Workhorse Group SEC Filings

Workhorse Group Inc. reported that Jody Davis, its Chief Financial Officer, is a reporting person on a Form 3 insider statement. The structured data list Davis as an officer and show no buy, sell, acquisition, disposition, or derivative transactions associated with this filing.

Workhorse Group Inc. reported leadership changes in its finance organization. As part of a previously disclosed transition tied to the Motiv Power Systems acquisition, Chief Financial Officer Robert M. Ginnan ceased serving as CFO on July 13, 2026 and will remain through July 17, 2026 to assist with the handover, with severance benefits determined under his amended employment agreement.

Effective July 13, 2026, the company appointed Jody Davis as Chief Financial Officer (Principal Financial Officer) and entered into an Executive Employment Agreement providing an initial base salary of $375,000 per year, a target bonus equal to 50% of base salary, and an inducement grant of 93,750 restricted stock units vesting annually over three years, subject to Board approval and continued service. Following a change of control, Mr. Davis may receive up to six months of combined base salary and target bonus plus accelerated vesting of unvested equity awards. Workhorse also appointed Lindsay A. Barnes as Chief Accounting Officer (Principal Accounting Officer), effective immediately, with no current change to her compensation.

Workhorse Group Inc. reported results of its 2026 annual stockholder meeting and approval of an updated equity incentive plan. Stockholders approved the Amended and Restated 2023 Long-Term Incentive Plan, adding 1,089,340 shares of common stock for potential equity awards.

As of the May 8, 2026 record date, there were 10,893,400 shares outstanding and entitled to vote, and 8,103,245 shares, or about 74.38%, were present or represented, providing a quorum. All seven director nominees were elected, executive compensation was approved on an advisory basis, and the appointment of Carr Riggs & Ingram, L.L.C. as independent auditors for 2026 was ratified.

Workhorse Group Inc. entered into Omnibus Amendment No. 2 to its existing credit agreements with Motive GM Holdings II LLC. The amendment increases the Cash Flow Credit Agreement commitment from $20,000,000 to $30,000,000 and defers interest payments on the additional $10,000,000 until the first Interest Payment Date after September 30, 2026. At the same time, the Customer Order Credit Agreement commitment is reduced from $30,000,000 to $20,000,000. As consideration for these changes, Workhorse is obligated to issue warrants to purchase equity interests in the company within 45 days of the amendment, or a later date if agreed with the lender.

Workhorse Group is asking stockholders to vote at its virtual 2026 annual meeting on June 29 on four items: electing seven directors, approving executive pay on an advisory basis, ratifying Carr, Riggs & Ingram as auditor for 2026, and approving an amended 2023 long‑term incentive plan.

In his letter, the CEO highlights the December 2025 merger with Motiv Electric Trucks, combining a Union City, Indiana plant capable of producing over 5,000 vehicles per year with Motiv’s EV powertrain expertise and customer relationships. Management targets a $20 million annualized cost‑synergy run rate by the end of 2026 and emphasizes that total cost of ownership for electric trucks is already favorable versus internal combustion engines.

The proxy describes recent 100‑vehicle orders from Purolator and Gateway Fleets, a plan to cut product costs via a next‑generation powertrain and modular chassis, and a new OEM‑scale customer support program with InCharge Energy. It also details governance structures, director and executive compensation, and change‑in‑control arrangements following the Motiv merger, under which Motive GM Holdings II LLC now owns about 60.9% of outstanding shares.

Workhorse Group Inc. ownership update: a group of affiliated reporting persons led by Horsepower Opportunities LLC and ATW Partners Opportunities Management, LLC report shared voting and dispositive power over specific blocks of Common Stock. The filing cites 10,449,858 Shares outstanding as of March 24, 2026 and lists reported positions including 545,863 shares (5.0%) and 251,175 shares (2.4%).

The report states these amounts include Shares held by the Holding Company, affiliated entities and rights to receive shares (Rights Shares), and explains the percent of class is calculated under Rule 13d-3(d)(1)(i). Each Reporting Person disclaims beneficial ownership except for any pecuniary interest.

Workhorse Group Inc. reported a sharply loss-making and cash‑constrained first quarter of 2026 while integrating its reverse merger with Motiv Power Systems. Revenue rose to $4.3 million, but cost of sales of $11.8 million drove a gross loss of $7.5 million and a net loss of $19.9 million, or $1.99 per share, compared with a $12.7 million loss a year earlier.

As of March 31 2026, cash and cash equivalents were only $0.6 million (plus $0.7 million restricted), against total liabilities of $76.5 million and total stockholders’ equity of $26.2 million. Management concluded that recurring losses, limited cash, dependence on external funding and lower‑than‑expected demand raise substantial doubt about the company’s ability to continue as a going concern for at least one year.

The quarter reflected the December 2025 reverse acquisition of Workhorse by Motiv, extensive related‑party financing from Motive GM Holdings II LLC, and restructuring of prior debt via stock rights. Workhorse relies on a $40 million customer order credit facility and a $10 million cash‑flow line, both from this related party, and a $5 million convertible note. Subsequent events include amendments increasing cash‑flow borrowing capacity, a planned $4.3 million litigation settlement with a battery supplier, rent deferrals on its Union City plant lease, and a new purchase order for 100 fully electric W56 step vans.

Workhorse Group Inc. reported first quarter 2026 results showing rapid revenue growth but continued heavy losses and tight liquidity. Revenue rose to $4.3 million for the quarter, up from $1.1 million a year earlier on a comparable GAAP basis, with 21 vehicles delivered versus 5 in 2025.

Cost of sales increased to $11.8 million, producing a gross loss of $7.5 million. Operating expenses reached $13.6 million, leading to an operating loss of $21.1 million and a net loss of $19.9 million, or $1.99 per share, compared with a $12.7 million net loss, or $1.36 per share, in the prior-year quarter.

Cash and cash equivalents fell to $0.6 million as of March 31, 2026, from $12.2 million at December 31, 2025, while a $5.0 million customer order credit agreement with a related party was added to current liabilities. Management highlighted progress integrating the Motiv merger, facility consolidation to Union City, Indiana, targeted $20 million annualized cost synergies by the end of 2026, and a contracted backlog of more than 200 vehicles driven by 100-unit orders from Gateway Fleets and Purolator.