2023-06-20 09:52:38 ET
Workhorse Group ( NASDAQ: WKHS ) shares slid on Tuesday despite the announcement of its first commercial drone purchase orders for HorseFly.
The company announced that it received purchase orders for two commercial, all-electric drones. One order in particular was cited as coming from Illinois-based smart mailbox company Valqari. However, the monetary value of the purchase orders was not disclosed.
“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,” CEO Rick Dauch said. “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.”
Shares of Workhorse Group ( WKHS ) dipped 4.7% shortly after Tuesday’s opening bell.
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Workhorse stock slips despite initial drone purchase disclosure