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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 (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.
Workhorse Group Inc. (Nasdaq: WKHS) has successfully completed a 1,000-mile journey with its W56 electric step van, showcasing its reliability and performance. The vehicle traveled from Cincinnati to Orlando for the FedEx Forward Service Provider Summit, covering a total of 1,028 miles over three days.
The W56 demonstrated a 150+ mile range and an average efficiency of 27 MPGe, supported by regenerative braking and fast charging at public Level 3 stations. It performed well in various terrains and weather conditions, including strong winds and heavy rain from Hurricane Helene.
At the Summit, Workhorse will showcase the W56's integration into last-mile delivery fleets, participating in demonstrations and the event's Ride & Drive. This journey highlights the vehicle's capability to meet customer needs and handle long-distance travel demands.
Workhorse Group Inc. (Nasdaq: WKHS) has announced its participation as a Presidential Exhibitor at the 2024 FedEx Forward Service Provider Summit in Orlando, Florida, from October 1-4, 2024. The company will showcase its 100% electric W56 step van in the event's Ride & Drive, allowing attendees to experience the vehicle firsthand.
The W56 is designed for last-mile parcel and package delivery, offering class-leading range, substantial payload capacity, and an all-electric powertrain. Workhorse emphasizes its focus on reliability, driver safety, and comfort for last-mile routes, as well as providing best-in-class quality and post-sales service to ensure optimal fleet efficiency.
Workhorse Group Inc. (Nasdaq: WKHS) has announced that FedEx (NYSE: FDX) has placed an order for 15 W56 step vans to be delivered in 2024. This order follows a successful demonstration where the W56 met FedEx's operational requirements. The W56 achieved an impressive 31 MPGe during real-world testing, significantly outperforming the national average of 7 MPG for delivery trucks. This purchase is estimated to avoid 607 metric tons of tailpipe emissions annually, supporting FedEx's goal of achieving carbon-neutral global operations by 2040.
Workhorse CEO Rick Dauch expressed enthusiasm about the collaboration, highlighting the company's ability to build complete vehicles as a key differentiator. The W56 step van is designed for last-mile delivery operations, featuring an efficient eAxle electric drivetrain and extended range with regenerative braking.
Workhorse Group Inc. (Nasdaq: WKHS) reported Q2 2024 financial results, showing progress in their EV product roadmap but facing financial challenges. Key highlights include:
- Sales decreased to $0.8 million from $4.0 million in Q2 2023
- Net loss increased to $26.3 million from $23.0 million year-over-year
- Cash and cash equivalents stood at $5.3 million as of June 30, 2024
- Received a purchase order for 141 W4 CC cab chassis vehicles
- Expanded dealer network and secured Sourcewell contract
- Completed divestiture of Aero business, expecting $0.4 million monthly cost savings
- Regained NASDAQ minimum bid price compliance
The company is focusing on cost management and preserving cash while advancing its EV product lineup, including the introduction of a new W56 208-inch wheelbase vehicle in Q4 2024.
Workhorse Group Inc. (Nasdaq: WKHS) has rescheduled its second quarter 2024 earnings call to August 20, 2024, at 11:00 a.m. Eastern time. The company, which focuses on zero-emission commercial vehicles, will discuss its financial results for the quarter ended June 30, 2024, and provide insights into its plans and outlook. CEO Rick Dauch mentioned progress on their EV product roadmap and steps taken to protect their financial runway. The earnings release will be issued prior to the call. Investors can join via phone or webcast, with a replay available until August 27, 2024.
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