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 ...

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. Management Commentary "Over the past year, we have advanced our product roadmap and navigated challenges that slowed, but never stopped, our progress," said Workhorse CEO Rick Dauch. "Among the hig ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-37673 WORKHORSE GROUP INC. (Exact name of registrant as specified in its charter) Nevada 26-1394771 (State or other jurisdi ...

WORKHORSE® Workhorse Group Reports Fourth Quarter and Full Year 2023 Results CINCINNATI, March 12, 2024 - 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. Management Commentary "Over the past year, we have advanced our product roadmap and navigated challenges that slowed, but never stopped, ...