Workhorse Group Reports First Quarter 2026 Results
Rhea-AI Summary
Workhorse Group (NASDAQ: WKHS) reported Q1 2026 revenue of $4.3 million, up from $1.1 million a year earlier, with 21 vehicles delivered versus 5 in Q1 2025.
The company posted a net loss of $19.9 million ($1.99/share), completed facility consolidation to Union City, and targets a $20 million annualized cost-synergy run rate exiting 2026. Orders from Gateway Fleets and Purolator bring contracted backlog to 200+ vehicles since the Motiv merger.
AI-generated analysis. Not financial advice.
Positive
- Q1 2026 revenue increased to $4.3M from $1.1M in Q1 2025
- Vehicle deliveries rose to 21 units from 5 a year earlier
- Contracted backlog exceeds 200 vehicles since the Motiv merger
- Gateway Fleets placed a 100-vehicle W56 order, deliveries starting July 2026
- Purolator placed a 100-vehicle fully electric step-van order, deliveries by end of 2026
- Targeting $20M annualized cost-synergy run rate by end of 2026
- Facility consolidation to the Union City, Indiana manufacturing plant is complete
Negative
- Q1 2026 cost of sales rose to $11.8M from $2.2M year over year
- Gross loss for Q1 2026 was $7.5M
- Operating expenses increased to $13.6M from $8.0M in Q1 2025
- Operating loss widened to $21.1M from $9.1M a year earlier
- Net loss grew to $19.9M ($1.99/share) from $12.7M ($1.36/share)
Key Figures
Market Reality Check
Peers on Argus
WKHS is up 3.51% while peers show mixed moves: CENN +1.53%, EVTV +5.45%, AYRO +7.35%, but CJET -3.58% and MULN -1.49%. With no peers in the momentum scanner and no same-day peer news, the move appears stock-specific rather than a sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 31 | Q4 & FY 2025 earnings | Neutral | -8.0% | Reported strong Q4 and full-year revenue growth but continued sizable losses. |
| Nov 10 | Q3 2025 earnings | Neutral | -9.3% | Delivered modest sales, financing gains and cost cuts amid ongoing high cost of sales. |
| Nov 05 | Q3 2025 call date | Neutral | -4.7% | Set date and access details for Q3 2025 earnings release and conference call. |
| Aug 15 | Q2 2025 earnings | Positive | -6.8% | Announced record Q2 deliveries, higher sales and a strategic merger with Motiv. |
| May 15 | Q1 2025 earnings | Negative | -9.4% | Reported lower sales year-over-year despite new orders and cost reductions. |
Earnings-related headlines have consistently seen negative next-day moves, even when reporting higher sales, deliveries, or merger progress.
Recent earnings and financial updates for Workhorse have featured growing sales and vehicle deliveries but persistent losses. Prior reports highlighted milestones like the Motiv merger, record Q2 2025 deliveries, and Q4 2025 revenue of $9.7M with full‑year $21.2M, yet shares fell after each earnings-tagged event. Today’s Q1 2026 report, with revenue of $4.3M and 21 vehicles delivered, extends the operational narrative but contrasts with that historical price reaction pattern.
Historical Comparison
Across the last five earnings-tagged events, WKHS averaged a -7.64% move, all negative. Against that backdrop, a positive 3.51% pre-news gain into this Q1 2026 report would mark a notable deviation from the usual earnings reaction pattern.
Earnings updates show a progression from low early-2025 sales to higher Q2 and Q4 2025 revenues post‑Motiv merger, while deliveries scale up and losses remain significant.
Market Pulse Summary
This announcement highlights Q1 2026 revenue of $4.3 million, 21 vehicle deliveries, and a contracted backlog of 200+ vehicles alongside substantial cost of sales and a $19.9 million net loss. It also advances merger-integration goals, facility consolidation, and a roadmap for a modular chassis and Class 5/6 cab chassis. Investors may watch future earnings for progress on the targeted $20 million cost-synergy run rate and margin improvement.
Key Terms
gaap financial
oem technical
cab chassis technical
AI-generated analysis. Not financial advice.
- Revenue of
$4.3 million in Q1 2026, compared to$1.1 million in Q1 2025 on a comparable GAAP basis - Delivered 21 vehicles in Q1 2026, compared to 5 vehicles in Q1 2025
- Announced 100-vehicle W56 purchase order from Gateway Fleets, with deliveries expected to begin in July 2026; combined with Purolator 100 vehicle order and other unannounced orders, drives total contracted backlog of 200+ vehicles since merger close
- Launched 140 kWh W56 battery configuration and limited-time promotional pricing on 210 kWh W56, driving new commercial activity
- On track to exit 2026 at
$20 million annualized cost synergy run rate; facility consolidation to Union City, Indiana complete
DETROIT, May 14, 2026 (GLOBE NEWSWIRE) -- Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or the "Company"), a North American OEM and provider of all-electric trucks, step vans, shuttles and buses, today reported financial results for the first quarter ended March 31, 2026. Today’s results represent the Company’s first full quarter as a combined company following the completion of its merger with Motiv Electric Trucks in December 2025.
“Reflecting back on the first quarter, I am pleased to report we are continuing to deliver on our commitments, controlling what is controllable, and positioning Workhorse for sustained growth,” said Scott Griffith, CEO of Workhorse. “We believe a strong product-market fit exists in the medium duty segment, with numerous large fleets already deploying electric vehicles at scale, making this
Running an electric fleet reduces operating costs to 20 percent of the cost compared to gas and diesel vehicles, according to data from the Stables by Workhorse program1, our subsidiary that operates as an Independent Service Provider contracted with FedEx using a mix of gas and electric delivery trucks. While such operating cost savings make a compelling case to electrify, the higher upfront cost of an electric vehicle is still an obstacle for many.
“We took decisive steps in the first quarter to address the issue of upfront cost by introducing a lower cost version (140 kWh) of our W56 step van, while also launching promotional pricing on our 210 kWh,” said Griffith. “Both efforts have generated strong interest and sales, including our announced 100-unit order from Gateway Fleets.”
Workhorse also believes that fundamental, structural changes in hardware and software, as well as strategic use of the global supply chain, are required to create further cost reductions needed to effectively compete with ICE vehicles.
Toward that end, Workhorse has developed a plan for a new, proprietary “modular” chassis design that will be produced exclusively at its Union City manufacturing plant. The new chassis design will be based on the foundational learnings gathered from proven W56 components but with a scalable architecture that supports flexible wheelbase configurations, advanced battery and axle technologies, and next-generation software and power electronics.
In addition, Workhorse has developed a plan for its first Class 5/6 cab chassis, which will pair the new modular chassis with a lightweight, low-cost cab designed for efficient upfitting, spanning applications across all classes of medium duty trucks. Workhorse’s engineering team is planning to begin test and validation of both products in 2026, supporting a planned start of production for the cab chassis platform in early 2027.
Last, the Company took actionable steps to further provide a high level of support demanded by large fleets by announcing a new at-scale customer support program across its North American network of trucks through a combination of national dealer relationships, internal capabilities and a partnership with InCharge Energy. This industry-first partnership is a key aspect of plans to deliver scalable ‘first-call’ service operations and provide large fleets with what they value most – high uptime.
“Ultimately, we believe we’re very well positioned in the category to deliver on both of the key drivers of the tipping point to the electrification of the medium duty segment: ICE-comparable economics and professional, scalable post-sale support,” said Griffith. “We believe our revised product priorities and new product development roadmap will address the need to deliver on the first, while our new partnership with InCharge, combined with the ongoing learnings from our existing customers and data from our own operations at our FedEx ISP, put us in a great position to solve the second.”
____________________
1 Q1 Actual operating data (fuel and electricity costs) from Stables by Workhorse
First Quarter and Recent Strategic Highlights
- Merger Integration on Track: Facility aggregation is complete, including the relocation of the EPIC 4 and F59 production lines to Union City, Indiana. Platform commonization and supply chain optimization efforts are underway.
- Targeting
$20 Million in Annualized Cost Synergies: The Company continues to expect to exit 2026 at a$20 million annualized cost synergy run rate, with early savings already being realized through the elimination of duplicative administrative functions. - Gateway Fleets 100-Vehicle Order: In late April, the Company announced a 100-vehicle W56 purchase order from Gateway Fleets through partner Kingsburg Truck Center in California, with deliveries expected to begin in July 2026. The order was influenced by the Company's promotional pricing, demonstrating how the flexibility afforded by the Company’s cost reduction efforts is translating to commercial success.
- Purolator 100-Vehicle Order: Purolator, a leading Canadian integrated freight and logistics provider, placed a 100-vehicle purchase order for fully-electric step vans — Purolator’s fourth order with the company over a multi-year period and one that will double the number of Workhorse vehicles in its fleet. Deliveries are expected to be completed by the end of 2026.
First Quarter 2026 Financial Highlights *
- Revenue: Sales, net of returns and allowances, for the first quarter of 2026 were
$4.3 million , compared to$1.1 million in the first quarter of 2025. - Vehicles Delivered: The Company delivered 21 vehicles during the first quarter of 2026, compared to 5 vehicles in the first quarter of 2025.
- Cost of Sales: Cost of sales for the first quarter of 2026 was
$11.8 million , compared to$2.2 million in the prior year quarter. Cost of sales increased on higher sales volume and also reflects the higher fixed cost base of the pre-facility consolidation combined manufacturing footprint, including the costs for the Workhorse manufacturing facility as well as contract manufacturing under the legacy Motiv operational structure during the quarter. Gross loss for the quarter was$7.5 million . - Operating Expenses: Total operating expenses for the first quarter of 2026 were
$13.6 million , compared to$8.0 million in the first quarter of 2025. Selling, general and administrative expenses were$9.5 million and research and development expenses were$4.1 million . - Operating Loss: Operating loss was
$21.1 million in the first quarter of 2026, compared to$9.1 million in the first quarter of 2025. - Net Loss: Net loss for the first quarter of 2026 was
$19.9 million , or$1.99 per basic and diluted share, compared to a net loss of$12.7 million , or$1.36 per share, in the same period last year.
Conference Call
Workhorse management will hold a conference call on Thursday, May 14, 2026, at 4:30 p.m. Eastern time to discuss these results and answer related questions.
To listen to the conference call webcast, please go to the Investor Relations section of Workhorse’s website at ir.workhorse.com.
To listen via telephone, please call (877)-407-0789 (U.S.) or (201)-689-8562 (international).
A telephonic replay of the conference call will be available after 7pm Eastern time on the same day through May 28, 2026.
Toll-free replay number: (844)-512-2921
International replay number: (412)-317-6671
Replay ID: 13760452
About Workhorse Group Inc.
Headquartered in the Detroit area with a commercial-scale manufacturing plant in Indiana, Workhorse (Nasdaq: WKHS) is redefining what a medium-duty truck should be. Workhorse builds software-first, electric trucks, shuttles and buses that are powerful, cost-efficient, reliable, safe and comfortable—all with zero tailpipe emissions.
Our deep experience building electric vehicles at scale drives intentional innovations designed to help customers lower operating costs, improve performance of their fleets, enhance the driver experience, and maximize uptime without compromise. By electrifying their fleets, our customers can make a positive impact on our world while meeting their financial, sustainability and compliance goals.
More information is available at www.workhorse.com.
Media Relations Contacts:
Workhorse
John Williams, Communications
+1-206-660-5503, john.williams@workhorse.com
ICR, Inc.
workhorse@icrinc.com
Investor Relations Contact:
ir@workhorse.com
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact included in this press release, including, among other things, statements regarding future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the Motiv/Workhorse merger, the anticipated impact of the Workhorse/Motiv merger on the combined company’s business and future financial and operating results, the expected amount and timing of synergies from the Workhorse/Motiv merger, Workhorse’s ability to achieve profitability, Workhorse’s sales integration and pipeline, Workhorse’s access to capital to fund operations and fulfill orders, Workhorse’s expected delivery of contracted vehicle orders, Workhorse’s product development plans, and other statements regarding the company’s anticipated or planned operations, access to capital or operating results are forward-looking statements. Some of these statements may be identified by the use of the words “plans”, “expects” or “does not expect”, “estimated”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “targets”, “projects”, “contemplates”, “predicts”, “potential”, “continue”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, “will” or “will be taken”, “occur” or “be achieved”.
Forward-looking statements are based on the opinions and estimates of management of Workhorse as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Some factors that could cause actual results to differ include our ability to raise capital to fund our operations and to maintain access to our current debt facilities; our ability to achieve the expected synergies and/or efficiencies from our operations and as a result of the Motiv/Workhorse merger; our ability to reduce the cost to build our vehicles; our ability to deliver vehicles as contracted; our ability to further develop and bring to market new products as planned; the effect of the Motiv/Workhorse merger on the ability of the parties to operate their businesses and retain and hire key personnel and to maintain favorable business relationships; the possibility that the integration of the parties may be more difficult, time-consuming or costly than expected or that operating costs and business disruptions may be greater than expected; the risk that the price of our securities may be volatile due to a variety of factors; changes in laws, regulations, technologies, the global supply chain, and macro-economic and social environments affecting our business, including demand for electric trucks and our cost of production; our status as a controlled company; and our ability to maintain compliance with Nasdaq rules and otherwise maintain our listing of securities on Nasdaq.
Additional information on these and other factors that may cause actual results and Workhorse’s performance to differ materially is included in Workhorse’s periodic reports filed with the SEC, including, but not limited to, Workhorse’s Annual Report on Form 10-K for the year ended December 31, 2025, including those factors described under the heading “Risk Factors” therein, and Workhorse’s subsequent periodic reports. Copies of Workhorse’s filings with the SEC are available publicly on the SEC’s website at www.sec.gov or may be obtained by contacting Workhorse. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and Workhorse undertakes no obligations to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
* Note on Financial Statement Presentation
On December 15, 2025, we completed our merger with Motiv. While the legal acquirer in the merger was Workhorse, for financial accounting and reporting purposes under U.S. GAAP, Motiv was the accounting acquirer, and the Merger was accounted for as a reverse acquisition. Accordingly, the consolidated assets, liabilities and results of operations of Motiv became the historical consolidated financial statements of the consolidated company, and Workhorse’s assets, liabilities and results of operations were consolidated with those of Motiv beginning on December 15, 2025. As a result, comparative first quarter 2025 financial information reflects only Motiv and is not directly comparable to the combined company results for the first quarter of 2026.
| Workhorse Group Inc. Condensed Consolidated Balance Sheets | |||||||
| (in thousands, except share amounts) | (Unaudited) March 31, 2026 | December 31, 2025 | |||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 600 | $ | 12,240 | |||
| Restricted cash | 680 | 680 | |||||
| Accounts receivable, less allowance for credit losses of | 3,422 | 3,889 | |||||
| Inventory, net | 37,272 | 39,065 | |||||
| Prepaid expenses and other current assets | 5,059 | 3,948 | |||||
| Total current assets | 47,033 | 59,822 | |||||
| Property, plant and equipment, net | 20,689 | 22,470 | |||||
| Goodwill | 3,482 | 3,130 | |||||
| Intangible assets, net | 10,041 | 10,182 | |||||
| Operating lease right-of-use assets, net | 21,075 | 21,872 | |||||
| Other assets | 416 | 416 | |||||
| Total Assets | $ | 102,736 | $ | 117,892 | |||
| Liabilities | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 13,461 | $ | 13,301 | |||
| Accrued liabilities and other current liabilities | 11,993 | 11,063 | |||||
| Deferred revenue | 1,291 | 1,615 | |||||
| Warranty liability - current portion | 3,830 | 3,183 | |||||
| Operating lease liability - current portion | 1,387 | 3,616 | |||||
| Stock rights liability | 1,339 | 6,074 | |||||
| Customer order credit agreement - related party | 5,000 | — | |||||
| Total current liabilities | 38,301 | 38,852 | |||||
| Operating lease liability - long-term | 20,839 | 18,777 | |||||
| Cash flow credit agreement - related party | 10,000 | 10,000 | |||||
| Convertible notes at fair value - related party | 5,679 | 5,429 | |||||
| Warranty liability - long-term | 1,724 | 1,792 | |||||
| Total Liabilities | 76,543 | 74,850 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ Equity: | |||||||
| Series A preferred stock, par value of | — | — | |||||
| Common stock, par value | 11 | 10 | |||||
| Additional paid-in capital | 365,087 | 362,055 | |||||
| Accumulated deficit | (338,905 | ) | (319,023 | ) | |||
| Total stockholders’ equity | 26,193 | 43,042 | |||||
| Total Liabilities and Stockholders’ Equity | $ | 102,736 | $ | 117,892 | |||
| Workhorse Group Inc. Condensed Consolidated Statements of Operations (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| (in thousands, except per share amounts) | 2026 | 2025 | |||||
| Sales, net of returns and allowances | $ | 4,329 | $ | 1,145 | |||
| Cost of sales | 11,811 | 2,224 | |||||
| Gross loss | (7,482 | ) | (1,079 | ) | |||
| Operating expenses: | |||||||
| Selling, general and administrative | 9,545 | 4,340 | |||||
| Research and development | 4,069 | 3,660 | |||||
| Total operating expenses | 13,614 | 8,000 | |||||
| Loss from operations | (21,096 | ) | (9,079 | ) | |||
| Interest expense, net | (354 | ) | (3,576 | ) | |||
| Change in fair value of convertible note | (145 | ) | — | ||||
| Change in fair value of stock rights | 1,703 | — | |||||
| Other expense | (24 | ) | (1 | ) | |||
| Loss before benefit for income taxes | (19,916 | ) | (12,656 | ) | |||
| Benefit for income taxes | 34 | — | |||||
| Net loss | $ | (19,882 | ) | $ | (12,656 | ) | |
| Net loss per share of common stock | |||||||
| Basic and Diluted | $ | (1.99 | ) | $ | (1.36 | ) | |
| Weighted average shares used in computing net loss per share of common stock | |||||||
| Basic and Diluted | 10,014 | 9,329 | |||||
| Workhorse Group Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| (in thousands) | 2026 | 2025 | |||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (19,882 | ) | $ | (12,656 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 2,015 | 197 | |||||
| Allowance for credit losses | (140 | ) | — | ||||
| Excess and obsolete inventory | 66 | — | |||||
| Non-cash lease expense | 797 | 218 | |||||
| Warranty provision | 1,800 | 251 | |||||
| Stock-based compensation | — | 106 | |||||
| Non-cash interest expense and change in fair value of convertible notes | 250 | — | |||||
| Non-cash change in fair value of stock rights | (4,735 | ) | — | ||||
| Non-cash conversion of stock rights | 3,032 | — | |||||
| Loss on disposal of assets | 23 | — | |||||
| Effects of changes in operating assets and liabilities: | |||||||
| Accounts receivable | 642 | (1,025 | ) | ||||
| Inventory, net | 1,727 | (3,188 | ) | ||||
| Prepaid expenses and other current assets | (1,146 | ) | 330 | ||||
| Accounts payable | 171 | 654 | |||||
| Accrued liabilities and other long-term liabilities | (968 | ) | 2,954 | ||||
| Operating lease liability | (167 | ) | (328 | ) | |||
| Net cash used in operating activities | (16,515 | ) | (12,487 | ) | |||
| Cash flows from investing activities: | |||||||
| Capital expenditures | (125 | ) | (168 | ) | |||
| Net cash used in investing activities | (125 | ) | (168 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from secured promissory note - related party | — | 10,000 | |||||
| Proceeds from Customer Order Credit Agreement | 5,000 | — | |||||
| Net cash provided by financing activities | 5,000 | 10,000 | |||||
| Change in cash and cash equivalents and restricted cash | (11,640 | ) | (2,655 | ) | |||
| Cash and cash equivalents and restricted cash, beginning of the period | 12,920 | 6,629 | |||||
| Cash and cash equivalents and restricted cash, end of the period | $ | 1,280 | $ | 3,974 | |||
| Supplemental disclosure of cash flow information: | |||||||
| Cash paid for interest | $ | 227 | $ | — | |||
| Cash paid for taxes | $ | — | $ | — | |||
Workhorse Group, Inc.
Unaudited Pro Forma Revenue
The table below reflects the combined revenue of Workhorse and Motiv for the period ended March 31, 2025 as if the merger had occurred at the beginning of the period presented. The unaudited pro forma revenue presented is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the merger was completed at the beginning of the period presented or of the future operating results of the combined company. A reconciliation of pro forma revenue is provided below.
| (in thousands) | For the Three Months Ended March 31, 2025 | |
| Sales, net of returns and allowances, as reported | $ | 1,145 |
| Pre-Merger Workhorse sales, net of returns and allowances | 641 | |
| Pro forma combined revenue | $ | 1,786 |
