Workhorse Group Inc. (Nasdaq: WKHS) (“Workhorse” or “the Company”),
an American technology company focused on pioneering the transition
to zero emission commercial vehicles, today announced significant
progress it is making in advancing Workhorse Aero, the Company’s
drone business.
“We are making important progress with our Aero Business, and
the steps we are highlighting today reflect the strength of our
technology, our systems and our people,” said Rick Dauch, Workhorse
CEO. “We have clear growth strategies, and our team is focused on
capturing the tremendous opportunities as we work to make last mile
delivery more sustainable and more efficient.”
John Graber, Workhorse Aero President, said, “Our Aero team is
building safe, reliable, dependable drones, and we have the ability
to scale. We’ve flown thousands of tests over hundreds of hours
across numerous aircraft in our fleet. We know what our systems can
do, and they can deliver.”
Taking Next Steps with UPS
The Company has entered the Federal Aviation Administration
(“FAA”) process to put the WA4-100, known as Horsefly, on UPS
Flight Forward’s (UPSFF) FAA Part 135 “drone airline” certificate.
Workhorse Aero is working closely with UPSFF and the FAA and plans
to have Horsefly approved for FAA Part 135 operations by the end of
2023.
Gaining FAA approval is the next step in a productive, on-going
collaboration between Workhorse and UPS Flight Forward as the two
companies work together to bring safe, capable drone delivery
systems to market. Workhorse Aero trained UPSFF personnel to
operate and maintain the drones and UPSFF’s professionals have
flown hundreds of successful missions with Workhorse Aero
aircraft.
For the FAA to approve Horsefly for operations on UPSFF’s Part
135 certificate, Workhorse must complete an extensive and demanding
flight test program. Flight tests span hundreds of hours over many
separate flight tests using a fleet of aircraft and must be
accomplished satisfactorily.
John Graber added, “We are pleased that UPS Flight Forward
recognizes that our Horsefly drones are safe and reliable, and we
are thrilled to take this next step with them. We will work closely
with the USPFF and FAA teams to complete the required flight tests,
on schedule.”
Additional Grants For Drone Services
Over the last month, Workhorse Aero has been awarded two
additional grants from the U.S. Department of Agriculture (“USDA”)
for farmland scanning, which total approximately $1.1 million in
additional USDA funding to support agriculturally based
applications. This brings the total of USDA for sensor scanning
work grants received this year to more than $2 million.
John Graber concluded, “We continue to see significant growth
opportunities in the agricultural markets, as government agencies
and our partners rely on our drones to capture the data they need
to drive their work forward.”
About Horsefly The WA4-100, also known as
Horsefly, is one of Workhorse’s family of all-electric,
multipurpose uncrewed aerial systems (UAS), designed to tackle a
variety of commercial and industrial applications. With the push of
a button, the WA4-100 aircraft automatically takes off and flies
safely and quietly to its destination. Once there, the system –
entirely automatically – hovers quietly while gently lowering the
package on target. The aircraft then – still automatically – safely
and quietly returns to base, where it is ready for another delivery
within minutes. When properly equipped, Workhorse systems can carry
up to 10 pounds and for as far as 10 miles.
About Workhorse Group Inc.Workhorse is a
technology company focused on providing ground and air-based
electric vehicles to the last-mile delivery sector. As an American
original equipment manufacturer, we design and build high
performance, battery-electric trucks and drones. 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
The discussions in this press release contain forward-looking
statements reflecting our current expectations that involve risks
and uncertainties. These statements are made under the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform
Act of 1995. When used in this press release, the words
“anticipate,” “expect,” “plan,” “believe,” “seek,” “estimate” and
similar expressions are intended to identify forward-looking
statements. These are statements that relate to future periods and
include, but are not limited to, statements about the features,
benefits and performance of our products, our ability to introduce
new product offerings and increase revenue from existing products,
expected expenses including those related to selling and marketing,
product development and general and administrative, our beliefs
regarding the health and growth of the market for our products,
anticipated increase in our customer base, expansion of our
products functionalities, expected revenue levels and sources of
revenue, expected impact, if any, of legal proceedings, the
adequacy of liquidity and capital resources, and expected growth in
business. Forward-looking statements are statements that are not
historical facts. Such forward-looking statements are subject to
risks and uncertainties, which could cause actual results to differ
materially from the forward-looking statements contained in this
press release. Factors that could cause actual results to differ
materially include, but are not limited to: our ability to develop
and manufacture our new product portfolio, including the W4 CC,
W750, W56 and WNext surface vehicle platforms and the WA4-100
(Horsefly) and WA4-200 (Falcon) small Uncrewed Aerial Systems our
ability to attract and retain customers for our existing and new
products; risks associated with obtaining orders and executing upon
such orders; supply chain disruptions, including constraints on
steel, semiconductors and other material inputs and resulting cost
increases impacting our company, our customers, our suppliers or
the industry; our ability to capitalize on opportunities to deliver
products to meet customer requirements; our limited operations and
need to expand and enhance elements of our production process to
fulfill product orders; our inability to raise additional capital
to fund our operations and business plan; our inability to maintain
our listing of our securities on the Nasdaq Capital Market; the
ability to protect our intellectual property; market acceptance for
our products; our ability to control our expenses; potential
competition, including without limitation shifts in technology;
volatility in and deterioration of national and international
capital markets and economic conditions; global and local business
conditions; acts of war (including without limitation the conflict
in Ukraine) and/or terrorism; the prices being charged by our
competitors; our inability to retain key members of our management
team; our inability to satisfy our customer warranty claims; the
outcome of any regulatory or legal proceedings; and other risks and
uncertainties and other factors discussed from time to time in our
filings with the Securities and Exchange Commission ("SEC"),
including under the “Risk Factors” section of our filings with the
SEC. Forward-looking statements speak only as of the date hereof.
We expressly disclaim any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in our expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statement is based, except as required by
law.
Media Contact:Aaron Palash / Greg KlassenJoele
Frank, Wilkinson Brimmer Katcher212-355-4449
Investor Relations Contact:Matt Glover and Tom
ColtonGateway Investor
Relations949-574-3860WKHS@gateway-grp.com
Workhorse (NASDAQ:WKHS)
Historical Stock Chart
From Apr 2024 to May 2024
Workhorse (NASDAQ:WKHS)
Historical Stock Chart
From May 2023 to May 2024