CINCINNATI, May 16, 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 its upcoming participation as an exhibitor at the Advanced Clean Transportation Expo 2024 ("ACT Expo"). The annual event will be held this year from May 20-23 at the Las Vegas Convention Center in Las Vegas, Nevada. Workhorse will be located at Booth 3933, showcasing advanced ...

Core Viewpoint - Workhorse Group Inc. is actively participating in the Advanced Clean Transportation Expo 2024 to showcase its commitment to zero-emission commercial vehicles and innovative electric vehicle solutions [1][6]. Group 1: Event Participation - The Advanced Clean Transportation Expo 2024 will take place from May 20-23 at the Las Vegas Convention Center, where Workhorse will exhibit at Booth 3933 [2]. - The event serves as a platform for Workhorse to demonstrate its industry-leading commercial electric vehicles and their availability for real-world applications [6]. Group 2: Product Showcase - Workhorse will feature the W56 medium-duty refrigerated EV step van, which integrates a refrigeration system with the vehicle's high-voltage battery, eliminating the need for diesel units [3]. - The W56 step van offers a "ride and drive" experience for attendees, highlighting its operational ease, visibility, and regenerative braking system that recovers nearly 50% of energy used, achieving over 30 MPGe [4]. - Additionally, the Class 4 W4 CC chassis will be displayed, featuring a three cubic yard Rugby dump body, representing a first-of-its-kind 100% electric EV dump truck ready for market [5]. Group 3: Company Overview - Workhorse Group focuses on providing electric vehicles for last-mile delivery, including ground and air-based solutions, and develops integrated telematics systems for fleet optimization [7].

Core Viewpoint - Workhorse Group Inc. has received approval from stockholders for key proposals at its 2024 Annual Meeting, which will support the company's strategic roadmap for commercial vehicles [1][2]. Group 1: Company Overview - Workhorse Group Inc. is focused on developing zero-emission commercial vehicles, including ground and air-based electric vehicles for last-mile delivery [3]. - The company designs and manufactures high-performance, battery-electric trucks and drones, along with cloud-based telematics systems to enhance fleet efficiency [3]. Group 2: Annual Meeting Outcomes - Stockholders re-elected members to the Board of Directors for a term expiring at the 2025 annual meeting [5]. - A reverse stock split of Workhorse's outstanding shares will be considered, with a ratio between 1-for-10 and 1-for-20, to comply with Nasdaq Listing Rules [5]. - Approval was granted for the issuance of shares underlying senior secured convertible notes and warrants to purchase common stock [5].

CINCINNATI, April 24, 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 the addition of Milea Truck Sales and Leasing to its growing Certified Dealer network. With locations in the Bronx and Brooklyn, Milea Truck Sales and Leasing marks Workhorse's second dealer partner in New York state, 12th dealer nationwide, and its latest addition to the Ce ...

CINCINNATI, April 10, 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 Ziegler Truck Group to its network of dealers, bringing the Company's total dealer count to 11 partners nationwide. Ziegler Truck Group has locations in Minnesota, Iowa, and Wisconsin, expanding Workhorse's dealer network across the Midwest region. With a 110-ye ...

Workhorse Group (WKHS) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.The power o ...

Workhorse Group Inc. (WKHS) reported an adjusted loss of 18 cents per share for the fourth quarter of 2023, wider than the Zacks Consensus Estimate of a loss of 11 cents. The company had incurred an adjusted loss of 24 cents in the year-ago quarter.Workhorse generated net revenues of $4.41 million, which surpassed the Zacks Consensus Estimate of $3 million. Revenues rose 29.4% year over year due to increased sales volume and revenue contribution from Stables by Workhorse and DaaS.Key TakeawaysCost of sales ...

Financial Data and Key Metrics Changes - For the full year 2023, sales increased by $8.1 million to $13.1 million compared to $5 million in 2022, primarily due to increased sales volumes of W4CC and W750 products [17] - SG&A expenses decreased by $17.6 million to $55.6 million in 2023 from $73.2 million in 2022, driven by a reduction in legal expenses [18] - Net loss for 2023 was $124.6 million compared to a net loss of $117.3 million in 2022, with loss from operations improving to $105.3 million from $129 million [46] Business Line Data and Key Metrics Changes - The company achieved HVIP certification for both Class 4 and Class 5,6 vehicles, and has four distinct commercial EV products in production [7] - The Aero business sold its first units and is on track for FA certification in the first quarter of 2024, while also securing government grants [8][42] - Production of W56 step vans is expected to ramp up, with the capability to deliver finished vehicles in 5 to 6 weeks, the shortest lead time in the Class 5, 6 step van market in North America [12][34] Market Data and Key Metrics Changes - The commercial EV industry is experiencing uncertainty regarding the transition to electric vehicles, particularly with the enforcement of the CARB Clean Fleet mandate [5][32] - The company has received initial fleet orders for the W56 step vans and is expanding its dealer network, targeting 15 to 20 dealers by the end of 2024 [13][39] Company Strategy and Development Direction - The company is focused on strengthening its financial position while advancing its product roadmap and ramping up production to meet customer demand [23][30] - The strategic view for the Aero business is to unlock value for shareholders while positioning for future growth opportunities [16] - The company aims to emerge as a leader in the Class 4 to 6 segment of the commercial EV market [24][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the commercial EV industry but remains optimistic about the company's readiness to meet customer needs as the transition to EVs accelerates [48] - The company is working to resolve short-term liquidity issues and maintain operational excellence while increasing production [22][65] Other Important Information - The company has temporarily paused production of certain products to focus on ramping up W56 production, with plans to add workforce as orders materialize [9] - The company has established a sale-leaseback agreement for its Union City manufacturing complex to strengthen its financial position [63] Q&A Session Summary Question: How does the company prioritize orders between W56, W750, and W4CC? - The company is managing capacity based on customer demand and has received significant interest in the W56, with initial orders already placed [25][61] Question: What is the current status of the CARB mandate enforcement? - There is uncertainty regarding the timing of the CARB mandate enforcement, but many fleets are preparing to meet the requirements by the end of the year [51]

Shares of Workhorse (NASDAQ:WKHS) stock are plunging lower by over 10% after the electric vehicle (EV) and drone manufacturer reported its fourth-quarter earnings, revealing a round of layoffs.“As part of our cost-saving actions, we have made the decision to transition the Aero business to a less capital-intensive Drones-as-a-Service model,” said CEO Rick Dauch. “We are also reducing headcount significantly across the rest of our organization.”Workhorse disclosed that it was currently in the process of enac ...

Workhorse Group (WKHS) came out with a quarterly loss of $0.18 per share versus the Zacks Consensus Estimate of a loss of $0.11. This compares to loss of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -63.64%. A quarter ago, it was expected that this truck and drone manufacturer would post a loss of $0.12 per share when it actually produced a loss of $0.14, delivering a surprise of -16.67%.Over the last four quarters, t ...