Business
Workhorse Group Reports Second Quarter 2023 Results
CINCINNATI, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”), an American technology company with a vision
About this update from Workhorse Group, Inc.
[{"type":"text","content":"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. Management Commentary “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. “During the quarter, we continued to advance our product roadmaps, ramp up production and expand our commercial relationships. We were pleased to increase production and delivery of our W4 CC vehicles and delivered our first W750 to a customer. The W56 program is also on track to begin production in the third quarter of this year. Our Aerospace business is continuing to make important strides, including signing our first commercial drone purchase order and recording our first sales for HorseFly™ during the second quarter. Aero also was awarded a $900,000 follow-up grant for drone-based sensor work in Mississippi in support of the USDA.” Mr. Dauch continued, “The entire Workhorse team is moving full speed ahead on our operational and strategic initiatives and is intently focused on execution and operating efficiently. We are building a strong foundation and are confident we have established a solid business well positioned for growth and value creation for our shareholders, customers and communities.” Second Quarter 2023 and Recent Operational Highlights Workhorse delivered on its operational priorities in the second quarter: Received purchase orders for 62 vehicles, including the first two purchase orders for the W56, and delivered 42 Class 4 (W4 CC/W750) vehicles to customers as Workhorse expands its dealer network. Conducted several customer EV demonstrations, including a full-day field test of the W750 with the City of Los Angeles; showcased the W56 at CALSTART’s electric vehicle event in Washington D.C., highlighting Workhorse’s family of last-mile delivery vehicles. Received first commercial drone purchase order for HorseFly™ and finalized preparation for drone assembly in Mason, Ohio facility. Established Burr Truck and Trailer Sales as the first certified Workhorse dealer in New York state and the Northeast region of the coun...