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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 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.
Workhorse Group Inc. (Nasdaq: WKHS), a company focused on zero-emission commercial vehicles, has scheduled its second quarter 2024 earnings call for Wednesday, August 14, 2024, at 10:00 a.m. ET. The call will discuss financial results for the quarter ended June 30, 2024, as well as the company's plans and outlook. Financial results will be released prior to the call. The conference call will include a presentation by Workhorse management, followed by a Q&A session.
Investors can dial in using U.S. number 877-407-8289 or international number 201-689-8341. The call will be broadcast live and available for replay on the company's website. A telephonic replay will be accessible until August 21, 2024.
Workhorse Group Inc. (Nasdaq: WKHS) has delivered its first W56 step van to NorCal Transports Inc., a last-mile package delivery contractor in Richmond, California. This delivery, facilitated through Workhorse's Certified Dealer, Kingsburg Truck Sales, showcases the W56's real-world performance in the last-mile delivery sector. NorCal, aiming for a 100% alternate fuel vehicle fleet by 2025, praised the W56's durability, capacity, and range.
Workhorse offers a diverse lineup of step vans, including the W56 with 178" and 208" wheelbases, and the W750, providing cargo capacities of 1,200, 1,000, and 750 cubic feet respectively. The W56, Workhorse's flagship electric delivery vehicle, is eligible for California's HVIP program, offering a base voucher of $85,000 per vehicle purchased.
Workhorse Group Inc. (Nasdaq: WKHS) announced its participation in the Zero-Emissions Showcase + Ride & Drive event on August 14, 2024, in Oakland, California. The event, hosted by CARB and CALSTART, will showcase Workhorse's W56 step van and W4 CC cab chassis, both battery-electric medium-duty vehicles.
Attendees can experience these vehicles, which qualify for HVIP and ISEF incentives in California. The event will also feature information on zero-emission vehicle and infrastructure incentive programs from various organizations. Workhorse aims to assist fleet operators in complying with Advanced Clean Fleets 2024 requirements and support their transition to electric vehicles.
Workhorse Group Inc. (Nasdaq: WKHS) announced that McAbee Trucking, Inc. has acquired a new all-electric W4 CC box truck for transporting U.S. mail. This marks McAbee's first electric vehicle addition to their fleet, following a successful demonstration period. The W4 CC will operate a 120-mile daily round trip mail route between Blacksburg, South Carolina, and Shelby, North Carolina.
This acquisition aligns with McAbee Trucking's commitment to lowering emissions while maintaining their high reliability and on-time dispatch rating of over 99% for the U.S. Postal Service. The National Star Route Mail Contractors Association supports this move towards alternative fuel adoption, in line with the Postal Service's commitment to reducing harmful emissions.
Workhorse Group Inc. (Nasdaq: WKHS) has been awarded a Sourcewell contract for procurement in the category of Class 4-8 chassis and cabs with related equipment, accessories, and services. This achievement allows Workhorse to expand its reach to government, educational, and nonprofit sectors across all 50 states and Canada.
Sourcewell, a government agency created by the Minnesota legislature, streamlines the procurement process by combining the purchasing power of numerous agencies. Workhorse's contract with Sourcewell runs until July 9, 2028, with potential one-year extensions. This contract provides streamlined access to Workhorse's portfolio of all-electric medium-duty vehicles, including the W56 step van, W750 step van, and W4 CC cab chassis.
Workhorse has announced the introduction of the W56 extended wheelbase version, boasting a 208-inch wheelbase. This new model is designed for a next-generation step van body, offering a cargo volume of 1,200 cubic feet. Enhancements include improved service access, new charge port locations, and modular accessories for various commercial uses. The van retains a payload capacity of up to 10,000 pounds and a range of up to 150 miles. The production of this model will begin in Q3 2024, with initial deliveries expected in Q4 2024. An order has already been secured from a customer requiring the larger version.
Workhorse Group (Nasdaq: WKHS) announced it has regained compliance with Nasdaq's listing requirements, specifically the minimum bid price of $1.00 per share, according to Listing Rule 5550(a)(2). This follows a notification from Nasdaq on September 22, 2023, that the company's stock price had fallen below the required minimum for 30 consecutive trading days. Subsequently, Workhorse received a 180-day extension on March 21, 2024, to meet the requirement, which it achieved through a 1-for-20 reverse stock split on June 17, 2024. Nasdaq has confirmed that Workhorse's stock now meets the minimum bid requirement for ten consecutive trading days.
Workhorse Group announced that its W750 medium-duty electric vehicle (EV) will be showcased by Electric Commercial Vehicles (ECV), a certified dealer, at Georgia's 14th Annual Clean Energy Roadshow.
This event, hosted by Public Service Commissioner Tim Echols, is the state's largest alternative fuel fleet vehicle showcase. The W750 will appear at three locations: Riverside Epicenter in Austell on July 9, Savoy Automotive Museum in Cartersville on July 10, and Gwinnett Technical College North Fulton Campus in Alpharetta on July 11.
The W750 is designed for last-mile delivery, featuring a zero-emission solution with class-leading payload and range. According to ECV Director Omar B. Sandlin II, the W750 offers immediate torque, more power than internal combustion engine vehicles, and responsive handling.
Workhorse President Ryan Gaul emphasized the importance of such events for educating fleet operators on the benefits and practicalities of transitioning to alternative fuel vehicles.
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