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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. (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.
Workhorse Group (WKHS) has initiated a pilot program with the U.S. Department of Agriculture's Natural Resources Conservation Service (NRCS) to showcase its small Unmanned Aerial Systems (sUAS) for wetland supervision in Mississippi. This partnership aims to improve data gathering and efficiency by automating audits previously conducted with satellite imagery and ground teams. Workhorse’s Aerospace division will provide monitoring and analytics services, helping NRCS enhance safety, cost-effectiveness, and data fidelity. This strategic move diversifies Workhorse's market beyond last-mile delivery.
Workhorse Group (WKHS) reported its second-quarter financial results for 2021, showing significant progress in vehicle production and strategic developments. The company appointed Rick Dauch as CEO and produced 133 C-Series vehicles to date, anticipating sales to niche markets. Financially, sales increased to $1.2 million, up from $92,000 YoY, while the net loss narrowed to $43.6 million, compared to $131.3 million in the previous year. Workhorse sold 72% of its RIDE shares, expecting nearly $79 million in proceeds. As of June 30, the company had approximately $156.6 million in cash.
Workhorse Group Inc. (NASDAQ: WKHS) will host a conference call on August 9, 2021, at 10:00 a.m. ET to discuss its Q2 financial results for the period ending June 30, 2021. Financial results will be released prior to the call. Participants can dial in using U.S. number 877-407-8289 or international number 201-689-8341. A live broadcast will be available, and the call will also be replayed until August 16, 2021. Workhorse focuses on providing electric vehicles integrated with drone technology for last-mile delivery, contributing to efficiency in logistics.
Workhorse Group (NASDAQ: WKHS) announced the appointment of Rick Dauch as new CEO, effective August 2, 2021, succeeding Duane Hughes. Dauch brings over 25 years of industry experience, including previous CEO roles at Delphi Technologies and Accuride Corporation. Under his leadership, Workhorse aims to enhance operations and tackle challenges in the $20 billion last-mile delivery vehicle market. The company is also withdrawing previously stated guidance to allow Dauch time to analyze current strategies and establish new plans.
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