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Workhorse Group Inc. (WKHS) reported that Motive GM Holdings II LLC received warrants to purchase 1,500,000 shares of common stock on August 25, 2026. The warrants have an exercise price of $10.00 per share and expire on August 25, 2031, and were issued as consideration for amendments to certain credit agreements with Motive GM Holdings II LLC. GMIT Lending Company, LLC and Gary D. Magness may be deemed to beneficially own these securities through their interests in Motive GM Holdings II LLC, but each reporting person disclaims beneficial ownership except to the extent of its or his pecuniary interest.
Workhorse Group Inc. (WKHS) is the subject of an amended Schedule 13D in which Motive GM Holdings II LLC, GMIT Lending Company, LLC and Gary Magness update their beneficial ownership. The reporting group now reports beneficial ownership of 8,129,800 shares of common stock, representing 65.4% of the class, calculated on a base of 10,928,585 outstanding shares plus 1,500,000 shares issuable upon exercise of warrants.
The amendment reflects issuance to Motive GM Holdings II LLC of warrants for 1,500,000 shares of Workhorse common stock, each with an exercise price of $10.00 per share, exercisable immediately and expiring five years from issuance. These warrants were issued as consideration under Omnibus Amendment No. 2 and Amendment No. 3 to the company’s credit agreements, which, among other changes, increased availability under a revolving cash flow credit facility from $10 million to $40 million and reduced a revolving customer order facility from $40 million to $20 million.
Workhorse Group Inc. reported second-quarter 2026 results reflecting rapid revenue growth but continuing heavy losses as it integrates its merger with Motiv and shifts toward a broader industrial technology strategy. Revenue for the quarter was $3.6 million, up from $0.8 million a year earlier, with 26 vehicles delivered versus 4 in the prior-year quarter. On a pro forma combined basis, first-half 2026 revenue of $7.9 million was roughly in line with $8.2 million in the first half of 2025.
The company posted a second-quarter gross loss of $7.5 million and an operating loss of $19.4 million, leading to a net loss of $20.2 million, or $1.86 per share, compared with a $12.8 million loss a year earlier. For the first half of 2026, net cash used in operating activities was $40.6 million. As of June 30, 2026, Workhorse held $9.6 million in cash and cash equivalents plus $0.7 million of restricted cash, against $103.0 million in total liabilities and $7.2 million of stockholders’ equity. The company drew $20.0 million under its Cash Flow Credit Agreement and $18.3 million under its Customer Order Credit Agreement in the first half, and later borrowed an additional $10 million.
Strategically, management highlighted merger integration progress, a targeted $20 million annualized cost synergy run rate exiting 2026, continued cost-reduction work on modular chassis and next-generation platforms, and plans to enter the containerized mobile AI data center market, targeting initial production and deliveries in 2027.
Workhorse Group Inc. entered into Amendment No. 3 to its Cash Flow Credit Agreement with Motive GM Holdings II LLC, increasing the lender’s Commitment from $30,000,000 to $40,000,000. The amendment defers interest payments on both the additional $10,000,000 loan made under Amendment No. 2 and the new $10,000,000 loan under Amendment No. 3 until the first interest payment date occurring after January 31, 2027, improving near‑term cash flow.
As additional consideration, Workhorse agreed to issue MGMH warrants for 1,500,000 shares of common stock at an exercise price of $10.00 per share, exercisable immediately upon issuance for five years, with 750,000 warrant shares tied to each $10,000,000 incremental borrowing. The warrants are unregistered, issued under Section 4(a)(2) and Rule 506, and will be restricted securities. Separately, Workhorse’s lessor, Mango Workhorse, LLC, agreed to further defer facility rent in Union City, Indiana, extending earlier rent deferrals and requiring a lump‑sum payment of all deferred amounts by January 31, 2027.
Workhorse Group Inc. plans to enter the mobile AI data center market with a new turnkey, compute-ready, containerized mobile AI data center product line aimed at localized infrastructure needs for distributed deployments. The product is in development and is intended to leverage existing engineering, software, testing and supply-chain capabilities and manufacturing at its Union City, Indiana plant.
The company targets 2027 for initial production and commercial deliveries and expects a partnership-based go-to-market model with data center developers. Management states that this new line is expected to provide additional revenue and cash flow and improve operating leverage alongside ongoing work on modular chassis and cab chassis products, also expected to enter production in late 2027. Disclosed risks include design and development challenges, securing commercial partnerships, developments in the mobile AI computing market and raising capital to fund operations.
Workhorse Group Inc. approved a new Short-Term Incentive Plan (STIP) on July 20, 2026, effective January 1, 2026, covering the principal executive officer, principal financial officer and other named executive officers. The plan is designed to make a portion of annual cash compensation dependent on achieving defined performance goals.
For 2026, performance for these officers will be measured 50% on adjusted EBITDA and 50% on revenue. The Chief Executive Officer, Chief Financial Officer and Executive Vice President, Operations each have a 50% of base salary target opportunity, with actual payouts ranging from 0% to 150% of target based on results. The compensation committee may adjust targets, formulas, or cancel bonuses before they are earned. Participants generally must be employed on the payment date, subject to provisions for death, disability, qualifying retirement and change in control, and all awards remain subject to any company forfeiture, recoupment or clawback policies.
Barnes Lindsay A reported acquisition or exercise transactions in this Form 4 filing.
Workhorse Group Inc. reported that Chief Accounting Officer Lindsay A. Barnes received a grant of 56,250 restricted stock units (RSUs) on 2026-07-20. Each RSU represents a contingent right to receive one share of common stock. The RSUs vest in three equal installments beginning on June 1, 2027 and annually thereafter, and 56,250 RSUs are reported as directly owned following this award.
Davis Jody reported acquisition or exercise transactions in this Form 4 filing.
Workhorse Group Inc. reported that its Chief Financial Officer, Jody Davis, received an award of 93,750 restricted stock units (RSUs), each representing a contingent right to one share of common stock. The RSUs vest in three equal installments beginning on June 1, 2027 and annually thereafter. The award was reported at a grant price of $0.0000 per share, and following this award Davis holds 93,750 such units directly, subject to vesting.
Griffin James Francis reported acquisition or exercise transactions in this Form 4 filing.
Workhorse Group Inc. reported that Chief Revenue Officer Griffin James Francis received a grant of 62,500 restricted stock units, each representing one share of common stock. The RSUs vest in three equal installments beginning on June 1, 2027 and annually thereafter and are held as direct ownership.