Workhorse Group Announces First Commercial Drone Purchase Orders

CINCINNATI, June 20, 2023 (GLOBE NEWSWIRE) -- 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 that it has received its first commercial drone purchase orders for HorseFly™. The Company received purchase orders for two commercial drones, including one from Valqari, a Chicago-based smart mailbox company with international exposure that works with companies, governments, and other organizations to shape the future of drone delivery.

“We have made significant progress developing and commercializing our package delivery drones, and we are pleased our customers recognize HorseFly’s market-leading specifications and capabilities,” said Rick Dauch, Workhorse CEO. “It was a privilege to conduct thorough flight demonstrations with these customers, and we look forward to expanding our relationship with them in the future. We are also continuing to hold demonstrations with additional prospective customers. This is an exciting time for Workhorse, and we look forward to advancing our technologies and conducting further demonstrations with prospective government and commercial customers to secure additional drone purchase orders.”

HorseFly is an all-electric, multipurpose uncrewed aerial system (“UAS”) designed to tackle a variety of commercial applications. Capable of automatic flight once launched, HorseFly uses a winch delivery system to provide safe, reliable, and precise last-mile delivery in various conditions. It can carry up to 10 pounds for 10 miles and has a 45-minute flight time.

“Our Aero team started down this road over five years ago – to create a safe, reliable, small UAS that can scale,” added John Graber, President of Workhorse’s Aero organization. “Valqari is a very capable organization. Integrating our systems into their network moves automatic delivery forward. Enabling connective systems is the next logical next step in our development, and that of our industry.”

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 (HALO) 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 Klassen
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Investor Relations Contact:
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Gateway Investor Relations
949-574-3860
[email protected]

Released June 20, 2023