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Workhorse Group Reports Fourth Quarter and Full Year 2023 Results

Retrieved on:

Tuesday, March 12, 2024

Research, EV, Certification, USDA, Negotiation, Data as a service, Natural Resources Conservation Service, Shareholder, Accounting, Sale, Stable, HVIP, W56, FedEx Ground, Drone, Service, Feedback, C1000, Pharmaceutical industry

CINCINNATI, March 12, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today reported financial results for the fourth quarter and full year ended December 31, 2023.

Key Points:

CINCINNATI, March 12, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today reported financial results for the fourth quarter and full year ended December 31, 2023.
Continued Build Out of Commercial Dealer and Service Footprint: Workhorse successfully added new certified dealers to its network in 2023, expanding to 11 dealers nationwide.
Completed Revamp of Manufacturing Complex: In 2023, the Company completed the overhaul of its Union City, Indiana manufacturing complex.
Sales, net of returns and allowances, for the fourth quarter of 2023 were $4.4 million compared to $3.4 million in the same period last year.

Workhorse Group Adds Riverview International Trucks as its Fifth California Dealer

Retrieved on:

Thursday, February 22, 2024

HVIP, EV, Original equipment manufacturer, W56, Draft horse, Partnership

CINCINNATI, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS ) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced it has added Riverview International Trucks (“Riverview”) as its latest vehicle dealer, bringing the Company’s total dealer count in California to five.

Key Points:

CINCINNATI, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS ) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced it has added Riverview International Trucks (“Riverview”) as its latest vehicle dealer, bringing the Company’s total dealer count in California to five.
With locations in West Sacramento and Redding, Riverview is a family owned and operated full-service heavy-duty truck dealership that has been serving Northern California since 1981.
Riverview’s customer-first approach has allowed it to forge longstanding partnerships with leading businesses in California.
“This strategic partnership represents another step forward in our ongoing expansion efforts in California,” said Workhorse CEO Rick Dauch.

Workhorse Group Receives Second Fleet Order for W56 Step Van

Retrieved on:

Thursday, January 11, 2024

Sale, Foot, Safety, W56, Draft horse, Airline

CINCINNATI, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS ) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced it has received its second fleet purchase order for the W56 step van from a leading commercial fleet operator.

Key Points:

CINCINNATI, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS ) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero-emission commercial vehicles, today announced it has received its second fleet purchase order for the W56 step van from a leading commercial fleet operator.
The W56 step van also offers a large 1,000+ cubic foot cargo box with lowered step-in and wide cabin door for easier entry and exit.
“With this new fleet order, we are building momentum and ramping up sales for our purpose-built Class 5/6 vehicle,” said Workhorse CEO Rick Dauch.
“This is our second conversion from a demo vehicle trial to a sale for the W56 since we started production in September.

Workhorse Group Receives HVIP Approval from California Air Resources Board for the W56

Retrieved on:

Wednesday, January 3, 2024

W56, CARB, Hybrid, Draft horse, HVIP, EV, Renewable energy

The HVIP incentive program reduces cost barriers for EV ownership in California to help transition the state to zero emissions.

Key Points:

The HVIP incentive program reduces cost barriers for EV ownership in California to help transition the state to zero emissions.
Through the HVIP incentive program, vehicle purchasers and participating dealers are eligible to apply for a base voucher of $85,000 per W56 purchased.
The Company began production of the W56 in September 2023 and recently received its first fleet purchase order for W56 step vans in California.
With the HVIP approval and capacity to build up to 5,000 W56 units per year, Workhorse is well positioned to advance our product roadmap and drive growth.”

Workhorse Highlights Achievements in 2023 Year-End Letter to Shareholders

Retrieved on:

Thursday, December 21, 2023

FedEx Ground, Running, OEM, W56, CARB, NYTVIP, HRM, Certification, Aero, Stable, FedEx, Draft horse, FMVSS, EV

I would first like to take a moment to say thank you for your ongoing engagement, patience and feedback throughout 2023.

Key Points:

I would first like to take a moment to say thank you for your ongoing engagement, patience and feedback throughout 2023.
As we head toward year end, I wanted to reflect on the year and provide an update on recent achievements and the opportunities ahead.
We believe we are well prepared to meet the needs of our customers as EV adoption increases.
Thank you for your continued support, and wishing you and your families all the best as we head into 2024.

Workhorse Group Reports Third Quarter 2023 Results

Retrieved on:

Tuesday, November 14, 2023

CINCINNATI, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS ) (“Workhorse” or “the Company”), an American technology company with a vision to pioneer the transition to zero emission commercial vehicles, today reported financial results for the third quarter ended September 30, 2023.

Key Points:

CINCINNATI, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS ) (“Workhorse” or “the Company”), an American technology company with a vision to pioneer the transition to zero emission commercial vehicles, today reported financial results for the third quarter ended September 30, 2023.
This approval provides Workhorse customers eligibility to receive up to a $40,000 federal tax credit per vehicle for deliveries of all Workhorse vehicles in 2023 and beyond.
Net interest income for the third quarter of 2023 was $0.4 million compared to $0.0 in the same period last year.
“Our financial results for the third quarter and our outlook for the year were significantly impacted by the HVIP voucher delays,” said Workhorse CFO Bob Ginnan.

Workhorse Begins Production of W56 Chassis

Retrieved on:

Thursday, September 7, 2023

EVS, Growth, Foot, W56, Draft horse, Safety, Airline

CINCINNATI, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero emission commercial vehicles, today announced that it has started production of the chassis for its W56 electric vehicle at the Company's Union City, Indiana manufacturing facility.

Key Points:

CINCINNATI, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero emission commercial vehicles, today announced that it has started production of the chassis for its W56 electric vehicle at the Company's Union City, Indiana manufacturing facility.
The W56 is the Company’s first fully-designed, purpose-built Class 5/6 model chassis platform built from the ground up.
“With the first W56 chassis rolling off the line in Union City, we have reached an important milestone along our product roadmap,” said Workhorse CEO Rick Dauch.
Workhorse expects to begin production of full W56 step vans later in September and to have production quality demo units delivered to major fleets early in the fourth quarter.

Workhorse Group Stockholders Approve Share Authorization Proposal

Retrieved on:

Friday, September 1, 2023

Growth, W56, Aero, Draft horse, Special, Holding company

CINCINNATI, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero emission commercial vehicles, today announced that its stockholders voted to approve the proposal to increase the number of shares of Workhorse common stock at its Special Meeting of Stockholders.

Key Points:

CINCINNATI, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero emission commercial vehicles, today announced that its stockholders voted to approve the proposal to increase the number of shares of Workhorse common stock at its Special Meeting of Stockholders.
“We appreciate the support of our stockholders, which will enable us to fund Workhorse’s next phase of execution and growth, as we build a bridge to long-term value creation,” said Workhorse CEO Rick Dauch.
We look forward to continuing to engage with our stockholders as we grow our business and create value for our customers and stockholders.”
At the Special Meeting, more than a majority of the outstanding common shares voted in favor of the share authorization proposal.
Workhorse will file the final vote results, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission.

Workhorse Group Reports Second Quarter 2023 Results

Retrieved on:

Tuesday, August 8, 2023

CINCINNATI, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS ) (“Workhorse” or “the Company”), an American technology company with a vision to pioneer the transition to zero emission commercial vehicles, today reported financial results for the second quarter ended June 30, 2023.

Key Points:

CINCINNATI, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS ) (“Workhorse” or “the Company”), an American technology company with a vision to pioneer the transition to zero emission commercial vehicles, today reported financial results for the second quarter ended June 30, 2023.
“Our second quarter performance demonstrates the ongoing progress we are making on our path forward to grow and further position Workhorse for success,” said Workhorse CEO Rick Dauch.
Workhorse achieved notable milestones during the second quarter including:
Signed its first commercial drone purchase order and sales for HorseFly.
Loss from operations for the second quarter was $23.5 million compared to $21.1 million in the same quarter last year.

Workhorse Group Mails Letter to Stockholders from Chief Executive Officer, Rick Dauch

Retrieved on:

Thursday, August 3, 2023

State, EV, FOR, Atmosphere, EVS, W56, Special, Growth, Government, OEM, Letter, Holding company, Management, Airline, Draft horse

CINCINNATI, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on pioneering the transition to zero emission commercial vehicles, today mailed a letter to Workhorse stockholders from its CEO Rick Dauch providing context on why Workhorse stockholders should vote FOR the proposal to increase the number of authorized shares of Workhorse common stock in connection with the upcoming Special Meeting.

Key Points:

Workhorse also launched a website in connection with the Special Meeting, which has information for stockholders regarding the proposal and how to vote: www.VoteWKHS.com .
Since then, we have transformed the business, executing a clear strategy to stabilize, fix and ultimately grow Workhorse into a viable commercial EV OEM.
We have revamped our management team, bringing in industry veterans and experts to lead the Company and execute our plans.
To continue on our journey, we need our stockholders to vote FOR the proposal to increase the number of authorized shares of Workhorse common stock.