Business
Workhorse Group Reports Fourth Quarter and Full Year 2023 Results
CINCINNATI, March 12, 2024 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company focused on
About this update from Workhorse Group, Inc.
[{"type":"text","content":"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 highlights of the year, we rolled out our first W56 step van, secured our first W56 fleet customers, and increased our production capabilities for our W4 CC and W750 vehicles. We also expanded our commercial network, adding key dealers and partners in multiple states.” Mr. Dauch continued, “This is an important time for Workhorse, and we are taking critical steps to strengthen our financial position. We are in the process of negotiating with financing sources for a transaction that would make liquidity available both in the short term and over time. Such a financing, in combination with our intended Union City sale/leaseback transaction and aggressive cost reduction actions across the organization, should provide a financial runway to execute our plans for 2024. 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. We are also reducing headcount significantly across the rest of our organization. I’m incredibly proud of the Workhorse team and grateful for the contributions of all our employees, including those whose jobs are impacted by the difficult but necessary actions we are taking.”Mr. Dauch concluded, “I remain optimistic about the future of Workhorse. Recent dealer and fleet operator W56 demonstrations and feedback have reinforced our belief in the potential of our commercial EV trucks. We are committed to our mission and will continue taking decisive steps to win in the market and drive value for our shareholders.” Executing Strategic Commercial Vehicle Product Roadmap Workhorse continued to advance its strategic product roadmap for its commercial EV delivery offerings. W56: Workhorse received final HVIP certification approval of the W56 step van in Q4 2023, the final, critical milestone to delivering these vehicles to the impor...