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workhorse group inc (WKHS) Details

Workhorse Group Inc. designs, manufactures, builds, sells, and leases battery-electric vehicles and aircraft in the United States. It operates through two divisions, Automotive and Aviation. The company also develops cloud-based and real-time telematics performance monitoring systems that enable fleet operators to optimize energy and route efficiency. Its products include electric cargo vans, and medium and light-duty pickup trucks, as well as HorseFly delivery drones systems. The company was formerly known as AMP Holding Inc. and changed its name to Workhorse Group Inc. in April 2015. Workhorse Group Inc. was founded in 2007 and is headquartered in Loveland, Ohio.

98 Employees
Last Reported Date: 03/18/19
Founded in 2007

workhorse group inc (WKHS) Top Compensated Officers

CEO & Director
Total Annual Compensation: $253.8K
Chief Financial Officer
Total Annual Compensation: $200.0K
Chief Information Officer
Total Annual Compensation: --
Co-Founder & Consultant
Total Annual Compensation: $383.8K
Compensation as of Fiscal Year 2017.
workhorse group inc
GM In Talks To Sell Idled Ohio Plant

General Motors Company (NYSE:GM) said it was in talks to sell an idled northeast Ohio plant to Workhorse Group Inc. (NasdaqCM:WKHS). US President Donald Trump, who disclosed GM’s plans for Lordstown in a Wednesday tweet, said the deal with Workhorse Group will require the approval of the United Auto Workers union. However, Ohio Governor Mike DeWine expressed caution. “This is a step, but we have a long way to go,” DeWine told reporters.

Workhorse Group Inc. Reports Earnings Results for the First Quarter of 2019

Workhorse Group Inc. reported earnings results for the first quarter ended March 31, 2019. For the quarter, the sales were recorded at $364,000, down from $560,000 in the first quarter of 2018. The decrease in sales was primarily due to a decrease in volume of trucks delivered. Net loss was $6.3 million, compared with a net loss of $6.4 million in the first quarter of 2018.

Workhorse Group Inc. Enters into the Third Amendment to Credit Agreement

On April 30, 2019, Workhorse Group Inc. has entered into the Third Amendment to Credit Agreement (the “Marathon Third Amendment”), among the company, as borrower, certain affiliates of Marathon Asset Management, LP, as lenders (collectively, with their permitted successors and assignees, the “Lenders”), and Wilmington Trust, National Association, as the agent (“Wilmington”) amending certain terms of the Credit Agreement, dated as of December 31, 2018 (as amended, restated, amended and restated or otherwise modified prior to the date hereof), between the company, the Lenders and Wilmington. The Marathon Third Amendment amended the minimum liquidity covenant, providing that at least $4 million must be maintained at all times at or after May 31, 2019 rather than at all times on or after April 30, 2019. Unless the Company fails to maintain minimum liquidity as of the last day of any calendar month, the company may cure a failure to maintain minimum liquidity by increasing liquidity to $4,000,000 within five business days of the occurrence.

 

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Valuation WKHS Industry Range
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Price/Sales 246.5x
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Price/Cash Flow NM Not Meaningful
TEV/Sales 262.5x
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