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 (Nasdaq: WKHS) reported its Q4 and full year 2022 financial results on March 1, 2023. The Company achieved Q4 sales of $3.4 million, a return from a net loss of $2.0 million last year. Cost of sales dropped significantly to $21.2 million from $99.9 million, aided by reduced non-cash charges. For the full year, sales totaled $5.0 million versus a loss of $0.9 million in 2021. Net loss also improved to $117.3 million from $401.3 million in 2021. The outlook for 2023 is optimistic with anticipated revenue between $75 million and $125 million. Workhorse plans to ramp up production of its W4 CC, W750, and W56 commercial vehicles throughout the year.
Workhorse Group Inc. (Nasdaq: WKHS) announced two new board nominees, Jean Botti and Brandon Torres Declet, slated for election at the 2023 Annual Meeting of Stockholders. This decision is part of the company's ongoing board refreshment strategy, with four current directors opting not to seek re-election. Post-meeting, Workhorse will have eight directors, seven of whom will be independent. Botti brings over 30 years of automotive and aviation experience, while Torres Declet is a notable figure in the drone industry. Both are expected to enhance Workhorse's efforts in zero-emission vehicle and aerospace development.
Workhorse Group (WKHS) announces a conference call on March 1, 2023, at 10:00 a.m. Eastern Time to discuss its financial results for Q4 and the full year ending December 31, 2022. The call will include a presentation by management followed by a Q&A session. Interested participants can join via U.S. dial-in at 877-407-8289 or international at 201-689-8341. A live stream and a replay will be available on the company's website after the call. This event highlights Workhorse's commitment to transparency and investor engagement in the electric vehicle sector.
Workhorse Group Inc. (Nasdaq: WKHS) announced a strategic shift by discontinuing the C1000 program to focus on the W4 CC, W750, and W56 vehicles. This decision will result in a non-cash inventory write-off of approximately $10 million. The company has also concluded an investigation by the SEC without enforcement action. Additionally, shipments of the W4 CC vehicles are underway, with production and deliveries expected to ramp up significantly in 2023, aiming for revenue between $5 million and $15 million for 2022 and considerable growth in 2023.
Workhorse Group Inc. (Nasdaq: WKHS) is hosting an Analyst Day at its Indiana manufacturing facility, highlighting progress in its operational foundation and product roadmap. Management has revamped leadership, advanced its product strategies, and strengthened its financial position. Key initiatives include launching the W4 CC platform, initiating pilot production of W750 vans, and enhancing aerospace capabilities with the Horsefly drone. The company aims to deliver 25-100 vehicles in 2022, generating $5 to $15 million in revenue despite facing port delays affecting shipments.
Workhorse Group (Nasdaq: WKHS) will host its Analyst Day on December 7, 2022, starting at 9:00 a.m. ET at Workhorse Ranch in Union City, IN. The event will include a live webcast and an accompanying slide presentation accessible on the Investor Relations section of Workhorse's website. Attendees will hear from the executive team on product updates and future strategies, and in-person guests can tour the new electric trucks, vans, and drones. Invitations for in-person attendance are limited and available upon inquiry.
Workhorse Group Inc. (WKHS) reported Q3 2022 results, showcasing a net sales increase to $1.5 million and a significant decrease in net loss to $35.4 million compared to $81.1 million last year. Key highlights include the initial production of Class 4 vehicles and the launch of the 'Stables & Stalls' platform aimed at supporting small fleet operators transitioning to electric vehicles. The company reaffirms its revenue guidance for 2022, expecting $15-25 million. Management emphasizes strategic investments and progress in both commercial vehicle and aerospace sectors.
Workhorse Group (WKHS) will hold a conference call on November 8, 2022, at 10:00 a.m. ET to discuss its financial results for Q3 2022, ending September 30. The results will be released before the call. Management will present the results, followed by a Q&A session. Participants should dial in 10 minutes prior to the call. A replay will be available after 1:00 p.m. ET on the same day and can be accessed until November 15. Workhorse is focused on developing drone-integrated electric vehicles for last-mile delivery.
Workhorse Group Inc. (WKHS) reported Q2 2022 results, revealing net sales of only $12.6K, down from $1.2M YoY, primarily due to decreased vehicle sales. However, cost of sales significantly decreased to $3.0M. SG&A expenses rose to $13.0M, driven by increased employee compensation. R&D expenses doubled YoY to $5.0M. The company maintains a cash reserve of $140.1M. Workhorse anticipates manufacturing and selling 150-250 vehicles in 2022, projecting revenue of $15-25M. The CEO emphasized ongoing strategic initiatives and partnerships to enhance future deliveries.
GreenPower Motor Company (NASDAQ: GP) has announced the initial delivery of EV Star Cab and Chassis (EV Star CC) to Workhorse Group Inc. (NASDAQ: WKHS) for the production of the Class 4 W750 step van line. This follows a multi-year supply agreement established on March 1, 2022, under which GreenPower is set to deliver 1,500 units by March 2024. The W750 will feature a 150-mile electric range and a 5,000 lbs payload capacity. GreenPower aims to scale deliveries rapidly to meet Workhorse's production needs.
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