WKHS

Workhorse Regains Compliance: Workhorse Group Inc announced it has regained compliance with Nasdaq rules after maintaining a minimum bid price of $1 per share for 10 consecutive trading days, following a reverse stock split on March 17.

Financial Performance and Future Outlook: Despite missing analyst estimates in its recent financial results, CEO Rick Dauch expressed confidence in the company's products and long-term market opportunities in the EV sector, focusing on cost reductions to lower cash burn.

Compliance with Nasdaq: Workhorse Group Inc. has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share after a reverse stock split and meeting the necessary trading conditions.

Company Overview: Workhorse is focused on developing zero-emission commercial vehicles, manufacturing them in the U.S., and aims to expand its product offerings while navigating various market risks and uncertainties.

Compliance with Nasdaq Requirements: Workhorse Group has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share following a 1-for-12.5 reverse stock split on March 17, 2025.

Financial Performance: The company reported a GAAP EPS of -$51.69 and revenue of $6.61 million in its latest financial results.

Financial Performance: Workhorse Group Inc reported a revenue decrease to $6.6 million in 2024 from $13.1 million in 2023, with a net loss of $101.8 million, although this was an improvement from the previous year's loss. The company achieved significant cost reductions and has minimal debt.

Product Development and Market Strategy: Workhorse launched the W56 truck, received positive feedback, and established a national dealer network. Despite regulatory challenges affecting the EV market, the company remains focused on expanding its product offerings and securing orders, particularly from FedEx contractors.

Analyst Rating: Roth MKM analyst Craig Irwin has maintained a Hold rating on Workhorse Group (WKHS) with a price target of $2.00, while the stock closed at $1.84.

Market Overview: The current consensus for Workhorse Group is a Hold rating, with a market cap of $6.36M and a P/E ratio of -0.02.

Earnings Report Overview: Workhorse Group Inc reported a 49.5% decline in FY24 sales to $6.616 million, missing analyst estimates, with an EPS loss of $51.69 also falling short of expectations. However, operational losses narrowed to $73.88 million from the previous year's $105.3 million.

Cost Management and Stock Performance: The company reduced selling, general, and administrative expenses by $13.1 million, primarily through workforce reductions, and shares rose by 10.8% to $2.149 in premarket trading following the earnings report.

Management Insights: Workhorse Group faces challenges in the commercial EV market but has launched the W56 truck, secured orders, and implemented cost-saving measures, resulting in reduced operating expenses. The company reported net sales of $6.6 million for 2024, down from $13.1 million in 2023, with a focus on securing new orders and advancing product development.

Market Outlook: Despite regulatory uncertainties and delays in fleet EV adoption, Workhorse remains committed to long-term growth through operational discipline and innovation, targeting regions with strong incentives for electric vehicles while navigating external market risks.

Financial Performance: Workhorse Group reported a FY GAAP EPS of -$51.69 and revenue of $6.61 million, reflecting a 49.5% year-over-year decline primarily due to lower sales of W4 CC trucks.

Sales Developments: The decrease in sales was partially offset by increased sales of W56 trucks, service revenue from the Stables by Workhorse route, and Drones As A Service prior to the Aero divestiture.

Workhorse Group Inc Deliveries: Workhorse Group announced the commencement of deliveries for its extended wheelbase W56 vans, starting with an order from a national uniform provider in partnership with Revolv, which includes 13 vans set to be integrated into operations by 2025.

Stock Performance: Following the announcement, Workhorse shares saw a rise of 9.44%, trading at $1.92, as the company prepares to report its fourth-quarter financial results on March 31.

Workhorse Begins Deliveries: Workhorse Group Inc. is set to deliver its new 208-inch extended wheelbase W56 step vans to a national provider of uniforms and workplace supplies, facilitated by Revolv and Kingsburg Truck Center for fleet electrification and upfitting.

W56 Specifications and Impact: The all-electric W56 offers significant cargo space, a range of 150 miles per charge, and a payload capacity of approximately 10,000 pounds, reinforcing Workhorse's commitment to supporting the transition to zero-emission commercial vehicles.

Conference Call Announcement: Workhorse Group Inc. will hold a conference call on March 31, 2025, at 10:00 a.m. Eastern time to discuss its financial results for the fourth quarter and full year ended December 31, 2024, along with future plans and outlook.

Company Overview: Workhorse Group Inc. is focused on developing zero-emission commercial vehicles, manufacturing them in the U.S., and catering to last-mile delivery and medium-duty operations.

Upcoming Stock Splits: Several companies, including Aditxt, Blue Hat Interactive, and Workhorse Group, are implementing reverse stock splits to comply with Nasdaq's minimum bid price requirements, effective between March 17 and March 21.

Purpose of Stock Splits: Companies often conduct stock splits to improve liquidity and make shares more affordable for retail investors, while reverse splits aim to increase share prices to meet listing standards.

Trading Halt: Workhorse Group (WKHS) has had its trading halted due to pending news.

Recent Announcements: The company recently announced a 1-for-12.5 reverse stock split and secured a contract with Kingsburg Truck Center, along with approvals for electric step vans in Canada.

Reverse Stock Split Announcement: Workhorse Group Inc. is implementing a 1-for-12.5 reverse stock split to meet Nasdaq's minimum bid price requirement, with shares trading on a split-adjusted basis starting March 17.

Stock Performance and Financial Outlook: The company's shares have declined nearly 95% over the past year, currently trading at 30 cents, and are expected to report a loss of 42 cents per share with revenue of $3.1 million for the fourth quarter.

Reverse Stock Split Announcement: Workhorse Group Inc. will implement a 1-for-12.5 reverse stock split of its common shares on March 17, 2025, to comply with Nasdaq's minimum bid price requirement, aiming for a closing bid price of at least $1.00 per share by March 31, 2025.

Impact on Shareholders: The reverse stock split will automatically adjust all shareholders' positions without requiring any action from them, and fractional shares will be rounded up to the nearest whole share.

Reverse Stock Split Announcement: Workhorse Group (WKHS) will implement a 1-for-12.5 reverse stock split effective March 17, 2025, to increase its stock price and comply with Nasdaq's minimum bid requirement of $1.00 per share.

Impact on Shareholders: The reverse stock split will combine every 12.5 shares into one, affecting all shareholders uniformly without altering their percentage ownership, while fractional shares will be rounded up to the nearest whole share.

California State Agencies Contract: California state agencies can now procure Workhorse's W4 CC and W56 electric trucks through a contract with Kingsburg Truck Center, facilitating compliance with Advanced Clean Fleet regulations aimed at reducing emissions.

Impact on Air Quality: The transition to zero-emission vehicles is crucial for improving air quality in the San Joaquin Valley, which suffers from severe pollution, and supports California's sustainability goals.

Workhorse Group Contract: Workhorse Group has secured a contract with the California Department of General Services for supplying electric commercial trucks, simplifying procurement for state agencies and aiding compliance with California's sustainability goals.

Electric Vehicle Access: The contract provides California state agencies streamlined access to Workhorse’s battery-electric medium-duty vehicles, promoting reduced emissions in line with the state's aggressive environmental initiatives.

Workhorse Electric Vans Approved for Canada: Workhorse Group Inc. has received approval to import and sell its W56 and W750 all-electric step vans in Canada, following compliance with Canadian Motor Vehicle Safety Standards (CMVSS) through Transport Canada's Appendix G Pre-clearance Program.

Market Demand and Testing Plans: There is strong interest from Canadian last-mile delivery fleets for sustainable transportation solutions, with on-road testing of demo trucks expected to begin by the second quarter of 2025, as Workhorse aims to expand its distribution network in Canada.

Approval for Electric Vans: Workhorse Group's W56 and W750 electric step vans have been approved for importation and sale in Canada after meeting Canadian Motor Vehicle Safety Standards, allowing dealers to sell them nationwide.

Future Testing and Expansion: On-road testing of the vans is scheduled to begin by the second quarter of 2025, and Workhorse is looking to expand its dealer network in Canada to enhance customer service.