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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 Purpose Built National Campaign Event in Tampa, Florida, scheduled for February 6, 2021. The event aims to promote electric vehicles (EVs) and educate the public on their benefits. Attendees will experience demonstrations of the Workhorse C-1000 all-electric truck, which features advanced technology. Additionally, free rides to the Super Bowl will be offered via an all-electric shuttle bus. Donations will be made to local nonprofits, emphasizing community involvement. CEO Duane Hughes highlighted the company's commitment to environmental sustainability.
Workhorse Group Inc. (WKHS) has appointed Chris Nordh as VP of Commercial Development, a new role aimed at enhancing sales and support. Nordh, formerly with Ryder System Inc., brings extensive experience in advanced vehicle technology and will focus on creating a support structure for channel partners. CEO Duane Hughes emphasized that Nordh's expertise is crucial for scaling production of the C-Series electric vehicles and improving customer experiences. Workhorse aims to optimize last-mile delivery with innovative EV solutions.
Workhorse Group (WKHS) announced a significant purchase order for 6,320 all-electric C-Series delivery vehicles from Pride Group Enterprises, marking its largest order to date. This order highlights Workhorse's expansion into Canada and reflects increasing demand for its electric vehicles in the last-mile delivery market. The initial deliveries are scheduled to begin in July 2021, extending through 2026. Financing for inventory is provided by Hitachi Capital America, reinforcing the partnership between the companies for scaled production moving forward.
On November 9, 2020, Workhorse Group (Nasdaq: WKHS) announced a purchase order for 500 all-electric C-1000 delivery vehicles from Pritchard Companies. This significant order will enhance Workhorse's distribution network while enabling flexible financing options through a partnership with Hitachi Capital America. The C-1000, now certified by the EPA and CARB, marks a milestone in electric last-mile delivery trucks. Pritchard, with over 30,000 annual sales, foresees more orders in the future. The lightweight design of the C-1000 optimizes range and operational efficiency.
Workhorse Group Inc. (Nasdaq: WKHS) announced the submission of its Type Certification application for the HorseFly Unmanned Aerial System (UAS) to the Federal Aviation Administration (FAA). This certification is crucial for establishing the airworthiness of the aircraft, a process that typically takes 12 to 24 months. The HorseFly UAS can autonomously deliver parcels and has successfully completed commercial deliveries, carrying a ten-pound payload up to 10 miles. Workhorse aims to enhance cost-efficiency with operating costs below three cents per mile, marking a significant milestone for the company.
Workhorse Group Inc. (NASDAQ: WKHS) announced a conference call scheduled for November 9, 2020, at 10:00 a.m. ET to discuss its third-quarter financial results ending September 30, 2020. The company focuses on sustainable, drone-integrated electric vehicles for last-mile delivery. A press release with financial results will precede the call. Interested parties can access the call via U.S. and international dial-in numbers, with a replay available until November 16, 2020.
Workhorse Group (WKHS) has secured approval from the New York Truck Voucher Incentive Program (NYTVIP) to offer up to $48,328 and $44,328 vouchers for its C-1000 and C-650 electric delivery vehicles, respectively. This initiative aims to encourage the replacement of diesel vehicles, thereby reducing the sales price for purchasers significantly. CEO Duane Hughes emphasized that this program will enhance sales of C-Series vehicles and support New York's commitment to lowering carbon emissions. The vouchers are available in thirty counties within New York State.
Workhorse Group Inc. (WKHS) announced the successful closing of a $200 million financing agreement with Antara Capital GP LLC. The financing, set to provide Workhorse with $194.5 million in net proceeds, will help accelerate production and enhance product development in the last-mile delivery sector. The financing notes, convertible at $35.29 per share and maturing in four years, bear an interest rate of 4%, which could decrease to 2.75% under certain conditions. CEO Duane Hughes expressed optimism about the funding's potential to solidify the company's leadership.
Workhorse Group Inc. (Nasdaq: WKHS) announced that its C-1000 Extended Range delivery truck has received an Executive Order from the California Air Resources Board (CARB), classifying it as a zero-emission vehicle. This approval allows the company to sell the truck across the U.S., targeting more than a dozen states. The vehicle boasts an urban/highway blended driving range of 149 miles per charge, with urban driving reaching nearly 160 miles. This model will also generate 2.07 Zero Emission Vehicle (ZEV) credits, which can be sold to help meet CARB's emission standards.
On October 12, 2020, Workhorse Group Inc. (WKHS) announced a note purchase agreement to sell $200 million of 4.0% Senior Secured Convertible Notes due 2024. The net proceeds of approximately $194.5 million will support production scaling, new product advancements, and working capital. Additionally, an exchange agreement will see $70 million of existing convertible notes converted to equity, improving cash availability to over $270 million. The convertible notes have a premium conversion price of $36.14 per share, and the financing aims to expedite production efforts and new product timelines.
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