Business
Workhorse Group Reports Third Quarter 2021 Results
CINCINNATI, Nov. 09, 2021 (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, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”) an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector, today reported financial results for third quarter ended September 30, 2021. Release Updates and Highlights In October/November, the Company strengthened its balance sheet with approximate 85% equity conversion of previous $200 million debt obligation. Workhorse’s current debt balance is now $27.5 million of principal, providing a net cash position of more than $200 million.Onboarded new, experienced management team; formally commenced permanent CFO search.Additional testing of current C-1000 truck design underway with plans for future reconfiguration in process. The Company expects to provide a production forecast in early Q1 2022. Strategically withdrew from the USPS lawsuit in order to pursue opportunities with the federal government. Developed 2022-2024 capital spending plan that supports initial vehicle delivery. Management Commentary“In the first 90 days since I’ve joined this company, we have made a number of important decisions, both large and small, to strengthen and build Workhorse into a more competitive and well-balanced EV industry leader,” said Workhorse CEO Rick Dauch. “We have assembled an experienced, capable management team, strengthened our balance sheet, dropped the USPS lawsuit, identified our upcoming three-year capital needs and improved our internal communication processes. We still have many steps ahead of us to become a successful company; this process will require us to increasingly focus on our customers, further develop industry leading technology, make hard decisions about what is essential to our operations, develop common, lean systems and then profitably grow the business. With the strong industry fundamentals and tailwinds we have in our sector, I am optimistic that Workhorse will be prepared to deliver the best-in-class vehicles for the commercial electric vehicle market starting in 2023.” Additional Third Quarter 2021 and Recent Operational Highlights July: Appointed Rick Dauch as Chief Executive Officer and board member.August: Entered into pilot program with USDA’s Natural Resources Conservation Service to provide small Unmanned Ae...