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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.

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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.

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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.

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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.

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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.

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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.

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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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Workhorse Group Inc. (WKHS) will hold a conference call on August 9, 2022, at 10:00 AM ET to discuss its second-quarter financial results ending June 30, 2022. The call will include management presentations followed by a Q&A session. Interested parties can join by dialing in 10 minutes before the call, and a replay will be available after 1:00 PM ET on the same day.

This event aims to outline the company's plans and financial outlook as it focuses on innovative electric vehicles and drone technology in the last-mile delivery sector.

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Workhorse Group (Nasdaq: WKHS) has finalized a purchase order for 10 battery electric vehicles from Amerit Fleet Solutions to enhance their EVolution Mobile Service Centers in California. These electric vehicles support zero emissions and are designed for maintenance and repairs of both electric and ICE vehicles. The EVolution MSC can also assist with downed EVs, providing emergency charging. Amerit's CEO emphasized the commitment to electric vehicle support, while Workhorse's CEO expressed pride in their partnership. Both companies will showcase their innovations at the ACT Expo in Long Beach, CA from May 9-12, 2022.

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Workhorse Group Inc. (WKHS) announced its Q1 2022 financial results, reporting a decline in sales to $14.3 thousand from $521.1 thousand in Q1 2021, primarily due to reduced truck sales volume. While cost of sales decreased to $3.9 million, SG&A expenses rose significantly to $11.9 million, largely driven by higher employee-related costs. The net loss improved to $(22.1) million compared to $(120.5) million in the prior year. The company remains committed to producing at least 250 vehicles in 2022 and generating a minimum of $25 million in revenue.

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Workhorse Group Inc. (NASDAQ: WKHS) held its annual stockholders’ meeting on May 3, 2022, where shareholders re-elected nine directors and added Scott Miller, increasing the board to ten members, with nine being independent. Additionally, Grant Thornton LLP was ratified as the Company’s independent auditors for 2022. Workhorse is focused on sustainable, drone-integrated electric vehicles for last-mile delivery. Further details can be found in the Company's Proxy Statement filed with the SEC.

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FAQ

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

The current stock price of Workhorse Group (WKHS) is $0.8034 as of December 20, 2024.

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

The market cap of Workhorse Group (WKHS) is approximately 32.0M.

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.

Workhorse Group, Inc

Nasdaq:WKHS

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WKHS Stock Data

32.04M
39.94M
4.09%
21.41%
24.54%
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