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Workhorse Group, Inc - WKHS STOCK NEWS

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.

News

Workhorse Group Sets Third Quarter 2023 Earnings Call for Tuesday, November 7, 2023 at 10:00 a.m. ET

Rhea-AI Summary
Workhorse Group Inc. will hold a conference call on November 7th to discuss its financial results for Q3 2023. The call will include a presentation and a Q&A period. The company's financial results will be issued in a press release prior to the call. The call will be broadcast live and available for replay on the company's website.
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Workhorse Group Advances Aero Business

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Workhorse Group Inc. announces progress in advancing Workhorse Aero, its drone business. The company is working towards FAA approval for its drone, Horsefly, to operate under UPS Flight Forward's drone airline certificate. Workhorse Aero has also received two additional grants from the USDA for farmland scanning.
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Workhorse Receives IRS Approval for Commercial Clean Vehicle Credit

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Workhorse Group Inc. receives IRS approval as a qualified manufacturer for the Commercial Clean Vehicle Credit, allowing customers to receive up to a $40,000 credit for deliveries of all Workhorse vehicles in 2023 and beyond.
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Workhorse Begins Production of W56 Chassis

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Workhorse Group Inc. starts production of W56 electric vehicle chassis, expects strong customer interest and firm purchase orders in Q4
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Workhorse Group Stockholders Approve Share Authorization Proposal

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Workhorse stockholders approve proposal to increase number of shares
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Workhorse Group Adjourns Special Meeting of Stockholders

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Workhorse Group Inc. has adjourned its Special Meeting of Stockholders to give more time for voting on the proposal to increase the number of shares of Workhorse common stock. The company is exploring financing options and urges stockholders to vote FOR the proposal. Leading proxy advisory firms ISS and Glass Lewis also recommend voting FOR the proposal. As of August 28, 2023, 49.68% of Workhorse shares voted for the proposal, with 85% of all voted shares supporting it.
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Workhorse Hosts Webcast to Answer Stockholder Questions

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Workhorse Group Inc. urges stockholders to vote for proposal to increase number of authorized shares, stating the need for additional capital to fund next phase of execution and product roadmaps. Believes in achieving 2023 revenue guidance through securing HVIP voucher process, selling W4 CCs, and ramping up W750 production. Confident in market shift to EV and positioning themselves to ride that wave. Special Meeting scheduled for August 28, 2023.
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Workhorse Group Reminds Stockholders to Vote “FOR” the Proposal to Increase the Number of Authorized Shares

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Workhorse Group reminds stockholders to vote "FOR" proposal to increase number of shares at upcoming Special Meeting. Company highlights progress on strategic plans and need for financing. Encourages stockholders to follow recommendations of proxy advisors ISS and Glass Lewis.
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Workhorse Files Prospectus Supplement in Connection with Special Meeting

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Workhorse Group reminds stockholders to vote for proposal to increase number of authorized shares
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Workhorse Highlights Why Stockholders Should Vote FOR Proposal to Increase Workhorse’s Authorized Shares

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Workhorse Group Inc. plans to increase its authorized shares of common stock to fund its business operations. The company aims to use the additional capital to advance its commercial EV product roadmap, grow its Aero business, and invest in facilities and other initiatives.
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FAQ

What is the current stock price of Workhorse Group (WKHS)?

The current stock price of Workhorse Group (WKHS) is $1.18 as of November 14, 2024.

What is the market cap of Workhorse Group (WKHS)?

The market cap of Workhorse Group (WKHS) is approximately 31.7M.

What does Workhorse Group Inc. specialize in?

Workhorse Group Inc. specializes in the design and manufacture of battery-electric powertrains and medium-duty truck chassis, focusing on zero-emission commercial vehicles.

What are the main products offered by Workhorse?

Workhorse offers electric vehicles such as the W4 CC, W750, and W56 chassis, as well as the HorseFly™ UAV delivery system which integrates with their electric and hybrid delivery trucks.

What is the HorseFly™ UAV delivery system?

The HorseFly™ UAV delivery system is a custom-built, high-efficiency octocopter-based drone designed for integration with Workhorse's electric/hybrid delivery trucks, conforming to FAA guidelines.

How is Workhorse improving its financial condition?

Workhorse is improving its financial condition through new financing sources, aggressive cost reduction actions, strategic divestitures, and partnerships to enhance liquidity and support its product roadmap.

What are the recent financial results of Workhorse?

For Q4 2023, Workhorse reported sales of $4.4 million, an increase from the previous year, with a net loss of $45.3 million. Full-year 2023 sales reached $13.1 million, driven by increased vehicle sales and DaaS revenue.

What steps has Workhorse taken to expand its market reach?

Workhorse has expanded its market reach by adding key dealers and partners like Ziegler Truck Group and Milea Truck Sales and Leasing, enhancing its dealer network across multiple states.

What is the Drones-as-a-Service (DaaS) model?

The Drones-as-a-Service (DaaS) model, adopted by Workhorse’s Aero business, focuses on providing drone services to customers without the capital-intensive manufacturing process.

What is the significance of Workhorse's partnership with Ziegler Truck Group?

The partnership with Ziegler Truck Group expands Workhorse’s dealer network in the Midwest, enhancing its ability to meet the growing demand for zero-emission commercial vehicles.

How does Workhorse support sustainability?

Workhorse supports sustainability by designing and building high-performance, battery-electric trucks and drones, reducing environmental harm and enhancing the efficiency of people and goods movement.

Where can I find more information about Workhorse Group Inc.?

More information about Workhorse Group Inc. can be found on their official website at workhorse.com.

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Workhorse Group, Inc

Nasdaq:WKHS

WKHS Rankings

#5100 Ranked by Market Cap
N/A Ranked by Dividends

WKHS Stock Data

31.67M
24.36M
4.09%
23.43%
22.88%
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