August 20, 2017 4:56 AM ET

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Company Overview of Workhorse Group Inc.

Company Overview

Workhorse Group Inc. designs, manufactures, and builds 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 system that enables fleet operators to optimize energy and route efficiency. Its products include medium duty step vans, light duty pickups, delivery drones, and manned multicopters. 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.

100 Commerce Drive

Loveland, OH 45140

United States

Founded in 2007

79 Employees



Key Executives for Workhorse Group Inc.

Co-Founder, CEO, Secretary, Treasurer & Director
Age: 57
Total Annual Compensation: $275.0K
COO & President
Age: 53
Total Annual Compensation: $144.0K
Chief Information Officer
Age: 58
Total Annual Compensation: $150.0K
Compensation as of Fiscal Year 2016.

Workhorse Group Inc. Key Developments

Workhorse Group Inc. Announces Executive Changes

Workhorse Group Inc. announced that it has appointed Paul Gaitan to chief financial officer, effective August 9, 2017. Gaitan succeeds Julio Rodriguez, who has served as CFO since August 2013. Mr. Rodriguez has agreed to take on the role of chief information officer, and will be responsible for the expanding the systems and information infrastructure for global supply chain management and large-scale manufacturing. Mr. Gaitan was most recently the CFO of Crown Health Care Laundry Services. He previously served as CFO, corporate controller and controller for ClarkDietrich Building Systems, and in various controller roles at Axion Automotive Technologies, Endar Corporation, Dentsply International, Avery Dennison and Cummins Engine Company.

Workhorse Group Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017

Workhorse Group Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported sales of $270,000 compared to $1,234,600 a year ago. Gross loss was $725,925 compared to $1,060,075 a year ago. Net loss was $9,199,700 or $0.26 per basic and diluted share compared to $2,935,830 or $0.14 per basic and diluted share a year ago. For the period, the company reported sales of $2,048,037 compared to $1,470,600 a year ago. Gross loss was $3,259,976 compared to $1,288,452 a year ago. Net loss was $17,120,306 or $0.49 per basic and diluted share compared to $7,315,842 or $0.35 per basic and diluted share a year ago. Net cash used by operating activities were $19,739,197 compared to $9,244,629 a year ago. Capital expenditures were $70,576 compared to $90,665 a year ago.

Alpha Baking Company Orders Additional Workhorse Electric E-GEN Vehicles

Workhorse Group Inc. announced that Alpha Baking Company has ordered five additional range-extended electric E-GEN step vans following the successful deployment of its first five vehicles. Workhorse's E-GEN step vans achieve 40 MPGe fuel efficiency in the Alpha fleet application, which is six times more efficient than their conventional step vans in use, and reduce vehicle emissions by 75%.

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Recent Private Companies Transactions

Private Placement
January 10, 2017

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