Welcome to our dedicated page for Workhorse Group news (Ticker: WKHS), a resource for investors and traders seeking the latest updates and insights on Workhorse Group stock.
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) has appointed William Quigley to its board of directors effective February 23, 2022. Quigley brings over 30 years of automotive and finance experience, having held senior positions at Nexteer Automotive, Dana Holding, and Visteon. He will also serve on the audit committee, bringing valuable financial acumen to the board composed of nine directors, eight of whom are independent. Quigley aims to leverage his expertise to enhance Workhorse's operations in the last-mile delivery sector.
Workhorse Group Inc. (WKHS) will hold a conference call on March 1, 2022, at 10:00 a.m. Eastern Time to discuss its financial results for Q4 and the full year ended December 31, 2021. The call aims to provide insights into the company's plans and outlook following the release of their financial results. Participants can join via U.S. or international dial-in numbers, with a live broadcast and replay available on the company's website.
Workhorse Group (NASDAQ: WKHS) has appointed Robert "Bob" Ginnan as Chief Financial Officer, effective January 4, 2022. Ginnan succeeds Greg Ackerson, who served as Interim CFO. Ginnan brings over 20 years of financial leadership experience, having previously increased revenues at Family RV Group from $80 million to $200 million. CEO Rick Dauch emphasized Ginnan's expertise in driving growth and maintaining financial stability. Ackerson will assist Ginnan during the transition and return to his role as Corporate Controller. Workhorse focuses on sustainable, drone-integrated electric vehicles for last-mile delivery.
Workhorse Group (NASDAQ: WKHS) held its annual stockholders' meeting, where stockholders re-elected eight directors for a term expiring in 2022. The meeting also ratified Grant Thornton LLP as the independent auditors for 2021 and approved the compensation for named executive officers. A webcast of the meeting will be available 24 hours post-event. Workhorse focuses on delivering drone-integrated electric vehicles for last-mile delivery, striving to enhance efficiency and reduce environmental impact.
Workhorse Group Inc. (WKHS) announced its third-quarter financial results for 2021, revealing a net loss of $81.1 million, slightly improved from $84.1 million in the previous year. Sales were negative at ($0.6 million) due to a $1.1 million recall liability. Cost of sales surged to $11.5 million, impacted by inventory write-downs and increased manufacturing costs. The company enhanced its financial standing by converting approximately 85% of a $200 million debt obligation, resulting in a net cash position exceeding $200 million.
Workhorse Group (NASDAQ: WKHS) will hold a conference call on November 9, 2021, at 10:00 a.m. ET to discuss Q3 financial results and future plans. The call will be preceeded by a press release featuring those results. Participants can dial in at 877-407-8289 (U.S.) or 201-689-8341 (International). A replay will be available from 1:00 p.m. ET on the same day until November 16, 2021. Workhorse specializes in drone-integrated electric vehicles aimed at improving last-mile delivery efficiency.
Workhorse Group Inc. (WKHS) announced significant executive leadership changes aimed at enhancing its transition from a tech startup to a manufacturing powerhouse in electric delivery vehicles. Greg Ackerson has been appointed interim CFO following Steve Schrader's departure. New appointments include Jim Harrington as Chief Administrative Officer, Josh Anderson as Chief Technology Officer, and Jim Peters as Vice President of Purchasing. CEO Rick Dauch emphasized the importance of leadership expertise in pursuing operational and commercial goals. These changes are crucial as Workhorse aims to solidify its market position.
Workhorse Group (WKHS) provided an update on its transition from an advanced technology start-up to an efficient manufacturing company. The company will suspend C-1000 vehicle deliveries and recall 41 units to address design enhancements and safety certifications. New leadership has identified improvements to increase payload capacity and will conduct additional testing necessary for compliance with Federal Motor Vehicle Safety Standards (FMVSS). The company expects to complete these tests in Q4 2021 and plans to present a strategic roadmap during its upcoming Q3 earnings call.
Workhorse Group (WKHS) announced the withdrawal of its bid protest against the United States Postal Service (USPS) in a statement dated September 15, 2021. CEO Rick Dauch emphasized the company's commitment to exploring opportunities in electric vehicle technology for last-mile delivery. The move is seen as a strategic shift towards cooperation with government agencies rather than litigation, allowing Workhorse to focus resources on more productive initiatives. The company aims to modernize government vehicle fleets through sustainable, drone-integrated electric vehicles.
Workhorse Group (NASDAQ: WKHS) has partnered with Amerit Fleet Solutions to provide warranty and repair services for its electric vehicles nationwide. The agreement aims to enhance maintenance support by integrating operational data for real-time tracking and quicker response times. This collaboration allows Workhorse to optimize vehicle uptime in the last-mile delivery market. Both companies will showcase their innovations at the ACT Expo from August 31 to September 1 in Long Beach, CA.
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