Management added several high-level positions to its staff including a CIO, a Corporate Counsel, a Director of Quality, and a Director of Production Control and Logistics. As of March 31, 2021, Workhorse had a cash balance of $167 million with a debt-free balance sheet resulting from a debt exchange agreement announced in April 2022.ĭuring the first quarter, the company continued to execute its strategic plans to bring its EVs to production.
The management noted that the company has completed its work on compliance with the Federal Motor Vehicle Safety Standards (FMVSS) standards, and production is set to begin during the second half of 2022. The company sales remained almost negligible, which was expected as the production of the company’s C-1000 electric delivery vans remained halted. On 10th May 2022, the company announced the first quarter results. The new management has taken significant steps to stabilize and strengthen the financial position of the company and has a strong vision for the company with several products in line to transition Workhorse from an advanced technology startup to an efficient manufacturing company.įirst Quarter 2022 Results: New Management spells out the roadmap
The industrial landscape is rapidly evolving towards the use of cleaner energy, and Workhorse is positioned to benefit from the ongoing secular transition. E.U has recently laid out a framework to phase out gas-powered engines by 2035. Battery electric vehicles are in huge demand as oil prices remain elevated and sustainability becoming a key priority of stakeholders around the world. Workhorse is in the process of solidifying its position as a leading US commercial electric vehicle manufacturer. The company has now complied with the safety requirements laid out by the FMVSS and the company plans on progressively ramping up its production and expects to manufacture and sell at least 250 vehicles in 2022 and generate at least $25 million in revenue. The stock has nose-dived as the company came under investigation by federal authorities over safety concerns related to the company’s C1000 electric van. shares are trading at almost 90% below its price a year ago, from a peak valuation of around 5 billion to its current valuation of under 700 million. Workhorse has now complied with the concerns raised by the FMVSS and plans to resume production in the second half of 2022 with a plan to manufacture 50-75 C1000s by year-end. In connection with the recall, the company agreed to refund customers for all C-1000 vehicles previously purchased by them. The company reported a negative revenue figure during 2021 as the company suspended deliveries of its C-1000 vehicles after the management paused the production of C-1000 vehicles and recalled the previously delivered ones as the electric truck required additional testing and modifications in order to comply with the standards laid out in the Federal Motor Vehicle Safety Standards (FMVSS). The company’s automotive business segment has been the main revenue contributor with the sales of C-1000 delivery trucks bringing in the majority of the revenue for the segment. Besides BEVs, the company has developed its Horsefly UAV (unman aviation vehicle) delivery system, which offers last-mile package delivery via drone.ĭuring the last three years 2019-21, Workhorse reported net sales, of approximately $0.4 million, $1.4 million and $(0.9) million. Moreover, the company has developed a cloud-based, real-time telematics performance monitoring system for managing commercial transportation fleets. (WKHS) is an American electric vehicle (EV) designer and manufacturer of high-performance commercial-grade medium-duty last-mile delivery trucks. They are well positioned in a rapidly growing global EV truck market. It appears that WKHS has the reserves to manage the capital-intensive nature of what they are trying to do. WKHS has an ambitious roadmap and the partnerships to embark on that journey. Production on their flagship truck is expected to begin in the second half of this year. Workhorse has overcome the safety issues that started its precipitous fall with measures such as expanding management. Workhorse: Resolving Concerns And Gearing Up For Production
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