Page 1

WORKHORSE ™ Workhorse Group Reports Third Quarter 2021 Results CINCINNATI , Nov. 09 , 2021 ( GLOBE NEWSWIRE ) -- Workhorse Group Inc. ( Nasdaq : WKHS ) ( " Workhorse " or " the Company " ) an American technology company focused on providing sustainable and cost - effective drone - integrated electric vehicles to the last - mile delivery sector , today reported financial results for third quarter ended September 30 , 2021 . Release Updates and Highlights November 9 , 2021 • In October / November , the Company strengthened its balance sheet with approximate 85 % equity conversion of previous $ 200 million debt obligation . Workhorse's current debt balance is now $ 27.5 million of principal , providing a net cash position of more than $ 200 million . • Onboarded new , experienced management team ; formally commenced permanent CFO search . • Additional testing of current C - 1000 truck design underway with plans for future reconfiguration in process . The Company expects to provide a production forecast in early Q1 2022 . • Strategically withdrew from the USPS lawsuit in order to pursue opportunities with the federal government . • Developed 2022-2024 capital spending plan that supports initial vehicle delivery . Management Commentary " In the first 90 days since I've joined this company , we have made a number of important decisions , both large and small , to strengthen and build Workhorse into a more competitive and well - balanced EV industry leader , " said Workhorse CEO Rick Dauch . " We have assembled an experienced , capable management team , strengthened our balance sheet , dropped the USPS lawsuit , identified our upcoming three - year capital needs and improved our internal communication processes . We still have many steps ahead of us to become a successful company ; this process will require us to increasingly focus on our customers , further develop industry leading technology , make hard decisions about what is essential to our operations , develop common , lean systems and then profitably grow the business . With the strong industry fundamentals and tailwinds we have in our sector , I am optimistic that Workhorse will be prepared to deliver the best - in - class vehicles for the commercial electric vehicle market starting in 2023. " Additional Third Quarter 2021 and Recent Operational Highlights • July : Appointed Rick Dauch as Chief Executive Officer and board member . • August : Entered into pilot program with USDA's Natural Resources Conservation Service to provide small Unmanned Aerial Systems as a service to support NRCS efforts in Mississippi . • August : Partnered with Amerit Fleet Solutions to provide comprehensive warranty and