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Workhorse Group Inc. (NASDAQ: WKHS) is a leading technology company focused on the transition to zero-emission commercial vehicles. Headquartered in Loveland, OH, Workhorse specializes in the design and production of battery-electric powertrains and medium-duty truck chassis. Operating from a 50,000 sq. ft. facility, the company manufactures proprietary, automotive-grade electric powertrains and integrates them with its custom-designed control software. Workhorse’s assembly plant, spanning 200,000 sq. ft., enables the company to produce the reliable W62 chassis and the innovative W88 chassis, targeting fleet purchasers with competitive price points and performance specifications.
Workhorse’s notable product lineup includes the W4 CC, W750, and W56 electric vehicles, designed to meet the needs of the last-mile delivery market. Additionally, Workhorse has developed the HorseFly™ UAV delivery system, a high-efficiency, octocopter-based drone that integrates seamlessly with its electric and hybrid delivery trucks, adhering to FAA guidelines.
In recent developments, Workhorse has pivoted its Aero business model to a more cost-effective Drones-as-a-Service (DaaS), securing substantial grants from the USDA to enhance land use efficiency for farmers and ranchers. The company’s latest financial results for the fourth quarter of 2023 recorded an increase in sales to $4.4 million, driven by vehicle sales and DaaS contributions, despite a net loss of $45.3 million.
The company is actively strengthening its financial position through new financing avenues, aggressive cost reduction measures, and strategic collaborations. Notably, Workhorse has expanded its network with key partners like Ziegler Truck Group and Milea Truck Sales and Leasing, enhancing its reach across the United States.
Workhorse continues to innovate with its commercial EV product roadmap, achieving significant milestones such as the rollout of the W56 step van and the development of the W4 CC chassis with various upfit options. The company's commitment to sustainability and efficiency positions it as a pivotal player in the electric commercial vehicle sector.
For more information, visit workhorse.com.
Workhorse Group has announced a partnership with Progress Manufacturing Company (PMC) as a certified dealer for specialized second-stage manufacturing. PMC has placed a purchase order for Workhorse's W56 step van and W4 CC cab chassis as demonstration units. These vehicles will showcase EnviroCharge's mobile DC fast chargers, providing off-grid fleet EV charging solutions.
Located near Workhorse's manufacturing facility in Union City, Indiana, PMC specializes in equipping commercial vehicles with specialized technology. The partnership aims to expand the availability of electric commercial vehicles to specialized fleets and integrate advanced equipment for various applications. PMC is licensed to sell vehicles nationally through their dealer network and directly to customers.
Workhorse Group has announced a new partnership with Progressive Manufacturing Company (PMC) as a certified dealer. PMC, a second-stage manufacturer specializing in equipping commercial vehicles with specialized technology, has placed a purchase order for Workhorse's W56 step van and W4 CC cab chassis as demonstration units.
The vehicles will showcase EnviroCharge's mobile DC fast chargers, providing off-grid fleet EV charging solutions. Located near Workhorse's manufacturing facility in Union City, Indiana, PMC will distribute these vehicles nationally through their dealer network and directly to customers, focusing on last-mile delivery, EV fleet operations, and utility applications.
Workhorse Group has delivered its W56 electric step van to NorthStar Courier, a FedEx Ground Contract Service Provider in Minneapolis, Minnesota. This marks the first W56 deployment by a FedEx Ground Service Provider outside California. The sale was facilitated by Ziegler Truck Group, a Workhorse Certified Dealer. The W56, manufactured in Union City, Indiana, is designed for last-mile delivery and is now available in standard and extended wheelbase configurations with pre-configured upfit options for parcel delivery. Minnesota's emergence as a commercial EV adoption leader is supported by state grants for fleet electrification.
Workhorse Group reported Q3 2024 financial results with sales of $2.5 million, down from $3.0 million in Q3 2023. The company secured a three-year Master Framework Agreement with FedEx and delivered the first 15 W56 step vans. Net loss was $25.1 million compared to $30.6 million in the same period last year. The company ended the quarter with $3.2 million in cash and cash equivalents. Notable achievements include obtaining a GSA contract for federal government sales and demonstrating significant fuel efficiency with the W56 achieving 31 MPGe compared to 7 MPG for traditional delivery trucks.
Workhorse Group (Nasdaq: WKHS) has been awarded a General Services Administration (GSA) Government Fleet Contract through Colonial Fleet Electrification. The contract (GS-30F-RA005) under SIN 493E enables federal agencies to purchase Workhorse's W56 platform electric vehicles through GSAFleet.gov. The approval follows a comprehensive review of Workhorse's Union City, Indiana facility.
The company has also expanded its cooperative purchasing network through partnerships with Sourcewell, Florida Sheriff's Association Purchasing Program, OMNIA Partners, and PASSPort, making its vehicles more accessible to public sector fleets nationwide.
Workhorse Group (Nasdaq: WKHS), a technology company focused on zero-emission commercial vehicles, has rescheduled its third quarter 2024 earnings conference call to Tuesday, November 19, 2024, at 6:00 p.m. Eastern time. The company will release its financial results after market close on the same day. The earnings call will be accessible via U.S. dial-in (877-407-8289) and International dial-in (201-689-8341). A replay will be available through November 26, 2024. The call will also be broadcast live and available for replay through the company's Investor Relations website.
Workhorse Group has rescheduled its third quarter 2024 earnings conference call to November 19, 2024. The company delivered 20 trucks during Q3, including 15 W56 step vans to FedEx. CEO Rick Dauch highlighted positive momentum with recent purchase orders and customer conversations, emphasizing their focus on cost management and financial strengthening. The company will file Form 12b-25 with the SEC regarding the delay in Form 10-Q filing, which they plan to submit by November 19. The earnings call will include a presentation and Q&A session, with both U.S. and international dial-in options available.
Workhorse Group (Nasdaq: WKHS) has secured purchase orders for seven W56 electric step vans from three parcel delivery independent service providers. The orders came within 30 days following the company's participation at the FedEx Forward Service Provider Summit. The vehicles include both 178" wheelbase (1,000 cubic feet) and 208" extended wheelbase (1,200 cubic feet) models, scheduled for delivery by year-end. Multiple demonstrations were performed at parcel delivery terminal depots across California, where FedEx has installed electric charging systems. The W56, designed and built in the USA, features an efficient eAxle electric drivetrain and regenerative braking system.
Workhorse Group (Nasdaq: WKHS), a technology company focused on zero-emission commercial vehicles, has scheduled its Third Quarter 2024 earnings conference call for Thursday, November 14, 2024 at 10:00 a.m. ET. The company will release its financial results for the quarter ended September 30, 2024, before the call. Management will host a presentation followed by Q&A. The call will be accessible via U.S. dial-in (877-407-8289) and International dial-in (201-689-8341), with a replay available until November 21, 2024.
Workhorse Group Inc. (Nasdaq: WKHS) has announced that its 208-inch extended wheelbase version of the all-electric W56 step van has achieved FMVSS certification and received HVIP certification. These certifications validate the vehicle's safety and environmental compliance. The extended wheelbase W56 is now in full production at Workhorse's Union City, Indiana facility, with deliveries expected in Q4 2024.
The W56 offers a payload capacity of up to 10,000 pounds and a range of up to 150 miles on a single charge. With over 100 enhancements from the original 178-inch model, the 208-inch W56 is designed for last-mile delivery operations, including parcels and laundry services. The extended wheelbase model addresses market demand for larger cargo-volume requirements while maintaining the benefits of the efficient and robust platform.
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