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. reports developments tied to its role as a North American OEM and provider of all-electric trucks, step vans, shuttles and buses for commercial fleets. Recurring updates cover purchase orders for W56 step vans, fleet deployments, dealer relationships, customer-support programs that span vehicles and charging infrastructure, and post-sale service through dealer and factory-certified support networks.
The company also issues earnings and business-outlook announcements, operating updates and capital-structure or governance news. Its disclosures commonly reference commercial fleet customers, the Union City, Indiana manufacturing facility, the completed Motiv merger and the market for medium-duty electric delivery vehicles.
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.
Workhorse Group Inc. (NASDAQ: WKHS) has appointed William Quigley to its board of directors effective February 23, 2022. Quigley brings over 30 years of automotive and finance experience, having held senior positions at Nexteer Automotive, Dana Holding, and Visteon. He will also serve on the audit committee, bringing valuable financial acumen to the board composed of nine directors, eight of whom are independent. Quigley aims to leverage his expertise to enhance Workhorse's operations in the last-mile delivery sector.
Workhorse Group Inc. (WKHS) will hold a conference call on March 1, 2022, at 10:00 a.m. Eastern Time to discuss its financial results for Q4 and the full year ended December 31, 2021. The call aims to provide insights into the company's plans and outlook following the release of their financial results. Participants can join via U.S. or international dial-in numbers, with a live broadcast and replay available on the company's website.
Workhorse Group (NASDAQ: WKHS) has appointed Robert "Bob" Ginnan as Chief Financial Officer, effective January 4, 2022. Ginnan succeeds Greg Ackerson, who served as Interim CFO. Ginnan brings over 20 years of financial leadership experience, having previously increased revenues at Family RV Group from $80 million to $200 million. CEO Rick Dauch emphasized Ginnan's expertise in driving growth and maintaining financial stability. Ackerson will assist Ginnan during the transition and return to his role as Corporate Controller. Workhorse focuses on sustainable, drone-integrated electric vehicles for last-mile delivery.
Workhorse Group (NASDAQ: WKHS) held its annual stockholders' meeting, where stockholders re-elected eight directors for a term expiring in 2022. The meeting also ratified Grant Thornton LLP as the independent auditors for 2021 and approved the compensation for named executive officers. A webcast of the meeting will be available 24 hours post-event. Workhorse focuses on delivering drone-integrated electric vehicles for last-mile delivery, striving to enhance efficiency and reduce environmental impact.
Workhorse Group Inc. (WKHS) announced its third-quarter financial results for 2021, revealing a net loss of $81.1 million, slightly improved from $84.1 million in the previous year. Sales were negative at ($0.6 million) due to a $1.1 million recall liability. Cost of sales surged to $11.5 million, impacted by inventory write-downs and increased manufacturing costs. The company enhanced its financial standing by converting approximately 85% of a $200 million debt obligation, resulting in a net cash position exceeding $200 million.
Workhorse Group (NASDAQ: WKHS) will hold a conference call on November 9, 2021, at 10:00 a.m. ET to discuss Q3 financial results and future plans. The call will be preceeded by a press release featuring those results. Participants can dial in at 877-407-8289 (U.S.) or 201-689-8341 (International). A replay will be available from 1:00 p.m. ET on the same day until November 16, 2021. Workhorse specializes in drone-integrated electric vehicles aimed at improving last-mile delivery efficiency.
Workhorse Group Inc. (WKHS) announced significant executive leadership changes aimed at enhancing its transition from a tech startup to a manufacturing powerhouse in electric delivery vehicles. Greg Ackerson has been appointed interim CFO following Steve Schrader's departure. New appointments include Jim Harrington as Chief Administrative Officer, Josh Anderson as Chief Technology Officer, and Jim Peters as Vice President of Purchasing. CEO Rick Dauch emphasized the importance of leadership expertise in pursuing operational and commercial goals. These changes are crucial as Workhorse aims to solidify its market position.