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 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.
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.
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.
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.
Workhorse Group (NASDAQ: WKHS) announced the election of Scott Miller to its board of directors during the annual stockholders' meeting on May 3, 2022. Miller, a retired Four-Star General with extensive leadership experience, will also serve on the Nominating and Corporate Governance and Compensation Committees. His military background includes significant roles in NATO and U.S. forces in Afghanistan. CEO Rick Dauch highlighted Miller's strategic mindset as a valuable asset for the company's vision in zero-emission commercial vehicle technology.
Workhorse Group Inc. (WKHS) will hold a conference call on May 10, 2022, at 10:00 a.m. Eastern time to discuss its first-quarter financial results for 2022 and future plans. The results will be released prior to the call. Investors can access the call via U.S. dial-in number 877-407-8289 or international dial-in 201-689-8341. A replay will be available after 1:00 p.m. Eastern time on the same day through May 17, 2022. The conference will be broadcasted live and available for replay on the company's website.
Workhorse Group Inc. (Nasdaq: WKHS) announced a significant financial move to strengthen its balance sheet by entering an agreement with High Trail Capital. In this agreement, the company will exchange approximately $29.7 million of common stock for outstanding 4.00% senior secured convertible notes, effectively eliminating its remaining debt. CFO Bob Ginnan emphasized that this transaction is a step towards transforming Workhorse from an advanced technology start-up into an efficient manufacturing entity with enhanced financial flexibility and stability.
Workhorse Group (WKHS) reported its fourth-quarter and full-year 2021 financial results on March 1, 2022, revealing a net loss of $156.1 million for Q4 and $401.3 million for the full year. Sales fell to $(2.0) million in Q4 and $(0.9) million for the year, primarily due to vehicle recalls. The company has revamped its leadership team and opened a new design facility to strengthen its operational capabilities. Guidance for 2022 estimates at least 250 vehicle sales and $25 million in revenue, with manufacturing expected to ramp up in the second half.
Workhorse Group (NASDAQ: WKHS) has partnered with GreenPower Motor Company (NASDAQ: GP) to establish a multi-year supply agreement for 1,500 EV Star cab and chassis. The delivery is set to begin in July 2022, with the chassis used for Workhorse's Class 4 W750 step vans. Workhorse will exclusively sell these vans across the U.S. and Canada. The W750 features a 150-mile electric range and 5,000 lbs payload capacity. This collaboration aims to enhance Workhorse's electric vehicle offerings and market presence.
On March 1, 2022, Workhorse Group (NASDAQ: WKHS) and GreenPower Motor Company (NASDAQ: GP) announced a multi-year supply agreement for the delivery of 1,500 EV Star cab and chassis. Deliveries will commence in July 2022, supporting Workhorse's new Class 4 W750 step van line, which is set for production in Q3 2022. This partnership grants Workhorse exclusive rights to sell the Class 4 vans in the U.S. and Canada. The W750 model will offer a 150-mile electric range and a 5,000 lbs. payload capacity, enhancing Workhorse's presence in the zero-emission vehicle market.
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