“Over the past year we’ve taken important steps to stabilize, fix and grow Workhorse by revamping our management team, laying out clear product roadmaps, revitalizing our facilities and strengthening the Company’s overall financial position,” said Workhorse CEO
At today’s event, Workhorse will highlight the following key actions underway to drive value across the organization:
- Enhancing leadership team: The Company has built a talented and experienced team of business leaders, engineers, supply chain and sales professionals, and operational and plant management. The enhanced team has the critical skills and relevant expertise needed to advance its product roadmap and are fully aligned on implementing critical business initiatives.
- Advancing CV product roadmap: The Company is making significant progress executing on its revised product roadmap and is receiving strong interest for its EV products. The Company has begun building and selling its W4 CC platform and remains on track to start pilot production of W750 step vans in Q4 2022. It is also executing its plan for the W56 platform with the start of production planned for Q3 2023. It is also plans to complete testing of its C1000 platform by the end of 2022.
- Investing in Aerospace: Workhorse continues to invest in its Aerospace business and pursue key contracts. Its market-leading HorseflyTM platform with a high payload and long mile range is near completion of final flight testing. The Company has partnered with the
U.S. Department of Agriculture and continues to secure new Federal and State level grants. The Company is also developing a new family of drones to meet emerging customer requirements for humanitarian assistance and logistical operations (HALO). The commercial market for drones is rapidly growing and Workhorse is well positioned to capitalize on these opportunities. - Expanding into Stables & Stalls: Workhorse has launched Stables & Stalls, a fleet electrification initiative that provides services and charging infrastructure to support small fleet operators with EV powered fleets. The Company is actively executing for FedEx on delivery routes in
Ohio . The new platform is expected to provide the Company with valuable insights into the owner/operator business model and how best Workhorse can provide a meaningful advantage to further bolster the transition to EV platforms. This initiative supplements the Company’s product roadmap. - Strengthening its financial position: The Company has taken significant steps to strengthen its financial position. It has created a debt-free balance sheet with access to necessary cash and capital resources to execute on its go-forward plans.
- Refined 2022 guidance range: The Company refined the guidance range for 2022, which includes manufacturing and delivering approximately 25-100 vehicles and generating between
$5 million and$15 million in revenue. “Unfortunately, we have experienced recent port delays on inbound cab chassis, which is impacting the timing of our customer shipments,” added Dauch. The Company expects to generate significant revenue growth in 2023, as it ramps up production of its products and delivers value to customers and shareholders.
The Company will host a live webcast of the Analyst Day presentation today beginning at
About
Workhorse is a technology company focused on providing drone-integrated electric vehicles to the last-mile delivery sector. As an American original equipment manufacturer, we design and build high performance, battery-electric vehicles including trucks and aircraft. Workhorse also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment. For additional information visit workhorse.com.
Forward Looking Statements
This press release contains forward-looking statements reflecting our current expectations that involve risks and uncertainties. These statements are made under the “safe harbor” provisions of the
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