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Workhorse

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Workhorse - Aerospace showcase

Year Founded & Workforce

1998

81 Employees

Industry

Aerospace

Services

Drone DeliveryeVTOL
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Workhorse Employee Contacts

13 verified contactsNames, job titles, seniority and locations

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Workhorse Overview

Company Headquarters: Loveland, Ohio, US

Founded: 1998

Workforce: ~81

Company Working:

Workhorse is a technology company that offers electric mobility solutions to the transportation industry. The company designs and develops battery-electric vehicles such as aircraft and trucks. Workhorse is also involved in the development of cloud-based real-time telematics performance monitoring systems that can be integrated into vehicles and enable fleet operators to experience enhanced route efficiency.

Strategy

Workhorse is focused on developing its position in the global eVTOL aircraft market by offering innovative solutions. Additionally, it aims at expanding its customer base by upgrading its products and offering enhanced eVTOL aircraft. Furthermore, the company is collaborating with the US Army to test the applications of eVTOL aircraft in the military. This gives it a competitive edge over other players in the market.

Company Snapshot

$10M

Revenue

81

Employees

1998

Founded

Loveland, Ohio, US

Headquarters

SWOT Analysis

Strengths

  • High technical capabilities
  • Strong government support

Weaknesses

  • Declining revenue from USD 0.7 million in 2018 to USD 0.4 million in 2019
  • Declining investments in R&D from USD 17.7 million in 2017 to USD 7.3 million in 2018
  • Declining revenue from USD 10.0 million in 2017 to USD 0.7 million in 2018

Opportunities

  • Strategic collaborations and acquisitions
  • Development of innovative products

Threats

  • Stringent regulations for approval of new technologies

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Key Developments

DateApproachDevelopment
April 2020CollaborationWorkhorse collaborated with The Virginia Center for Innovative Technology (CIT), UPS, and DroneUp, to conduct the testing of drones to deliver medical supplies amidst the ongoing COVID-19 pandemic.
November 2019CollaborationWorkhorse collaborated with Unmanned Systems Operations Group; a medical drone delivery service provider based in the US. Under the collaboration, the companies launched a drone-delivery program for the medical industry.
May 2018CollaborationWorkhorse collaborated with the FAA for a drone delivery pilot program. Under the program, the company was to use its HorseFly delivery drones to deliver packages in Ohio, US.
November 2018AgreementWorkhorse signed an agreement with the US Army to test the military applications of its SureFly eVTOL aircraft.

Product Offering

  • Workhorse
    • Drone Delivery
    • eVTOL

Financial Performance

Explore key financial metrics, segmented revenue, balance sheet health, and performance trends.

By Business Segment: Net Sales fell from USD 10 Mn in 2017 to USD 0.4 Mn in 2019.
Workhorse — By Business Segment
Series (USD Mn)201720182019
Net Sales100.70.4

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