Drones could add safety, speed, predictability, efficiency to healthcare logistics. Herndon, VA, April 21, 2020 (GLOBE NEWSWIRE) -- Virginia’s Center for Innovative Technology (CIT) recently partnered with UPS’s (UPS) drone delivery subsidiary UPS Flight Forward (UPSFF) and drone technology companies  DroneUp and Workhorse Group (WKHS) in tests designed to determine how unmanned aerial systems can assist medical professionals in their fight to stop the spread of the Coronavirus.

Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, recently entered into a Paycheck Protection Program Term Note ("PNC Note") with PNC Bank under the Paycheck Protection Program ("PPP") of the recently enacted Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") administered by the U.S. Small Business Administration ("SBA").

Workhorse Group, Inc. (NASDAQ: WKHS) is seeking additional patent protection for its truck-mounted Horsefly delivery drone because customers say touchless delivery will carry over beyond the coronavirus pandemic to life after the health crisis."In the last several months we have seen significant and growing interest in our vehicle-launched HorseFly delivery drone, making the need to expand the HorseFly patent portfolio even more critical," Workhorse CEO Duane Hughes said in a statement. "We are hearing from many businesses that this transition is not a temporary one, and that we need to adapt to a new normal," he said.Real-world testingThe Horsefly Unmanned Aerial System is a multiuse aircraft that can deliver parcels, carry sensors and cameras, and operate autonomously with a high degree of precision, the company says. It tested the Horsefly with United Parcel Service, Inc. (NYSE: UPS) in 2017 and StockX, an online seller of clothing and sneakers, in 2018.Workhorse will offer Horsefly on its C-Series electric vans scheduled for early production in Union City, Indiana. A spokesman did not respond to questions about production status or how many patents the Horsefly holds and is seeking."We feel strongly that all Workhorse electric delivery vehicles, with their integrated drone capabilities, are the most economical and efficient last-mile option currently available," Hughes said in a statement Wednesday.Horsefly capabilityThe HorseFly's real-world commercial demonstrations meet Federal Aviation Administration (FAA) flight standards. The drone is designed to deliver approximately 80% of most commercial package sizes, shapes and weights. It can carry a 5-pound payload up to 10 miles.The recently filed provisional patent application covers key components and capabilities, including its ground control station, winch deliveries and aircraft structure.In addition to delivering parcels via airdrops, winch deliveries from various altitudes and ground deliveries, the HorseFly system can carry sensors and cameras and operate autonomously with a high degree of precision, Workhorse said.A quick-change battery system reduces ground time between missions. HorseFly's mission-planning software enables operators to coordinate precise delivery routes, avoiding no-fly zones and hazardous weather. A customer interface enables remote pilots to monitor missions and notify pilots when their attention is required.Paycheck Protection LoanSeparately, Workhorse said Thursday it received a $1.4 million loan under the federal Paycheck Protection Program that is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act administered by the U.S. Small Business Administration (SBA).The company will use proceeds primarily for payroll costs. It has no obligation to pay principal or interest for six months. If Workhorse meets certain qualifications under the program, a large portion of the loan could later convert to a grant.Workhorse applied early and received the SBA loan through PNC Bank without hassle, according to Chief Financial Officer Steve Schrader."These funds will go a long way in allowing us to continue to meet our payroll needs and, as an essential business supporting the package delivery industry, keeping all our employees safe and working is critical through this challenging period," he said.The SBA said Thursday that $350 million earmarked for the program has been exhausted, and the agency won't be accepting new aid applications or enrolling new lenders.See more from Benzinga * Freight Executives Give Feedback To White House On Economic Restart * Freight Volumes Have Not Found The Bottom Yet * Today's Pickup: Industry Production Sees Its Biggest Monthly Fall Since World War II(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The stock market soared again Wednesday, with the Dow Jones Industrial Average posting its first back-to-back increases in seven weeks. Plenty of Greater Cincinnati stocks shared in the gains as details of an economic stimulus package emerged.

Workhorse Group Inc. (Nasdaq: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, has joined the Small UAV Coalition as an Associate member.

CINCINNATI, May 4, 2020 /PRNewswire/ – Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, has appointed Jacqueline ("Jacqui") Dedo and Pamela Mader, respectively, to its board of directors. With these additions, Workhorse's board of directors is now expanded from six to eight, including seven independent directors.

Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, today reported financial results for the fourth quarter and full year ended December 31, 2019.

Workhorse Group Inc. (NASDAQ: WKHS) generated just $3,000 in revenue in the fourth quarter on income of $655,000 as it inched toward production of its lightweight electric last-mile delivery vans.The Loveland, Ohio-based company expects to produce 300-400 vans this year at its plant in Union City, Indiana, moving from two vehicles a day in the second quarter to about 10 per day by the end of the year, CEO Duane Hughes told analysts on the company's earnings call Tuesday.Parts costs remain high because of low volume. The company so far has built three vans – two C-1000 and one C-650 cubic-foot cargo vans. They are being used primarily for customer demonstrations and testing.Workhorse has received all but one federal certification it needs to begin production. The last approval is expected to be completed by the end of March, allowing a limited build of two vans per day in April, chief operating officer Robert Willison said.Workhorse will reach its gross margin goal of 15-20% and be profitable when it can build 200 vans a month, Hughes said.Booked Orders United Parcel Service (NYSE: UPS) has a pending order for 1,060 vans. UPS should begin receiving vans by late in the second quarter, Hughes said. Other customers with pending orders include Deutsche Post's DHL International and Ryder System Inc. (NYSE: R)The recent NTEA Work Truck Show, where the C-Series won the 2020 Innovation Award in the green category, generated many expressions of interest that could be converted to future orders, Hughes said.  Financial Engineering Workhorse has moved beyond its first-generation E-Series electric vans, beset by high warranty expenses that drained company coffers of money needed to begin production of the new vans. The company borrowed $41 million in November 2019 to pay off a hedge fund loan early while retaining $16 million in cash for operations.The convertible debt required payment of 5 million of the company's 71 million outstanding shares, Interest expense in the fourth quarter increased to $5.6 million compared to $2.2 million in the same period last year due to prepayment of Marathon Asset Management.   Workhorse is exploring how much a $40 million revolving credit facility would cost the company in interest, chief financial officer Steve Schrader said,Workhorse has enough cash for the limited production planned this year, Hughes said.By The Numbers The $3,000 revenue in the quarter compared with $21,000 in the fourth quarter of 2018. The cost of goods sold was $2.1 million, down from $11.1 million in the fourth quarter of 2018, primarily due to lower warranty expense and inventory write-downs a year ago.Net income was $655,000, compared with a net loss of $17.7 million in the fourth quarter of 2018.Research and development expenses increased to $4.0 million from $1.7 million in the fourth quarter of 2018 because of C-Series startup costs."We have incurred a substantial non-recurring engineering charges that are required as part of the tooling, fixtures and supply chain setup that has cost millions of dollars since March 2019," Hughes said,Workhorse booked income of $15.8 million compared to $0 in 2018 with $12.2 million non-cash from its technology licensing agreement with Lordstown Motor Corp. that includes 10% ownership in the entity led by former Workhorse CEO Steve Burns.Lordstown Motors' took over the order book for Workhorse's W-15 electric pickups. Workhorse will receive a 1% royalty for each of the orders converted to a sale. Workhorse also realized $3.6 million from the net gain on the sale of Burns' Surefly manned octocopter to Moog Inc. Workhorse and Moog entered a joint venture for further development of the Horsefly truck-mounted delivery drone that is being tested by two potential customers."In 2019, we cleared the clutter that so many people felt distracted our operational capability," Hughes said.Image Sourced from PixabaySee more from Benzinga * Wilson Logistics Signs On To Platooning Deal With Locomation * FMCSA Stresses MRO Guidelines After D/A Clearinghouse Reboot * Freight Futures Daily Curve: 3/10(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Stocks took another beating Wednesday, with the Dow Jones Industrial Average falling more than 1,000 points for the fourth time in the last 13 trading days after the World Health Organization declared the coronavirus outbreak is a pandemic.

Workhorse Group Inc. (Nasdaq: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, today reported financial results for the first quarter ended March 31, 2020.

Loveland-based Workhorse Group Inc. has received more than $1.4 million under the Paycheck Protection Program.

Q1 2020 Workhorse Group Inc Earnings Call

Production of its long-awaited electric delivery van could begin in the next few weeks for Workhorse Group (NASDAQ: WKHS), with plans to add additional configurations and sizes to the C-Series once full production ramps up, company officials told FreightWaves at the recent NTEA Work Truck Show in Indianapolis.In the company's fourth-quarter earnings announcement on Tuesday, CEO Duane Hughes said Workhorse is waiting for one additional federal certification to begin production, and once that is received, manufacturing will begin with two vehicles per day at the company's Union City, Indiana, plant.Hughes said Workhorse would be producing 300 to 400 vans per month by the end of the year. Pax Lindell, director of sales, told FreightWaves there is a backlog of C650 and C1000 van orders right now. UPS, DHL and Ryder (NYSE: R) are among the companies with vehicles on order. UPS Inc (NYSE: UPS) has an order for 1,060 vans, Hughes said on the earnings call, and will start receiving vans in the second quarter.The C-Series was named the 2020 Innovation Award winner at the Work Truck Show.The van will be available in 650-cubic-foot (C650) and 1,000-cubic-foot (C1000) cargo van configurations initially. Chief engineer Richard Bastien told FreightWaves a 1,200-cubic-foot (C1200) will eventually be offered.The vans feature a skateboard design, meaning the base is the same across models. Built with composite bodies, they are offered in 190-inch and 144-inch wheelbases. Nearly all the specs are identical, including gross axle weight ratings (5,000 pounds for the front axle and 7,500 pounds for the rear axle) and the 12,500-pound fully loaded weight.The powertrain is among the unique features of the van. Sitting in a cradle near the rear of the vehicle, the powertrain can be easily removed and replaced."That's good for our customers because if they have multiple vehicles on the road, they can have an extra powertrain so if a truck breaks down, they can [simply replace it]," Bastien explained. The broken powertrain can then be repaired with minimal downtime for the vehicle.The base battery pack is a four-module configuration with an effective range of 100 miles and a top speed of 75 mph. The battery pack is scalable, based on range needs, explained Don Wires, the original engineer who led development of the C-Series. Typically, a vehicle will have four packs for the C650 or six packs for the C1000, but a customer who needs only a few miles of range could choose just two packs if desired. An eight-pack option is in the works as well, he said. A six-pack configuration would provide about 150 miles range, Wires noted.Lindell said initial ride-and-drive customer events have gone well, and he expects the vehicle to quickly gain traction."These trucks are the tools for their business," he said. "The thing that stands out to them is this truck is purpose built" for delivery.The C-Series features low floors, access through traditional delivery doors so drivers can step in and out of the vehicle easily, and 6,000 pounds of payload capacity."Today, I don't think there is any doubt that if put into the right application, this is the best option," Lindell said.Image Sourced from PixabaySee more from Benzinga * South Carolina Ports, Inland Terminals Report Record February * SONAR Provides Visibility For Logistics Company's Colombian Nearshoring * Oregon Governor Signs Executive Order Capping Greenhouse Gas Emissions(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, today announced that the Company has earned ISO 9001:2015 certification for its quality management system.

Q4 2019 Workhorse Group Inc Earnings Call

Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, has expanded its patent portfolio through a recently filed provisional application, further protecting the HorseFly™ Unmanned Aerial System (UAS) and several of the system's key components and capabilities, including its ground control station, winch deliveries and aircraft structure. The HorseFly UAS includes a safe, reliable, multi-use aircraft that can deliver parcels, carry sensors and cameras, and operate autonomously with a high degree of precision.

Workhorse Group Inc (NASDAQ: WKHS) could be awarded the Next Generation Delivery Vehicle contract by the U.S. Postal Service as early as the second half of 2020, according to Roth Capital Partners.The Workhorse Analyst Craig Irwin initiated coverage of Workhorse with a Buy rating and $4 price target.The Workhorse Thesis Workhorse is about to commence production of the C-Series trucks, which should increase visibility for executing the backlog of orders from United Parcel Service, Inc. (NYSE: UPS) of 1,060 units, Irwin said in a Tuesday initiation note. (See his track record here.)"We believe the company also has interest from multiple top-tier fleets that could be announced as large orders," the analyst said. Order announcements by Workhorse "should provide incremental catalysts," he said. The company could achieve C-Series production of 150 units in 2020 and 2,000 units in 2021, with EBITDA profitability by the end of 2021, Irwin said.Workhorse is well-positioned for the potential contract from the U.S. Postal Service for its Next Generation Delivery Vehicle, which could be for as many as 180,000 vehicles, the analyst said. WKHS Price Action Shares of Workhorse were up 2.25% at $2.50 at the time of publication Tuesday.Related Links: Workhorse Truck-Mounted Delivery Drone Could Soar In Post-COVID-19 WorldBenzinga's Top Upgrades, Downgrades For April 28, 2020Photo courtesy of Workhorse. Latest Ratings for WKHS DateFirmActionFromTo Apr 2020Roth CapitalInitiates Coverage OnBuy Jan 2020BTIGInitiates Coverage OnBuy Jul 2018Cowen & Co.MaintainsOutperformOutperform View More Analyst Ratings for WKHS View the Latest Analyst Ratings See more from Benzinga * BofA On A Possible Macy's B Debt Raise: 'Taking The Right Steps' * Intel Could Reach New Peaks In 2020 And Beyond, Says Bullish BofA * Monthly Canadian Cannabis Sales Increased Ahead Of Coronavirus Pandemic(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

NEW YORK, NY / ACCESSWIRE / March 10, 2020 / Workhorse Group, Inc. (NASDAQ:WKHS) will be discussing their earnings results in their 2019 Fourth Quarter Earnings call to be held on March 10, 2020 at 10:00 ...

Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or "the Company"), an American technology company focused on providing sustainable and cost-effective electric vehicles to the last mile delivery sector, will hold a conference call on Wednesday, May 6 at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) to discuss its financial results for the first quarter ended March 31, 2020. Financial results will be issued in a press release prior to the call.

The U.S. stock market rallied on Wednesday, with the Dow Jones industrial average shooting up nearly 1,200 points following a Super Tuesday surge for Democratic presidential candidate Joe Biden. Shares in Cincinnati-based companies rode that wave.