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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) collaborates with Kingsburg Truck Sales to boost zero-emission truck adoption in California. Kingsburg commits to purchasing 141 Workhorse W4 CC Class 4 battery-electric cab chassis trucks for 2024, contingent on receiving HVIP vouchers. The W4 CC trucks offer a range of 150 miles, Level 2/Level 3 charging, and multiple upfit options, making them ideal for local deliveries and ACF compliance. Additionally, Workhorse completed the divestiture of its Aero business, expected to save $375,000 monthly and enhance its focus on commercial EVs. This move aims to streamline operations and provide financial flexibility for advancing their EV product roadmap.
Workhorse Group (Nasdaq: WKHS) reported its Q1 2024 financial results, highlighting key strategic and financial actions. Sales for the quarter were $1.3 million, down from $1.7 million in Q1 2023. The company faced increased costs, with cost of sales rising to $7.4 million from $5.3 million. Net loss widened to $29.2 million from $25.0 million. Positive developments include securing orders for 141 W4 CC trucks and expanding their dealer network. Workhorse also engaged in a financing agreement worth up to $139 million to support its roadmap. Strategic cost reductions include a 20% workforce reduction and temporary furloughs. The company is working on divesting its Aero business, aiming for cost savings of around $375,000 per month.
Workhorse Group will exhibit its electric commercial vehicles at the Advanced Clean Transportation (ACT) Expo 2024 in Las Vegas from May 20-23. The company will showcase its medium-duty electric vehicles, including the W56 refrigerated EV step van and the Class 4 W4 CC chassis dump truck. The W56 features a Thermo King v520 Max unit integrated with the vehicle's high-voltage battery system, eliminating the need for diesel or auxiliary batteries. Attendees can experience the W56’s handling through a ‘ride and drive’ demo. Workhorse aims to highlight its commitment to clean transportation and provide real-world EV solutions available now, enhancing efficiency in last-mile delivery and sustainability.
Workhorse Group (Nasdaq: WKHS) held its 2024 Annual Meeting of Stockholders, where key proposals were approved to advance its strategic goals. The stockholders re-elected seven directors for a term expiring in 2025. Additionally, they approved a reverse stock split of Workhorse’s outstanding shares by a ratio between 1-for-10 and 1-for-20, to comply with Nasdaq Listing Rules, which can be executed any time before August 30, 2024. Furthermore, stockholders agreed to issue the maximum number of shares underlying the company’s senior secured convertible notes and warrants. The final vote results will be filed on a Form 8-K with the SEC.
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