half of what they put into them. So we put (inaudible) when we got here and say we're going to design, test and build trucks that we can make money. We're a publicly traded company, got to have a path forward to profitability, just designing a building, selling cool trucks and lost puts you out of business long term.

是的。這家公司有設計一些非常獨特的卡車並以大約一半的價格出售它們的歷史。因此，當我們到達這裡並說我們將設計、測試和製造我們可以賺錢的卡車時，我們就放了（聽不清）。我們是一家上市公司，必須有一條通向盈利的道路，僅僅設計一座建築、銷售酷炫的卡車和虧損會讓你長期停業。

Is there an annualized run rate that you would hit that or units delivered of the 750, I assume the W4 CC wouldn't get you there, but should that be something you think about in the spring of '24?

是否有您會達到的年化運行率或 750 的交付單位，我認為 W4 CC 不會讓您到達那裡，但您應該在 24 年春季考慮這一點嗎？

Yes. We really haven't put together any guidance on that, but I will say that overall, our fixed costs on the manufacturing side are relatively low. So with a fair amount of volume, we should be able to get to that positive gross margin.

是的。我們確實沒有就此制定任何指導，但我要說的是，總體而言，我們在製造方面的固定成本相對較低。因此，如果銷量相當大，我們應該能夠獲得正的毛利率。

I think one of the things, Jeff, we talked about in a couple of calls is that we're early -- still in the very early innings of this ICE-to-EV transition. There's still some price elasticity, which is a good thing for those of us who are out in the cutting edge, right? And so I'm sure we'll all have to ramp down costs in the future, specifically on batteries. But for now, the market demand, based on the California mandates alone of 9% of the fleets, when they buy trucks next year, 90% of the buys, they have to be have to be EV. That's one out of every 10 on most, right? So I sat with one big dealer last week and said, hey, in order for me to sell these big ICE trucks, I got to sell some EV trucks now, too. That's real bite in the regulatory laws out there in the clean fleet, Advanced Clean Fleet.

我認為，傑夫，我們在幾個電話中談到的一件事是，我們還處於早期——仍處於從 ICE 到 EV 過渡的早期階段。仍然有一些價格彈性，這對我們這些處於前沿的人來說是件好事，對吧？所以我敢肯定，我們將來都必須降低成本，特別是在電池方面。但就目前而言，市場需求僅基於加利福尼亞州對 9% 的車隊的要求，當他們明年購買卡車時，90% 的購買量必須是電動汽車。大多數情況下是十分之一，對吧？所以上週我和一個大經銷商坐在一起說，嘿，為了讓我賣掉這些大的內燃機卡車，我現在也得賣一些電動卡車。這確實是清潔艦隊 Advanced Clean Fleet 中監管法律的一部分。

Our next questions come from the line of Chris Souther with B. Riley.

我們的下一個問題來自 Chris Souther 與 B. Riley 的對話。

Maybe just a little bit on the sales pipeline and backlog. How does thing up at this stage, you called out 500 to 600 chassis you're expecting to receive this year for -- to maybe just visibility of either W4 or W750 on that? And then what are we getting as kind of an early sense of the W56 as far as kind of backlog building would be helpful for folks.

也許只是關於銷售渠道和積壓的一點點。在這個階段，你調出了 500 到 600 個你預計今年會收到的機箱 - 也許只是 W4 或 W750 的可見性？然後我們對 W56 的早期感覺是什麼，因為積壓建設對人們有幫助。

Yes. We don't really publish right now on the backlog. I think that's a (inaudible). I've seen a lot of that in the last couple of years with companies quoting all kinds of backlog, yet they don't have a factory, so how they going to produce them. So we are building it from the ground up. Part of our dealer agreements as we sign up dealers, they agree to take stocking orders. So typically, that's 10 per dealer. Some dealers have multiple sites. One dealer has 35 locations and other has 21. Not every location is an EV target area. So I'd say as we build up our dealer network, you'll see the backlog of our W4 CC and W750s growth.

是的。我們現在並沒有真正發布積壓工作。我認為那是（聽不清）。在過去的幾年裡，我看到很多公司引用各種積壓訂單，但他們沒有工廠，所以他們將如何生產它們。所以我們正在從頭開始構建它。在我們與經銷商簽約時，我們的經銷商協議的一部分是，他們同意接受庫存訂單。所以通常情況下，每個經銷商 10 個。一些經銷商有多個站點。一個經銷商有 35 個地點，而另一個有 21 個。並非每個地點都是 EV 目標區域。所以我想說，當我們建立我們的經銷商網絡時，您會看到我們的 W4 CC 和 W750s 增長的積壓。

There's -- I'm going down to see dealer tonight and tomorrow down in the Southeast region. They have a real strong interest in W750. I go to other locations with the sales team, they only want W4 CC, so it's kind of jumping around. But we're confident that we have the balance right in terms of supply and demand. We know how many chassis we've ordered from green power and are being delivered. We have over 500 chassis on order right now and on their way into us. We had our 200 in the first quarter, and we think we'll be able to sell all those between now and the end of the year, early first quarter next year.

有--我今晚和明天要去東南地區看經銷商。他們對 W750 有著濃厚的興趣。我和銷售團隊一起去了其他地方，他們只想要 W4 CC，所以有點跳來跳去。但我們有信心在供需方面取得平衡。我們知道我們從 green power 訂購併交付了多少機箱。我們現在訂購了 500 多個機箱，這些機箱正在運往我們的途中。我們在第一季度有 200 個，我們認為從現在到今年年底，即明年第一季度初，我們將能夠出售所有這些。

Got it. Okay. That's really helpful. And then maybe just on...

知道了。好的。這真的很有幫助。然後也許就在...

You asked about...

你問的是...

[W56] as well, it would be good, yes.

[W56] 還有，那會很好，是的。

W56, I'd say, is early. We've had some excellent preliminary meetings in Indianapolis with some of the big companies. We had additional needs of those exact same companies. Now this time in California, they are able to actually ride and drive the W56. It got very strong reviews. Most everybody drove it on Tuesday, Wednesday and Thursday. I was surprised or we were surprised how much attention are W56 chassis, the strip chassis got. I came in one morning on Thursday, a little bit early to show, and I found 4 people on our truck with tape measures and taking photos of our chassis. So there's an interest there.

W56，我會說，是早期的。我們在印第安納波利斯與一些大公司舉行了一些出色的初步會議。我們對那些完全相同的公司有額外的需求。現在這一次在加利福尼亞，他們能夠真正駕駛和駕駛 W56。它得到了非常強烈的評價。大多數人都在周二、週三和周四駕駛它。我很驚訝，或者我們很驚訝 W56 底盤，條形底盤得到了多少關注。星期四的一天早上，我來的有點早，我發現我們的卡車上有 4 個人拿著捲尺並為我們的底盤拍照。所以那裡有興趣。

As you know, in the step van space, it currently is basically either a Freightliner custom chassis or a Ford chassis with an engine in it, and it goes to either Utilimaster, Morgan Olson for the body, right? We're kind of a disruptor here. We're going to be able to come in and build a chassis and put a body on or we can sell our EV chassis to somebody if they want to put a Morgan Olson body, great. They want to put you Utilimaster body on it, that's great. We'll be able to play in all 3 areas there.

如您所知，在 step van 空間中，目前基本上是 Freightliner 定制底盤或帶有發動機的福特底盤，車身由 Utilimaster 和 Morgan Olson 提供，對嗎？我們在這裡有點破壞者。我們將能夠進來建造一個底盤並裝上車身，或者如果他們想裝上 Morgan Olson 車身，我們可以將我們的 EV 底盤賣給他們，太好了。他們想把你的 Utilimaster 身體放在上面，那太好了。我們將能夠在那裡的所有 3 個區域進行比賽。

So I would say it's a little early. I think they're reticent to give us orders until they get a demo on their hands. We have 1 customer who wants 1 for a minimum of 2 weeks, 1 wants it for a month and 1 wants it for 6 months. And one of those customers, a large lending company that wants a special truck in the back, and we'll see. And I'd say we had multiple meetings in California with either lending companies or bakery companies, which are very interested in W56. And those are big target-rich environments. One California lending company said they have over 1,000 trucks and they are in our mandate now to convert at least 9% less than 90 trucks alone in 1 year in 2024. So I think hopefully, we'll give you -- I'll give you a more clear picture as we move through the year here in the third and fourth quarter.

所以我會說現在有點早。我認為在他們手頭上有演示之前，他們不願向我們下訂單。我們有 1 位客戶想要 1 次至少 2 週，1 次想要 1 個月，1 次想要 6 個月。其中一個客戶，一家大型貸款公司，想要一輛特殊卡車放在後面，我們拭目以待。我想說我們在加利福尼亞與對 W56 非常感興趣的貸款公司或麵包店公司舉行了多次會議。這些都是目標豐富的大環境。一家加利福尼亞貸款公司表示，他們擁有 1,000 多輛卡車，我們現在要求他們在 2024 年的一年內將至少 90 輛卡車的改裝量減少至少 9%。所以我希望，我們會給你——我會給當我們在第三和第四季度在這裡度過這一年時，您會更清楚地了解情況。

Okay. That's super helpful. And then on the drone side, can you talk a little bit about kind of the production path? It seems like the customers are getting pretty close to moving forward here on the government side, just what are the production rates you guys would be targeting and be able to kind of (inaudible) any incremental capital needs we should expect to kind of flow through.....

好的。這非常有幫助。然後在無人機方面，你能談談生產路徑嗎？在政府方面，客戶似乎已經非常接近於向前推進，你們的目標生產率是多少，並且能夠滿足（聽不清）我們應該期望流經的任何增量資本需求.....

We've built the assembly lines in there to build somewhere between 500 to a 1,000 I'm not sure we'll build that many this year. We'll see. I think the customers are being very cautious to make sure they want to get their hands on the vehicles, the drones and actually prove to their paces. We expect to get 3 or 4 -- well, I'd say 2 or 3 more POs in the quarter, early third quarter.

我們在那裡建造了裝配線，可以建造 500 到 1,000 條之間的某個地方，我不確定今年我們會建造那麼多。我們拭目以待。我認為客戶非常謹慎，以確保他們想要親身體驗車輛、無人機並真正證明自己的步伐。我們預計將獲得 3 或 4 個——好吧，我想在第三季度初的季度再獲得 2 或 3 個採購訂單。

And there will be like maybe dozens of birds, total. Once we get that, I think we get through all their internal testing, and I think you can see some bigger orders as we head out of the year.

總共可能會有幾十隻鳥。一旦我們做到這一點，我想我們就可以通過他們所有的內部測試，而且我認為你可以在我們年底時看到一些更大的訂單。

And I would add that the capital requirements for the production lines are pretty minimal.

我還要補充一點，生產線的資本要求非常低。

Guys actually guys bought standard equipment built their own substations. They've done some modifications. We have the substations built. We have the final assembly line build. We've staffed very lightly right now to make sure we can build some there. But I think we have, I don't know, 15 or 20 birds on the shelf right now ready to go. So we've worked through our little pilot builds and that kind of stuff.

伙計們實際上買了標准設備建造了自己的變電站。他們做了一些修改。我們建造了變電站。我們有總裝線建設。我們現在的人員配備非常少，以確保我們可以在那裡建造一些。但我想，我不知道，架子上現在有 15 或 20 隻鳥準備好了。所以我們已經完成了我們的小試驗構建和類似的東西。

Our next questions come from the line of Greg Lewis with BTIG.

我們的下一個問題來自 BTIG 的 Greg Lewis。

Rick, I was hoping for a little bit more color around on the fix for the cabin chassis. And really what I'm wondering is, it seems like from the start, you know there have to be some upgrading of the chassis. I guess it was more than you thought about. Is any of that stuff where we can go back to the supplier and have those -- some of those changes fixed before you take delivery? Or is that something where we know what we're getting now on an ongoing basis, and we're just going to have to do all these fixes ourselves?

里克，我希望在機艙底盤的修復上多一點顏色。我真正想知道的是，似乎從一開始，您就知道底盤必須進行一些升級。我想這比你想像的要多。是否有任何東西我們可以回到供應商那裡，並在您收貨之前修復其中的一些更改？或者是我們知道我們現在在持續的基礎上得到了什麼，而我們只需要自己做所有這些修復？

Great question, Greg. So I'd say a couple of things. One, we've already talked to our friends at Green Power and their supplier to make some permanent changes. One of the changes on the light.

好問題，格雷格。所以我想說幾件事。第一，我們已經與我們在 Green Power 的朋友和他們的供應商談過一些永久性的改變。光的變化之一。

We thought we could get that done by February or March. It turns out they couldn't get their suppliers tool up until September. So we had to go out and pivot. We had tooled up a small supplier to handle 25 or 30 that we ship back in December, and that was okay. But when you're starting to build up to 80 to 100 a month, you've got to do something different. So we had -- that's one of the gaps we had to fill, and we've worked that out both engineering wise, supply chain wise and financially with Green Power.

我們認為我們可以在 2 月或 3 月之前完成這項工作。事實證明，他們要到 9 月才能讓供應商安裝工具。所以我們不得不出去轉轉。我們已經配備了一個小型供應商來處理我們在 12 月運回的 25 或 30 個，這沒問題。但是當你開始每月增加 80 到 100 個時，你必須做一些不同的事情。所以我們 - 這是我們必須填補的空白之一，我們已經通過 Green Power 在工程方面、供應鏈方面和財務方面解決了這個問題。

The back panels, I think, was that I think we thought we'd sell more of the step van, et cetera. When it came in and the customers started saying, no, no, we want more cap chassis. We had a pivot to come up with that. That's something we haven't finalized yet. We've got a nice supplier that can keep up with us at the current build rates and (inaudible) whether we keep that here or we have to put that in coming in from China. So we'll see.

後面板，我想，是我認為我們會賣更多的步車，等等。當它進來時，客戶開始說，不，不，我們想要更多的帽子底盤。我們有一個支點來提出這個問題。這是我們還沒有最終確定的事情。我們有一個很好的供應商，可以跟上我們當前的構建速度，並且（聽不清）我們是否將其保留在這裡，或者我們必須將其從中國運來。所以我們拭目以待。

Okay. And then you mentioned the customer where the 40 deliveries kind of highlight that, hey, we're getting things going. Was that a total 40 delivery order? Or was that actually larger?

好的。然後你提到了客戶，40 次交付有點突出，嘿，我們正在努力。那是總共 40 個交貨單嗎？或者它實際上更大？

That's -- currently, it's a one -- it's a PO for 40. It's part of -- if you remember last year, we talked about a reservation over 1,000 vehicles. So that's a conversion of some of those reservations into a real purchase order. We're talking to that same customer about a more steady pace of POs on a monthly basis. On their own nickel, they've gone up and tooled up and secured build slots at custom body builders for different versions, specifically a dry van, a reefer and a flatbed and they have some large quote activities they're working on right now with some large fleets that are in the hundreds, I'll say, right? So if they're successful landed.

那是——目前，它是一個——它是一個 40 輛的 PO。它是——如果你還記得去年，我們談到了 1,000 多輛車的預訂。所以這是將其中一些預訂轉換為真正的採購訂單。我們正在與同一位客戶討論每月更穩定的 PO 步伐。在他們自己的鎳幣上，他們已經在定制車身製造商那里為不同的版本，特別是乾貨車、冷藏車和平板車，進行了升級和工具化，並確保了構建插槽，他們現在正在進行一些大型報價活動一些大型艦隊，有數百人，我會說，對吧？因此，如果他們成功著陸。

As they like to say to us, you're the only Class 4 pure EV truck in the market today. Go to the last 2 shows, I've been to, I see a lot of introductions of other people's chassis, but most of them come from the market in 2025 or 2026, specifically [Zuzu] and a couple of other people like that, right?

正如他們喜歡對我們說的那樣，您是當今市場上唯一的 4 級純電動卡車。去最近的2個展會，我去過，我看到很多介紹別人的底盤，但是大部分都是2025年或者2026年的市場，特別是[Zuzu]和其他一些類似的人，正確的？

Yes. Then definitely in a good spot. And then, Bob, as I think about R&D realizing, we're still doing some things in development on the drone side, the existing portfolio overall and out the next. As I don't know, any kind of way for us to think about R&D on an ongoing basis or at least for the rest of the year?

是的。那麼絕對是一個好地方。然後，鮑勃，當我想到研發實現時，我們仍在無人機方面做一些開發工作，現有的整體產品組合和下一個產品組合。我不知道，我們有什麼方法可以持續或至少在今年餘下的時間裡考慮研發？

I think probably the easiest way to think about it is our run rate captures our spend. And as we move to rollout on the W56, we'll reallocate that spend. I don't see big lumpiness in R&D spend, I think it will continue on its pace.

我認為最簡單的思考方式可能是我們的運行率反映了我們的支出。當我們開始在 W56 上推出時，我們將重新分配這筆支出。我認為研發支出不會有太大的波動，我認為它會繼續保持它的步伐。

Our next questions come from the line of Mike Shlisky with D.A. Davidson.

我們的下一個問題來自 Mike Shlisky 和 D.A.戴維森。

A couple of follow-up questions here. First, on the Tropos, some of your earlier questions on Tropos, is there a sense -- do you have a (inaudible) when that might ramp up to a number of deliveries that kind of shows up in a material way our numbers? Or at some point, is there a point where you could tell us when you might get to that full 2,000 rate?

這裡有幾個後續問題。首先，關於 Tropos，你之前關於 Tropos 的一些問題，是否有一種感覺——你是否有一個（聽不清）什麼時候可以增加交付數量，以物質方式顯示我們的數字？或者在某個時候，您是否可以告訴我們您什麼時候可以達到 2,000 的完整比率？

Yes, I'd say right now, we -- just like other companies, we've had some supply chain delivery issues there. We got our initial kits, and I think we got 56 kits in. Unfortunately, some of those kits were in complete or some of the parts came in with quality issues. We put a production pause in place for like 5 or 6 weeks. We ask the guys at Tropos to go to the Clifford Gallant supplier, a company called (inaudible) and get their act together. They have committed to do that. They're making investment. And so we think we're now starting to flow the right kind of parts here. So we get a box out, we get to build a full truck.

是的，我現在要說，我們——就像其他公司一樣，我們在那裡遇到了一些供應鏈交付問題。我們得到了最初的套件，我想我們得到了 56 個套件。不幸的是，其中一些套件是完整的，或者一些部件存在質量問題。我們暫停生產 5 或 6 週。我們要求 Tropos 的人去 Clifford Gallant 供應商，一家名為（聽不清）的公司，讓他們一起行動。他們已承諾這樣做。他們在投資。所以我們認為我們現在開始在這裡流動正確的零件。所以我們拿出一個盒子，我們開始建造一輛完整的卡車。

I'd answer your question that I think it's going to take us the balance of the second quarter to get that supply chain under control, probably late third quarter, fourth quarter rate, we should have a run rate there. But they're having some good success commercially with selling the trucks. Some of the bigger name companies in education systems on the West Coast specifically. So I think there's a market there for that truck, and we're prepared to build them.

我會回答你的問題，我認為我們需要第二季度的平衡來控制供應鏈，可能是第三季度末，第四季度的利率，我們應該在那裡有一個運行率。但他們在銷售卡車方面取得了一些商業上的成功。特別是西海岸教育系統中的一些知名公司。所以我認為那輛卡車在那裡有市場，我們準備建造它們。

Great. Thanks for that. And I wanted to also ask for about some more details on the dealerships we've got signed up or are talking with at the moment. You had mentioned they want to have inventories of demo units. You think you said something like 10 or a modest number for each facility that will have them available for sale. Do they also -- at this point of your those agreements also have kind of long-term run take rates? I remember the old Workhorse management team had several dealerships signed up for thousands of units and things like that. Obviously, they weren't necessarily guarantee commitments, but they were guidelines and there were some take rates there. Is that how your new dealership are structured at this point?

偉大的。感謝那。我還想詢問有關我們已經簽約或正在與之交談的經銷商的更多詳細信息。您曾提到他們想要擁有演示單元的庫存。您認為您為每個可供出售的設施說了 10 個或適度的數字。他們是否也 - 在您的那些協議的這一點上也有某種長期運行率？我記得舊的 Workhorse 管理團隊有幾個經銷商簽署了數千個單位和類似的東西。顯然，它們不一定是承諾的保證，但它們是指導方針，並且有一些接受率。這就是您新經銷商此時的結構嗎？

I'd say slightly different. When I got here, I think we had 8,032 orders from 3 different customers, 500 from the Pritchard Group out of Iowa, 1,000 from UPS and 6,000 some north of the border, up in Canada, okay? When we went back to those guys and said, hey, first of all, the old C1000 you only carry 3,000 pounds that rolled out the UPS order. When we total at the cost, it was a hell of a lot more than [75,000 or 80,000] that rolled out the Canadian guy. And I give the Pritchard family a lot of credit for sticking with us. They help they give us a lot of feedback on the C1000. They helped guide us on the W4 CC and W750. And so they stuck with us and they are the ones who gave us 1,000 reservations.

我會說稍微不同。當我到達這裡時，我想我們有來自 3 個不同客戶的 8,032 個訂單，500 個來自愛荷華州的 Pritchard Group，1,000 個來自 UPS，還有 6,000 個來自邊境北部，在加拿大，好嗎？當我們回到那些人那裡說，嘿，首先，舊的 C1000 你只攜帶 3,000 磅，推出了 UPS 訂單。當我們計算成本時，推出加拿大人的成本遠遠超過 [75,000 或 80,000]。我對 Pritchard 家族的堅持給予了很大的讚揚。他們幫助他們向我們提供了很多關於 C1000 的反饋。他們幫助我們指導了 W4 CC 和 W750。所以他們堅持了我們，他們給了我們 1,000 個預訂。

To come to specific dealers, all these dealers are putting their toes in the water to on the EV space, right? And so they're learning how -- what it takes to become an EV. We don't want every commercial dealer. We want a handful of dealers that we can serve with trucks, so we don't get an allocation type situation.

具體到經銷商，所有這些經銷商都在涉足電動汽車領域，對吧？所以他們正在學習如何 - 成為電動汽車需要什麼。我們不想要每個商業經銷商。我們想要一些我們可以用卡車服務的經銷商，所以我們沒有分配類型的情況。

There are some that are very, I'd say, Ford in the south, looking at their areas. They know the incentive programs in their states, places like New Jersey and New York, where there's great incentives for Class 4, 5, 6, up to $100,000 a truck. Texas, not -- you would think of that as an EV-friendly state, but they got a lot of ports down there, and there's a lot of money coming in from the federal government to electrify the ports. So there's a need down there along the Charleston, the South Carolina, Florida borders and stuff like that where the ports are as well.

有一些非常，我想說，南方的福特，看著他們的地區。他們知道他們所在州的獎勵計劃，比如新澤西和紐約，那裡對 4、5、6 級卡車有很大的獎勵，每輛卡車高達 100,000 美元。得克薩斯州，不是——你會認為那是一個對電動汽車友好的州，但他們在那裡有很多港口，聯邦政府也投入了大量資金來使港口電氣化。因此，沿著查爾斯頓、南卡羅來納州、佛羅里達州的邊界以及港口所在的地方也需要。

So the demos I talked about we have -- each one of our field sales team now has at least 1 W4 CC or W750 demo they could take around the different trade shows with dealers. There's 1 going on next week in California. The ones I was talking about were the W56 demos. We're going to put those in the hands of 5 of the biggest companies in the last-mile delivery space. You can -- you know they are 3-letter initials in a couple of places, big leasing companies, big lending companies, big bakery companies. They're the ones who will buy thousands of trucks a year, right?

所以我談到的演示我們有——我們現場銷售團隊的每個人現在至少有 1 個 W4 CC 或 W750 演示，他們可以與經銷商一起參加不同的貿易展。下週加利福尼亞將舉行 1 場活動。我所說的是 W56 演示。我們將把這些交給最後一英里交付領域中最大的 5 家公司。你可以——你知道它們在幾個地方是 3 個字母的首字母，大型租賃公司、大型貸款公司、大型麵包店公司。他們每年會購買數千輛卡車，對嗎？

I've watched it before as a Board member at a previous company. They buy 5,000 trucks a year. They split it among 2 or 3 players, right?

我以前在一家公司擔任董事會成員時看過它。他們每年購買 5,000 輛卡車。他們將它分配給 2 或 3 個玩家，對嗎？

So that's where the W56 will get sold, right? That will be direct to those big guys through a dealer somehow. So that's where we're going to work out right now. But hard to sell and convince them to spend upwards of $200,000 on a truck that they've never written on before, right? So they want to make sure it's real. And so one of the good things we have here is we have those 280 (inaudible) down the field, mostly with UPS with almost 9 million miles on it. They know we stand behind our products. Those products run pretty good. They're still out there since 2017. So we can build on that with people like UPS. So when I got here, UPS said, if you can't carry 8,000 pounds, quit talking to me. And now they're talking to us.

那麼這就是 W56 的銷售地，對吧？這將以某種方式通過經銷商直接提供給那些大人物。這就是我們現在要解決的問題。但很難出售並說服他們花費超過 200,000 美元購買一輛他們以前從未寫過的卡車，對吧？所以他們想確保它是真實的。因此，我們在這裡擁有的一件好事是，我們在現場擁有 280（聽不清），其中大部分是 UPS，行駛了將近 900 萬英里。他們知道我們支持我們的產品。這些產品運行良好。自 2017 年以來，它們仍然存在。因此我們可以與像 UPS 這樣的人一起在此基礎上再接再厲。所以當我到這裡時，UPS 說，如果你不能攜帶 8,000 磅，就不要再跟我說話了。現在他們正在和我們說話。

Got it. Got it. That's great color. Maybe 1 last one for me, and this is on Stalls and Stables. So (inaudible). It appears that some (inaudible) have already gone electric or are partially electrified elsewhere in the country. And I'm curious whether you've compared notes with any of them. Are they kind of (inaudible) for you that clearly open to being having EVs in their fleet? Or do you plan to at least when you up and run maturity compare and contrast your results of theirs either privately or publicly once that's available?

知道了。知道了。那是很棒的顏色。對我來說也許是最後一個，這是在 Stalls and Stables 上。所以（聽不清）。看來該國其他地方的一些（聽不清）已經通電或部分通電。我很好奇你是否與他們中的任何人比較過筆記。他們對你來說是否有點（聽不清）明確願意在他們的車隊中擁有電動汽車？或者你是否計劃至少在你成熟時私下或公開比較和對比你的結果？

I would tell you that it stands working closely, we're constant discussions with the team at FedEx in the West Coast, where they've had some success in putting some bright drop vehicles out there in the West Coast and some of their locations. They're anxious to get some of our vehicles in there as well that we can compare and contrast and they're different.

我會告訴你它正在密切合作，我們一直在與西海岸聯邦快遞的團隊進行討論，他們在西海岸和他們的一些地點放置了一些明亮的空投車輛方面取得了一些成功。他們急於將我們的一些車輛也放在那裡，我們可以比較和對比它們是不同的。

And we're learning on Stables & Stalls. Some trucks are just Class 3 trucks that we deliver certain routes, small packages to houses. Then we have some Class 4, 5 and 6 big step van. We're delivering appliances, tires, lawn mowers, those have to have a better, bigger payload. And it's interesting for me being new to the segment is that the UPS model and the FedEx model are totally different, same as DHL, different-sized trucks. Some own their fleets, some don't own the trucks. Some of them have their drivers work for them. They're unionized, some are not. So there's a lot of different dynamics we're working through.

我們正在學習馬厩和攤位。有些卡車只是我們運送某些路線的 3 級卡車，將小包裹運送到房屋。然後我們有一些 4 級、5 級和 6 級大型貨車。我們正在運送電器、輪胎、割草機，這些都必須有更好、更大的有效載荷。對我來說有趣的是，UPS 模型和 FedEx 模型完全不同，與 DHL 一樣，都是不同尺寸的卡車。有些擁有自己的車隊，有些則不擁有卡車。他們中的一些人讓司機為他們工作。他們加入了工會，有些則沒有。因此，我們正在經歷許多不同的動態。

What we want to be able to do is we want to be agnostic and say, if you want to order a brown truck, we'll build your brown truck if you carry 1,000 pounds. You want to have a white truck with a purple orange label or a green label on it. They can carry only 2,000 or 3,000 pounds, we can do that as well. The common theme is they have all committed to meet the pairs of course of being 0 emissions by 2040. And so they have to convert the fleets. These fleets are huge, 100,000, 120,000, one bakery has 66,000 delivery trucks for their baked goods here in North America and Europe.

我們希望能夠做的是我們希望成為不可知論者並說，如果你想訂購一輛棕色卡車，如果你攜帶 1,000 磅，我們會製造你的棕色卡車。您想要一輛帶有紫橙色標籤或綠色標籤的白色卡車。他們只能攜帶 2,000 或 3,000 磅，我們也可以。共同的主題是他們都承諾到 2040 年實現零排放。因此他們必須轉換車隊。這些車隊很大，100,000、120,000，一家麵包店有 66,000 輛卡車運送他們在北美和歐洲的烘焙食品。

Other companies have tens of thousands or tens of thousands of trucks as well. So there's going to be plenty of opportunities for us. As we said, we're ramping up this year, our factory eventually, we'll get to a 5,000 run rate per shift, probably by '25 and then if we need to, we'll go to 2 shifts, and that will be 10,000 trucks a year. That's a real company, right? 10,000 trucks (inaudible) $220,000 per truck. That's a big number, right?

其他公司也有幾萬或幾萬輛卡車。所以我們會有很多機會。正如我們所說，我們今年正在增加，我們的工廠最終，我們將達到每班 5,000 的運行率，可能到 25 歲，然後如果需要，我們將進行 2 班，這將每年生產 10,000 輛卡車。那是一家真正的公司，對吧？ 10,000 輛卡車（聽不清）每輛卡車 220,000 美元。這是一個很大的數字，對吧？

Our next questions come from the line of Craig Irwin with ROTH MKM.

我們的下一個問題來自 Craig Irwin 與 ROTH MKM 的對話。

So most of my questions actually have been pretty thoroughly answered. But I was hoping maybe we could dig in just a tiny bit on the expense side and the 10 vehicles you got out in the quarter. Can you maybe just give us color on onetime expenses as far as identifying those suppliers and engineering and integrating these new solutions into the vehicle? And how that benefits you as you move to the 40 that you delivered, I guess, in the current quarter. And would you expect some of these early setup and start-up expenses to have a material impact on margins?

所以我的大部分問題實際上都得到了非常徹底的回答。但我希望也許我們可以在費用方面和你在本季度推出的 10 輛車上挖掘一點點。就識別那些供應商和工程並將這些新解決方案集成到車輛中而言，您能否給我們一次性費用的顏色？我猜，當你移動到你在本季度交付的 40 個時，這對你有什麼好處。您是否預計其中一些早期設置和啟動費用會對利潤率產生重大影響？

I think overall, Craig, I don't expect them to have a material impact on margins. I think my previous comment on the R&D side kind of applies there that we'll just move those into the building of the next vehicles. I don't think it's substantial. I think the biggest issue for what you're trying to get at is as we talked last year, we've maintained our workforce in -- at our plant. And so obviously, with the smaller volume, we've got those -- everyone is working on other stuff. And as we ramp up volume, they'll be reallocated to the direct production vehicles. So I think that's probably the biggest issue that's kind of getting at what you're trying to get to is when you look at the Workhorse, they'll become more fully productive as we ramp up volume.

我認為總的來說，克雷格，我不希望他們對利潤率產生實質性影響。我認為我之前對研發方面的評論適用於那裡，我們只是將它們轉移到下一輛車的製造中。我不認為這是實質性的。我認為你想要達到的最大問題是，正如我們去年所說的那樣，我們一直在我們的工廠里維持我們的員工隊伍。很明顯，由於體積較小，我們已經有了這些——每個人都在研究其他東西。隨著我們增加產量，它們將被重新分配給直接生產車輛。所以我認為這可能是你想要達到的最大問題，當你看到 Workhorse 時，隨著我們增加數量，它們會變得更加高效。

Yes. We made conscious decision when we had to shut down production, you can see not to lay off our hourly workers, right? I've said it before, they didn't make a mistake, right? Why should they be punished in a very tight labor market, we want to make sure we keep our skilled workers. There's some expense that we have right now as we get production going on, that will be better. We had to move locations. We opened up Wixom, we moved aerospace. We moved to headquarters. We had to upfit those offices. There's some expense there that's going to be behind us as well, right, I think? We're putting all the test equipment in the prototype center up in Wixom, so pretty good.

是的。我們在不得不停產的時候是有意識地做出決定的，你看是不是要解僱我們的小時工，對吧？我之前說過，他們沒有弄錯，對吧？為什麼他們要在一個非常緊張的勞動力市場上受到懲罰，我們要確保我們留住我們的技術工人。隨著生產的進行，我們現在有一些費用，那會更好。我們不得不移動位置。我們打開了 Wixom，我們移動了航空航天。我們搬到了總部。我們不得不裝修那些辦公室。那裡也會有一些費用，對吧，我想？我們將所有測試設備放在 Wixom 的原型中心，非常好。

So we have a pretty tight handle. Bob's got a tight control on the reins there. So keeps the first nice and tight. But I think first quarter is pretty good window into our expense structure.

所以我們有一個非常嚴格的控制。鮑勃對那裡的韁繩有嚴格的控制。所以保持第一個漂亮和緊湊。但我認為第一季度是了解我們費用結構的一個很好的窗口。

Excellent. It's good to hear Bob's got that strong grip. So just to pivot a little bit, the W56, you guys disclosed 8 of the 12 build programs are complete. I guess as of this call is not as of the end of the quarter. So if you could maybe clarify that? And then if you could maybe talk a little bit more about the remaining 4 build programs and what initial production would look like there? Are we starting with 1 week? Are we starting with a couple of weeks? What should we expect?

出色的。很高興聽到 Bob 的抓地力很強。所以只是稍微調整一下，W56，你們透露了 12 個構建程序中的 8 個是完整的。我想截至本季度末還不是截至本次電話會議。那麼，您是否可以澄清一下？然後，您是否可以多談談剩餘的 4 個構建程序以及那裡的初始生產情況？我們從 1 週開始嗎？我們要從幾週開始嗎？我們應該期待什麼？

Yes, great question. So Dave Berke came to us, 40 years plus experience in the industry building unique vehicles. He laid out very quietly for us, how many trucks you wanted to get built. Number 1 was just let's build it, just to come together, right? And so we had a team at Union City putting the parts together. And one of them -- I'm really proud that the engineers supply chain, the manufacturing and sometimes the suppliers are sitting right on line as we build the trucks. We're not building them a prototype shops, we're doing it right in the factory, and we're learning a lot.

是的，很好的問題。所以 Dave Berke 找到了我們，他在製造獨特汽車的行業擁有 40 多年的經驗。他非常安靜地為我們列出了您想建造多少輛卡車。第 1 條只是讓我們一起建造它，只是為了聚在一起，對吧？所以我們在聯合市有一個團隊將零件組裝在一起。其中之一——我真的很自豪工程師供應鏈、製造商，有時還有供應商在我們製造卡車時都在線。我們不是在為他們建造原型店，我們在工廠裡就這樣做了，我們學到了很多東西。

So that means you fit-up issues, torque you can't get that bolt touched and that kind of (inaudible) that wire is crossing over. So we're now in the stage. The first four, I think we're basically just chassis to make sure we could build the chassis, right? (inaudible) the build chassis. Then we started getting into the full vehicle. We have one built in time for an NTEA show. I think we now have 3 full vehicles out at tests, one in thermal testing, one at brake testing and one on a durability testing. Those tests take anywhere from 2 weeks to 40 days, 40 work days. You start the truck without a load in about a week, you put it in a half load and then basically towards the end of the testing, you put it in 100% low. So W56 can carry 10,000 pounds of payload. So we'll load that thing up with 10,000 pounds of water, basically big totes.

因此，這意味著您會遇到裝配問題、無法觸及螺栓的扭矩以及電線交叉的那種（聽不清）。所以我們現在在舞台上。前四個，我認為我們基本上只是底盤，以確保我們可以製造底盤，對嗎？ （聽不清）構建底盤。然後我們開始進入整車。我們為 NTEA 演出準備了一台。我認為我們現在有 3 輛整車進行測試，一輛在熱測試中，一輛在製動測試中，一輛在耐久性測試中。這些測試需要 2 周到 40 天，40 個工作日。您在大約一周內空載啟動卡車，將其置於半載狀態，然後基本上在測試快結束時將其置於 100% 低負荷狀態。所以 W56 可以攜帶 10,000 磅的有效載荷。所以我們會用 10,000 磅水裝那東西，基本上是大手提袋。

We learned a lot already. So we learned a lot. There's a lot of software configurations that have to be done. So we're doing that. And then we go in right now, the next 2 big ones we do are actually slow walk manufacturing. So we actually build the whole chassis and turn around to the Dyno, we go build the bodies to make sure we have all our work instructions, our process control charges done. And then the last 3 or 4 trucks will be the ones we're going to send out to the customers. That means we'll build those towards the end of June and July. They should be in the hands of the customer in early July. And then we'll probably have a slow ramp. We'll start in August. We'll build chassis, get the chassis down the line, 14 stations across the Dyno, then we'll start coming back. I think we have 14 stations for the bodies as well.

我們已經學到了很多。所以我們學到了很多。有很多軟件配置需要完成。所以我們正在這樣做。然後我們現在就進去，我們接下來要做的兩個大的實際上是慢走製造。所以我們實際上建造了整個底盤並轉向 Dyno，我們去建造車身以確保我們有所有的工作指令，我們的過程控制費用已經完成。然後最後 3 或 4 輛卡車將是我們要發送給客戶的卡車。這意味著我們將在 6 月底和 7 月底建造這些。它們應該在 7 月初到達客戶手中。然後我們可能會有一個緩慢的斜坡。我們將在八月開始。我們將建造底盤，讓底盤下線，穿過 Dyno 的 14 個站點，然後我們將開始返回。我想我們也有 14 個屍體站。

So we haven't defined the exactly daily build rate. It's probably like one a week for a while until we get all the bugs worked out, make sure all suppliers are there, then we'll just gradually ramp it up. But we know how many we want to build this year and sell in our budget, and we have expectations we'll be able to build all those trucks and chassis.

所以我們還沒有定義確切的每日構建率。可能每週一次，持續一段時間，直到我們解決所有錯誤，確保所有供應商都在那裡，然後我們才會逐漸提高它。但我們知道我們今年想要建造多少輛並在我們的預算中銷售，我們期望我們能夠建造所有這些卡車和底盤。

Excellent. Congrats on the progress.

出色的。祝賀進步。

There are no further questions at this time. I would now like to hand the call back over to management for any closing remarks.

目前沒有其他問題。我現在想將電話轉回給管理層，聽取任何結束語。

Well, I appreciate your questions and your interest in Workhorse, and we're going to go back and put our nose on the grindstone and kick some a** in the second quarter and get ready to build and sell some trucks and drones. Thanks a lot, and have a great day.

好吧，我感謝你的問題和你對 Workhorse 的興趣，我們將回去埋頭苦幹，在第二季度踢一些 a** 並準備建造和銷售一些卡車和無人機。非常感謝，祝你有美好的一天。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路。享受你剩下的一天。