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Workhorse Group Inc. updated its financing, executive pay and lease terms. The company amended its credit agreements with Motive GM Holdings II LLC, doubling the Cash Flow Credit Agreement commitment from $10,000,000 to $20,000,000 and reducing the Customer Order Credit Agreement commitment from $40,000,000 to $30,000,000. Interest on the additional $10,000,000 loan is deferred until the first interest payment date after September 30, 2026.
Workhorse also formalized CEO Scott Griffith’s compensation retroactive to December 15, 2025, including a $600,000 base salary, a target bonus of 50% of salary, long-term incentive eligibility and severance equal to 100% of base salary and 100% of his annual bonus target if terminated without cause or for good reason. Separately, the landlord for its Union City, Indiana manufacturing facility agreed to defer five months of rent from May through September 2026, with all deferred rent due by September 30, 2026.
Workhorse Group Inc. has agreed to resolve a legal dispute with Coulomb Solutions, Inc. by entering into a binding settlement term sheet. The company will pay a $4.3 million settlement amount in exchange for final dismissal of the litigation with prejudice, subject to a definitive settlement agreement by April 30, 2026. Workhorse plans to fund the settlement through borrowing under its existing credit facilities, with payment due no later than May 28, 2026.
Workhorse Group Inc. reports a reverse merger with Motiv Power Systems, making Motiv the accounting acquirer and giving MGMH 6,629,800 shares, or 68.3% of common stock. The company executed a $20.0 million sale‑leaseback and a $5.0 million subordinated convertible note to fund operations.
New senior secured credit lines provide up to $40.0 million for customer orders and $10.0 million for working capital, but as of December 31, 2025 the full $10.0 million cash‑flow facility was drawn. Management discloses substantial doubt about the company’s ability to continue as a going concern and warns that failure to secure additional financing could lead to bankruptcy protection.
Workhorse Group Inc. reported sharp revenue growth but continued losses for the fourth quarter and full year 2025, its first results after the Motiv Electric Trucks merger. Revenue reached $9.7 million in Q4 2025, up 64% from the prior-year quarter, and $21.2 million for full year 2025, a 201% increase driven by higher vehicle deliveries and the expanded combined business.
The company delivered 65 vehicles in Q4 and 112 in 2025, up from 46 in 2024, yet gross profit remained negative, with a Q4 gross loss of $5.7 million. Total operating expenses were $14.4 million in Q4, including $4.9 million of merger-related costs, leading to a Q4 net loss of $23.7 million and a full-year net loss of $64.1 million. Cash and cash equivalents were $12.9 million as of December 31, 2025, and total stockholders’ equity improved to $43.0 million, reflecting the reverse acquisition accounting and new capital structure. Management highlighted targeted $20 million in annualized cost synergies as it integrates operations, consolidates manufacturing in Indiana, and rolls out new products like a 140 kWh W56 step van configuration.
Workhorse Group Inc. filed Amendment No. 2 to update the audited financial statements and auditor consents for its merger partner Motiv Power Systems, Inc. The revised Exhibit 99.1 now includes Marcum LLP’s 2023 audit report and a corrected 2024 report from CBIZ CPAs P.C., which restates only loss-per-share data while leaving net loss and other line items unchanged.
Motiv reported 2024 revenue of $7.0 million and a net loss of $51.6 million, with a stockholders’ deficit of $40.8 million and an accumulated deficit of $254.9 million. Its auditors and management disclose substantial doubt about Motiv’s ability to continue as a going concern, citing heavy operating losses, negative cash flows and reliance on related-party financing, including a $68.4 million senior secured promissory note at 20% interest and significant net operating loss carryforwards.
The restated 2024 figures correct the weighted-average share count to 5,468,097 and basic and diluted net loss per share to $9.4. Subsequent events note a definitive all-stock merger agreement under which pre‑merger Motiv investors are expected to own approximately 62.5% of the combined company and Workhorse shareholders about 26.5%, with proceeds anticipated to repay roughly $101 million of Motiv’s senior notes and no distribution to Motiv equity holders.
Workhorse Group is updating investors on progress since its merger with Motiv Electric Trucks. Management says early priorities are on track: integrating teams and systems, expanding the product portfolio, and reinforcing the balance sheet, including a new supply chain financing line to support parts orders.
The combined company now points to more than 20 years of operating experience, over $860 million of historical invested capital, 1,100+ trucks deployed and 20 million miles of real‑world use. Fleet data from its Stables by Workhorse FedEx operation shows about 64% lower fuel and maintenance costs versus ICE trucks.
Workhorse targets cash flow breakeven at roughly 2,500 vehicles per year, less than 1% of its estimated $23 billion medium‑duty truck market. Its Union City, Indiana plant is described as able to support multi‑year growth with minimal additional capital, while 2026–2027 R&D is focused on a shared-architecture product roadmap to broaden the lineup and lower unit costs.
Workhorse Group Inc. filed an amended current report to add detailed financial information for its acquisition of Motiv Power Systems. The amendment supplies Motiv’s historical audited and unaudited statements, restated loss-per-share figures after a weighted-average share miscalculation, and unaudited pro forma combined financials reflecting the merger.
Motiv’s standalone results show large recurring losses, a significant working capital deficit and substantial debt, leading its auditor to highlight substantial doubt about Motiv’s ability to continue as a going concern. Subsequent events disclose further senior secured borrowing at a 20% interest rate and a merger structure in which pre‑merger Motiv investors will initially own about 62.5% of the combined company while existing Workhorse shareholders retain a meaningful stake.
Workhorse Group Inc. executive James Francis Griffin has filed an initial ownership report stating that he currently holds no company securities. As Chief Revenue Officer of Workhorse Group Inc., he reports no beneficial ownership of either common shares or derivative securities such as options or warrants.
Workhorse Group Inc. filed an initial insider ownership report for Chief Product Officer Scott William Zion in connection with an event dated 12/15/2025. The filing states that no securities of Workhorse Group Inc. are beneficially owned, meaning the officer reports holding no company shares or derivative securities.
Workhorse Group Inc. insider filing: Entities associated with investor and director Gary Magness report beneficial ownership of 6,629,800 shares of Workhorse Group Inc. common stock. The holding is shown as directly held, with footnotes explaining that Motive Holdings II LLC and GMIT Lending Company, LLC may be deemed to beneficially own these securities based on their management structure.
Gary Magness is described as managing member or manager of these entities and may be deemed to beneficially own the reported shares through those roles, while each reporting person expressly disclaims beneficial ownership except to the extent of its or his pecuniary interest. The statement is filed as a joint filing under a joint filing agreement.